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This New and Creative Strategy Can Help You Pay Off Student Loan Debt

This New and Creative Strategy Can Help You Pay Off Student Loan Debt

Debt and art – these are two words that tend to have radically different connotations. Debt, particularly student loan debt, is a term riddled with dread, worry, and even regret. Art, on the other hand, is light, fun, and uplifting. It’s no wonder so many people are turning to art to help lighten the process of paying off their student loan debt.

With so many graduates defaulting or struggling to pay off heaps of loans, a new and creative strategy is needed to help them bridge the financial gap. Color mapping is a new trend that many people are using to take back control of their finances.

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What is Color Mapping?

Essentially, color mapping is the process of creating a visual representation of your debt. While this may sound like even more of a bummer, the images used are not tedious charts or graphs. Instead, the images you can use to create your color map are beautifully intricate – like these. Being able to visualize and track your progress through imagery is not only motivating, but empowering, as you observe how much of an impact you can actually make.

How to Use a Color Map

Once you’ve decided on an image, you have to determine what each little unit or “swirl” of your map means. For example, a swirl might equal $100, 1 week, or 1 payment – whatever medium of measurement makes the most sense for your particular goals and amounts of debt. The process is similar to a paint by number, except you are deciding the colors. Once you complete an action associated with paying off the debt, such as making a payment, simply color in one unit. (You’ll want to have a vivid variety of colored pencils or markers on hand.) So your goal might be to make a $50 payment every single week. For each week you make a payment, color in one unit. It may seem too easy, but people are already touting the effectiveness of this method for tracking student loan debt, credit card debt, and other goals like weight loss.

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Why Color Maps Work

While there is no research that specifically examines why color mapping works as a motivational tool to pay off student loans, it’s not hard to decipher some possible reasons. First off, having a visual representation of your debt on display gives a sense of unfinished business – you can see what work still needs to be done. And if you’re a Type A personality, the simple fact of having an unfinished color map may snap you into action even quicker. Unlike your actual debt, which is a distant and abstract concept, a color map sits in your home or office, giving you an immediate understanding of how far you have to go.

Studies have shown that the use of “visualized information” has increased astoundingly over the years, making our brains wired for it. Visuals are processed in our brain much faster than words (you know, that awful stuff that’s written all over your student loan statements). They also require 50% of the brain and 70% of your sensory receptors, so it would be tough to ignore your vivid color map each day.

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Another reason why color maps may work is due to information overload – the constant influx of data to and from our brains every day. Imagery eliminates the need for complex thinking and provides relief from all of this interpretation. Thus a color map makes your once-massive and confusing debt problem seem much easier to tackle. Make a payment, color a unit, make progress toward financial freedom.

For those who frequently forget to make payments, color maps will provide you with a much more memorable reminder. According to research, humans recall a whopping 80% of what they see, 20% of what they read, and just 10% of what they hear. So if better reminders are what you need to pay off debt faster, color mapping may be worth a shot.

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Featured photo credit: Pexels via pexels.com

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Last Updated on March 29, 2021

Life Insurance: A Secure Way To Protect Your Future.

Life Insurance: A Secure Way To Protect Your Future.

Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

Importance of getting a life insurance

No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

Choosing the right insurance plan

If you’re about to select an insurance plan, you should consider some important factors:

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  • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
  • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
  • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

Differences between life insurance plans

Here’s a short brief of some plan categories you can choose according to your needs:

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  • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
  • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
  • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
  • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
  • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

So what are you waiting for? Plan for your future and live a happier and carefree life today.

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Featured photo credit: aryehsampson.com via aryehsampson.com

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