Paying off student loans requires a lot of sacrifice. As mentioned at length on this website, everyone hoping to pay off student loans early must typically cut expenses so that additional cash can be devoted to student debt. In addition, folks hoping to be free from student loans should also make extra money by working side-hustles. After reading all of the articles on this website, it might seem like having fun while paying off student loans is all but impossible, due to the sacrifices that are required to repay student debt.
However, even if you scrimp and save to pay off student loans, you can still have fun. During my student debt repayment saga, I did my fair share of socializing, hanging out with friends, and enjoying my mid-twenties. So long as you keep a few things in mind, it is possible to have a normal social life while paying off your student debt.
One of the best ways to save money while going out is to attend free social events. As previously mentioned on this website, I attended a variety of free food events while paying off my student loans, so that I could save cash and devote more money to student debt. Similarly, I also went to a variety of free social events when having fun while paying off student loans.
Some of the free social events I attended were sponsored by local community and religious organizations close to where I lived. Usually, these events had free food and alcohol, and provided much less-expensive alternatives than heading to bars. Many of my friends also attended these free events with me, and it was great to socialize with my buddies in an environment in which I did not need to spend too much money. At my peak, I was attending one or two free social events a week, and this definitely affected my bottom line. In addition, attending free religious and community events in my area helped me meet new people that I might not have encountered if I did not attend these gatherings.
Furthermore, when having fun while paying off student loans, I usually recommended that my group try cheaper social alternatives. While paying off my student loans, I often hosted house parties or suggested that someone in my group host a gathering at their place rather than head to bars. As most people know, going out to bars can be extremely pricey. Drinks in my area could easily run eight or nine dollars each, and it can be extremely expensive to order Ubers and make other expenditures to head out.
However, by hosting house parties ourselves, my friends and I saved tons of money on drinks. In addition, we did not need to spend cash on transportation or any of the other costs associated with going out. Usually, all of us had much more fun hanging out at one of our places than we would heading to bars in our neighborhood.
I remember one time, a bunch of my friends wanted to head to a party in New York City, and the cover charge alone for this event was $40. Since I lived in New Jersey while paying off my student loans, it was going to be a hassle to get in and out of NYC, and the cost of drinks and other expenses was going to be substantial. I ended up suggesting that people come over to my place instead, and we had a really good time at my house party. I think we all enjoyed our night more than if we went to the expensive party in the city, and we saved a ton of money by staying in.
Furthermore, bars can be noisy, crowded places, and heading out can oftentimes be draining. By staying at home, my friends and myself did not need to brave any crowds or deal with any of the hassles associated with heading to bars. Of course, there are occasions when it is just more fun to head out rather than attend a house party. However, house parties can be a great way to save money.
Of course, if you do head out to bar, there are still ways to save money when having fun while paying off student loans. For one, you can take public transportation instead of Ubering to and from a gathering. It might be easier to take Ubers, but we all likely know how expensive this option can be. The only 24-hour public transportation option near my apartment was over a mile away, and I regularly used this option and walked the distance to and from the train to save money while heading out.
Of course, even if you head to bars, you can always save money on “pre-gaming” with friends. If you invite some buddies over before you head out, and have some drinks, you can save money when you arrive at a bar. Also, this allows a group of friends to meet up before heading out rather than arrive separately.
All told, paying off student loans requires a lot of sacrifice. However, having fun while paying off student loans is not impossible, and it is important to enjoy yourself while repaying student debt so that you do not experience debt-fatigue. So long as you keep a few things in mind, having fun while paying off student loans is a goal that many student debt borrowers can achieve.