Can You Feel Romance While You Still Have Student Loans?

For some the mental and physical burdens of repaying a student loan can be overwhelming, especially if you are not in a good financial state. The thought that defaults on your student loan can lead to deductions from your income tax and refunds on your social security checks in the future are quite frightening. The last thing you want to be worrying about is a romantic relationship with someone else. A relationship in and of itself carries its own burdens, (financially speaking) and finding the right partner who can accept your financial situation can be equally difficult. However when love strikes how can you ignore it? Here are a few tips on how to strike a balance between the two:

Be Honest

Ensure that your partner or significant other is aware of your student loan debt. When a friend of mine Richard, found out that his fiance had over $250,000 in student loan debt he quickly broke off their engagement four days later. Being honest and upfront allows the person to be aware of your true financial standing and make a conscious decision whether to commit or not to.  Honesty also eases the burden for you, because now you can share what you are going through with your girlfriend or boyfriend.

 Chances are the both of you are in the same situation and can easily relate and understand what you are going through. This type of loving support can provide tremendous stress relief and help you to be better able to cope with repaying your student loan.

Create a Budget

Manage your expenses wisely according to your budget. Set aside targeted goals for savings and other expenses. Saving is not only important to help you repay your student loan but it is a habit that should be cultivated from an early age. A high yield savings account can help you to set goals and allows you to benefit from higher rates of return than an average savings account. It is an investment tool that can propel your financial future. Stick to your budget and if you have trouble sticking to it, perhaps your significant other could help you to stay on track.

Set Boundaries

Men in particular want to know that they can provide for their significant other by taking them out and making them feel special. However it is important for the other party to be considerate of your financial situation and not expect too much from you. Talk to your girlfriend or boyfriend, the two of you can come up with cost effective ways of enjoying time with each other like renting a movie and spending the night in or preparing a home cooked fancy meal.

We are all human beings which means innately we want to interact and share our lives with others and possibly pursue romantic interests. The good news is you still can, but you just have to give up the fancy nights out and high maintenance lifestyles.  You shouldn’t have to choose between your financial obligations to your student loan and your love life.