Steps for Conquering Student Debt

By Matt DeBallaway-1356948_1280

I remember very clearly when God nudged me to pursue ministry as a career. I also
remember the palatable community atmosphere of a Christian college, and knowing that it was God’s next step for me. Though both of these experiences were nearly a decade ago or more, they are memories I have often revisited to recall God’s faithfulness. What has followed both of these events is in line with Paul’s blessing: “The one who calls you is faithful, and he will do it” (1 Thessalonians 5:24).

Though your experience may be rather different than mine, all who follow Jesus are faced with opportunities that require counting the cost and taking steps of faith. My 18-year-old self could not have fully understood the endeavor of paying for college, but did understand that college (and, later, seminary) was an investment in my future. Thankfully, I was blessed by the support of my parents, my church, and my schools (via scholarships), which significantly reduced the amount of student loans required to complete my degrees.

Having completed my time in college and seminary, repaying student loans has begun. Here’s what this next step of my journey looks like:

1) Before graduation, chosing a repayment plan that would work best for my wife and me. Depending on which plan you choose, you may be able to change plans later. Typical
board-2084777_1280options include several standard repayment models (the same payment amount every month during the course of your loan, smaller payments leading to larger payments, and vise versa) and income-based repayment plans. There are also options for deferring loans if your current financial situation is difficult and prevents you from repaying with a regular plan.

2) Making small (or significant) lifestyle adjustments to pay for student loans. This includes finding a source of additional or increased income and/or cutting back on leisure expenses in order to faithfully make monthly payments.

3) As often as possible, paying more than the minimum monthly requirement. In addition to cost savings, you can target the lowest valued loan with the highest interest rate, and over time decease the rate of accumulating interest as you pay off each loan (what many call the “snowball method”).

4) Celebrating milestones along the way. celebrate-1835387_1280Regardless of how much you owe or how many loans you have, its important to celebrate when you pay off a student loan or decrease the value of your loans a certain amount (e.g. every $5,000 or $10,000).

5) Having hope that loan payments are purposeful and won’t last forever. Even the loans with the shortest lifespans (10 years) can feel like they will never end. Even though repayment can take (a long) time, it’s important to remember the results of your loans: a quality education, the opportunity to be qualified for desired jobs, and/or being faithful to God’s call for your life.

If you find yourself in the midst of paying back student loans, take heart: God has been faithful in the past and will continue to be faithful in the future.

About the Author

m-deball-9-2016Matt DeBall is the COMPASS Communications Coordinator for the Ecumenical Stewardship Center. He also serves as Coordinator of Donor Communications for the Church of the Brethren. He has an MDiv from Northern Seminary of Lombard, Illinois and a BA in Communication Arts from Judson University of Elgin, Illinois. He loves running, reading, and napping. He and Chelsea live in Northern Illinois with their Welsh Corgi, Watson, and attend the First Baptist Church of Aurora.

This blog is a component of the Ecumenical Stewardship Center’s COMPASS initiative to engage young adults in conversations about faith and finances. Like what you’ve read? Visit the COMPASS web page, follow us on Twitter, and join the COMPASS community on Facebook.

Image credits: pixabay.com

Seven Suggestions for Gift Giving

By Matt DeBall

“Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver” (2 Corinthians 9:7).

Gift giving is a hallmark of the holidays. God set the tone for this when Jesus was given to us as the savior of the world. Remembering God’s gift of love, we gather with family and friends for festivities and exchange gifts to express love to one another.

icmeelgsThough it goes without saying, loving one another, through spending time together and giving gifts to one another, is an important endeavor. However, with the distraction of flashy advertisements, we sometimes buy and give unsustainably. We might recognize our financial limitations, but feel pressured to spend beyond our means, and as a result, buy gifts with hesitation. We may also get carried away with holiday sales and buy gifts without much forethought. Whether we are more prone to reluctance or compulsion, neither motive matches the joy we should experience in giving. As you prepare for this holiday season, consider these seven practical suggestions for gift giving.

#1 Budget – Carefully plan how much you can spend on party preparations and gifts for family and friends, and take steps to stick to your budget. Be sure to include even small expenses as they can add up quickly. (Wish you could give more? Consider how you could better prioritize gift giving in your budget for next year.)

#2 Buy with cash – Purchasing gifts with cash will support your plans to spend within your budget, and by not using credit cards, you can also avoid added stress when you see your next statement (livingonthecheap.com/35-tips-to-save-money-and-time-during-the-holidays).

#3 Try a “secret Santa” or “white elephant” gift exchange white-304608_1280Especially for large families, these two methods of exchanging gifts can allow for cheerful, budget-friendly giving. “Secret Santa” allows for every person to give and receive a thoughtful gift, and “white elephant” can make for a fun-filled gift experience (www.wikihow.com/Organize-a-White-Elephant-Gift-Exchange).

#4 Create a thoughtful card – This is the perfect combination of a handwritten note and a decorative, one-of-a-kind card. Craft a card that will be appreciated by the recipient and write a heart-felt message inside. You may consider including a photo and a poem or brief story from an important shared memory from the last year (www.biblemoneymatters.com/100-frugal-creative-homemade-christmas-gifts).
Additional option: include a $10 gift card.

#5 Call for a potluck – This is another idea that can be helpful for large families. Invite everyone to bring their favorite dish or two to share for dinner. This both allows everyone to contribute to the meal and prevents one person from fitting the entire bill alone. Tip: Invite everyone to say what they are bringing in advance to better plan for a diverse spread of food.

#6 Make homemade gifts – Whether for cookie-1786885_1280stocking stuffers or regular gifts, consider what gifts you could make for your loved ones. Candies, cookies, candles, and crocheted (drink) coasters are a few creative and simple ideas. You could also give homemade coupons for a coffee or ice cream outing so you can spend time together. One other option: a cookie exchange could be used to supplement
or compliment an exchange of
traditional gifts.

#7 Remember what is most important – While everyone enjoys giving and receiving gifts, remember that the reason for gathering is to celebrate the birth of Jesus and to spend time together. Don’t forget the intangible opportunities of the season like singing Christmas carols, sharing family stories, and simply being together.

By considering these seven suggestions, you and your family can prepare for a pleasant gift giving experience and, overall, enjoy happier holidays.

Do you have any suggestions for saving money on holiday gifts? Share them below.

About the author

m-deball-9-2016Matt DeBall is the COMPASS Communications Coordinator for the Ecumenical Stewardship Center. He also serves as Coordinator of Donor Communications for the Church of the Brethren. He has an MDiv from Northern Seminary of Lombard, Illinois and a BA in Communication Arts from Judson University of Elgin, Illinois. He loves running, reading, and napping. He and his wife, Chelsea, live in Northern Illinois with their Welsh Corgi, Watson, and attend the First Baptist Church of Aurora.

This blog is a component of the Ecumenical Stewardship Center’s COMPASS initiative to engage young adults in conversations about faith and finances. Like what you see and want to know/do more? Visit the COMPASS web page, follow us on Twitter, and join the COMPASS community on Facebook.