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The money in the form of a raise can help them pay down their debt more quickly. While it is true, there can also be another side to this.

What I actually mean by that is what if you could select benefits like more vacation time, over a raise in your salary?

Now your question might be why would one do that? Well, I believe that for keeping the process of paying off a debt at its best, one needs to stay focused and for this, one must take out time to enjoy life.

So, would you go for it? Let’s explore some of the advantages of both the scenarios.

Taking More Benefits

When it comes to discussing an annual increase, very few people consider negotiating benefits. But is it something you should think about on a serious note?

Yes, of course, it is. Why?

Some benefits can prove to carry more value than the small or even large raise that you might be receiving.

There are many benefits to negotiate, such as health benefits, educational opportunities, retirement benefits, and my personal favorite, more vacation time.

The first reason why it is my favorite is that when I was following my debt relief plan, it was this vacation time that kept me focused on my objective of reaching financial freedom.

The second reason why I went for extra vacation time instead of a raise is because I believe you can find a plethora of ways to generate more money, but you can’t create more time.

Unlike a raise, it is vital to keep in mind that for extra vacation you don’t need to pay more in taxes. Since you’d still be taking home the same amount of salary, your taxes would likely to remain the same. Well, you won’t be taxed on the number of days or weeks of vacation you get.

The concept of benefit increases isn’t something everyone approves of. Here are some points for the raise side of compensation.

The Reason Why Raises are So Popular
Everyone loves to have a raise and for a good reason. A raise will reflect in your paycheck every time until the next one or you find a different job. Even if you land on another job, there is a good chance that you’ll keep your raise with you.

Raises are simply amazing as they display themselves as a part of your salary. If you keep on getting big raises, your salary will hike in a short time. Did I still need to tell you that this can help you pay off your debt sooner?

Alongside this, you should also think about that some of your other benefits, including your 401(k) matching, that are based on your salary amount. On receiving a raise in your salary, you also get a raise in your 401(k) matching contribution.

It’d be a pity to miss an opportunity of taking that extra vacation.

The question is, which way would you like to go to achieve debt relief? Would you choose the road to some extra benefits like vacation time, or prefer the raise? Share your thoughts in the comments below.

Purchasing a new car for college is the trade-off that we make for the yellow school bus. While some students receive an old car during their high school years, most students desperately wait for college to obtain their own mode of commute. Buying a car before college starts means you will have a fixed commute to college that will help you save in the long run. However, you need to carefully scrutinize a few key factors before you consider to purchase your automobile for the freshmen year.

Take Informed Steps to Purchase Your College Car

1) Do Your Homework in Detail

Purchasing a car for the first time does not mean that you should be clueless. Prior to walking into a dealership, you should have the complete knowledge about the current market scenario, the cars available on the lot and the average price of the car. Once you analyze different carmakers, you will be able to sort and select the car that is right for you in terms of choice and budget. For instance, Kia Soul is a vehicle known for its safety features and attractive interiors. Alternatively, Honda Fit is an economic and easy car to drive amongst the subcompact cars. Therefore, work a little on your wants before you head to your nearest dealership as preparation will help you navigate to your correct college car.

2) Get Help from a Close One

Even if you are working part-time, your current savings will not add up to the amount of the car. So, when you are out to make a purchase, applying for an auto loan makes sense. Adding a creditworthy co-signer to your loan application will make a huge difference in your loan approval. As you have little or no credit, the lender will scrutinize the financial standing of the co-signer on the auto loan. If co-signer seems to be a difficult option, consider a co-applicant. Having a co-applicant with a good credit score will ease your auto loan process and get you one step closer to buying your dream car.

3) Don’t get Stuck & ensure More Down Payment

Buying a car will make you move around various dealerships before you finally find one that serves you well. If you are not happy with the prices or if the dealership does not have the car that you desire, you are free to explore more dealerships in town. However, once you find a good dealership that offers you what you want, you should know the nitty-gritties of the deal. Make sure that you opt for a considerable down payment of 20 percent or more. It will help you to reduce your monthly payments and increase the chances of seeking a discount on the total price of the car. Thus, move around, ask your family members to come along and get a new set of eyes on the deal. Remember to pay more cash as your down payment to secure the best deal for your college car.

Purchase Right: Build your Credit Score

Are you excited about test-driving cars and deciding if you should buy a fiery red or a cobalt blue shade? The most important thing during purchasing a car for your college is that it should be affordable and meet your basic needs. Having an affordable loan will boost your credit score and help you in strengthening your financial foundation. So, make informed decisions and get ready for buying your first car. Purchase the right car and make the most of your college car buying experience.