NASHVILLE, Tenn. (WTVF) — Now that millions of Americans have to factor in student loan payments into their budget, it could impact their holiday spending.
Credit Karma reported about 28 percent of Gen-Z and Millennials said student loans will make it unaffordable this year.
It is not solely because of student loan payments. Cost of living and credit card debt have reached new record highs.
Experts said even with Christmas shopping this month, set boundaries for yourself.
"So make a budget. Now, if you haven't started planning," said Courtney Alev, Consumer Financial Advocate with Credit Karma. "This is a great time we like the 50, 30, 20 rule where you try to direct half of your income to necessities like rent and bills. 30% for discretionary fun expenses, and then 20% for financial goals. And so that type of framework can make it really easy to see where your money kind of fits in."
Alev said Christmas shopping should be part of the "fun" category of your budget. She also suggests planning ahead for any holiday travel.
