SoFi Blog

You’ve worked hard and have made strides in your career. Despite racking up some debt, including perhaps student loans, you’re climbing and may be even seen as a mover and a shaker. And time will come —if it hasn’t already— when the coveted word “senior” or “partner” will be added to your title and bring with it a sweet raise. Before you know it—boom!— you’ll be in the money.

It’s the classic financial dilemma: you’ve got a home improvement project you’d like to start or maybe you have some unexpected medical bills, but you don’t want to dip into your savings to cover the expenses.

If you have good credit, a personal loan could be the answer. But there’s a lot to consider, especially if you’re paying off student loans while also trying to build a solid nest egg. Here’s a five-point plan to help you out:

Editor’s Note: The following article on home renovation and budgeting originally appeared on our web partner Houzz’s website. Some of the content has been slightly edited from its original version, and is written from the perspective of a home designer.

Remodeling is a great way to stay in the house you have. Plus, making changes can improve the way you live. But everyone has heard the horror stories of going 50 percent or more over the remodeling budget. Truth be told, even contractors will admit that it’s hard to provide an exact price on the work, because there are often unforeseen circumstances that could cause the price to rise. I always recommend factoring in about 20 percent over what you think you should budget. But knowing what you want from the very beginning — and sticking to those goals — can greatly help your project stay on track. Even if it seems like it’s going off the rails.

Credit cards. They’re just small, rectangular pieces of plastic, yet have the ability to help people prosper—or cause unexpected financial damage. SoFi members Peter and Gloria Hoch of St. Louis, Missouri, know something about that. Together for 36 years, the couple racked up about $23,000 in credit card debt in just over five years.

Got student loans? We’ve got you covered with our Student Loan Smarts blog series. Our expert tips and hacks will help you save money, pay off loans sooner, and stress less about student loan debt. Read the other posts in the series to get all the info you need to make intelligent decisions about your student loans.

Student loan debt can cause you to delay important life decisions, such as those around marriage and family, or postpone big savings goals like buying a house. But by refinancing, you won’t have to put your dreams on hold. All you need is a little guidance and a plan.