This website has already discussed how paying off student loans can strain personal relationships. And it is true that student loans can limit the amount of resources one has to socialize with friends. In addition, even talking about student loans with friends and acquaintances can alienate people, since student debt is one of those sensitive topics that can create tension.
As I previously mentioned, during my student debt repayment saga, I was absolutely obsessed with paying off my student loans. I was whole-heartedly devoted to my goal of being debt-free before the age of 30, and my obsession impacted my social and professional relationships. I discussed my student debt often, and made student loans the center of every life decision I made. This obsession negatively impacted my personal relationships, since i justifiably annoyed people with my discussions about student debt, and I could not attend some social events due to my debt repayment efforts. However, there are a few things you can keep in mind to ensure that you create the least social tension possible while paying off student loans.
The most important thing you can do to minimize any social tension created by student debt repayment is to simply not talk about student loans with most friends and acquaintances. Student debt is one of the most distressing issues in the lives of numerous millennials, and many people do not want to be reminded of their own student loans. In addition, if you are indeed paying off your student loans early, people might be jealous of your accomplishment. Even today, I hesitate to talk about my student debt repayment success, since many people are noticeably uncomfortable when I discuss this. It does not matter that I had to work thousands of hours part-time and save in unbelievable ways to be debt-free, individuals still seem jealous of my accomplishment.
Of course, even if you indirectly mention your student loans, this can still create tension with some individuals. I have a distinct memory during my student debt repayment saga of being at a bar with friends, and relating that I did not want to order food, since I had dinner at home and was trying to save money. Of course, I got a lot of grief from my friends, who criticized me for not spending a little more during our night out. All told, it is important to not discuss student loans with most people, or indirectly refer to your student debt repayment efforts, since this can create tension with friends.
On the other hand, I find that if I do discus my student debt repayment saga, usually after being asked about this, disclosing my full story helps ease any friction that might arise. Usually, I do not just say that I paid off nearly $200,000 of student debt, since people might think I am rich or got help from parents (which is not true). Rather, if I have the time, I go through all of the strategies I used to pay off my student debt. I mention the thousands of hours of part-time work I endured, and how I woke up early each morning and stayed up late each night to work side-hustles. I also relate the savings tactics I used, and convey that I still wear the same boots and ties I had in high school, and own a television set that is so old, it has a built-in VCR. Sometimes, after this full disclosure, the person to whom I’m talking seems to genuinely respect me, and it can oftentimes help to explain your complete student debt story.
Another way to avoid alienating friends while paying off student loans is to continue attending social events regardless of the cost or whether you could use the time to work side-hustles. During the early part of my student debt repayment saga, I did not heed this advice to my detriment. I did not go out often, since I tried to minimize expenses so that I could devote the most cash possible to student debt. In addition, while working part-time at the academic services company described in a prior article, I was so wrapped up in my side-hustle that entire months would go by without me meeting up with friends.
Towards the end of my student debt repayment saga, after my high-interest student loans had been taken care of, I moderated my approach to paying off student loans. I made sure to socialize with friends at least once a week, and I usually attended the social events where i could connect with a number of my friends at the same time. In addition, I spent more money in order to socialize with friends, and I even set aside a certain amount of cash each week that I made sure to spend when heading out with friends and family. Like many other aspects of life, moderation is the key to ensuring that you pay off your student loans as quickly as possible without creating tension with friends.
In the end, your student debt repayment story will hopefully only encompass a fraction of your life. However, your friends will likely be there for many more years to come. As a result, you should not compromise your friendships when paying off student loans. All told, the best strategy is to strike a balance between paying off student debt and maintaining your personal relationships.