How to manage holiday spending when you're dealing with student loan debt
ABC News
The holidays can be a challenging time if you're on a budget
NEW YORK -- For Nicole Plauche and her family, Christmas is the time of the year where they can use their preferred love language: gift giving. This year, however, Plauche is worried about how much she can afford to spend on gifts. Her main struggle? Student loan payments.
“It just doesn't leave much room for anything outside of just basic necessities,” said Plauche, a 23-year old tech sales manager from Dallas, Texas.
Marisa Johnson, 26, has approximately $145,000 in student loan debt from both her bachelor's and master's degrees. Since the COVID-era payment pause ended in October, she's been paying back $300 a month while she waits to see if she'll be enrolled in a new income-driven repayment plan.
Because all of her money is going to necessities and paying back her student loans, Johnson hasn't been able to spend as much on gifts as in previous years.
“I’ve mostly been trying to think of affordable gifts or combining gifts with my older sister,” said Johnson, a non-profit worker in Citrus Heights, California.
