6 Things You Didn’t Think Could Put You in Debt

We all know things like going to college, getting that Master’s degree, and investments in our career or business come with hefty price tags. We take out loans to cover these costs and work to pay them down as quickly (and smartly) as possible. While these may be “duh” items that come with debt, there are certain things that aren’t so obvious. The CGS Team is sharing 6 things you wouldn’t expect to put you in debt, but they definitely can if you aren’t careful.


Getting engaged and planning the wedding is such a happy time, who cares about the bill right? Wrong! If you don’t have a budget or plan in place for your wedding, it could cost some major dollars. 30% of weddings are paid for by the bride and groom, do you really want to start your new life in debt because of an over-extravagant wedding?

Start saving now! In addition to planning and hosting a wedding, sometimes simply being a guest at a wedding can rack up the debt! If you are attending a destination wedding or need to purchase a specific outfit, not to mention the wedding gift, it can all add up.


No one wants to think that they will get divorced, but it happens to 50% of marriages. Some people get divorced multiple times! Depending on who makes most of the money, and assuming there are no legal agreements in place, divorce could result in you giving away half of your hard-earned money. If you are lucky enough to be on the receiving end, if there are any joint debts your spouse was required to pay and failed to do so, it could severely damage your credit.


Travel is a high-priority item for most millennials. Planned in advance and saved for, traveling doesn’t have to be a money-sucker. However, taking trips when you know you can’t afford it (YOLO) and then coming back with less money than you had before can certainly warrant more debt. If you aren’t mindful of saving, but you like to travel frequently, you could be stuck in debt for quite some time. Check out CGS Podcast Episode #30: Vacation Planning on a Budget for tips on traveling without debt!


Want to try something new like horse-back riding? You need to pay for classes and a trainer, and most likely some equipment. Certain hobbies and activities sound nice, but once you get through all of the start-up costs, you could be left with a larger-than-expected debt bill.

Try simpler activities like yoga lessons or free community events until you save up for your hobby. If you end up not liking what you are doing, it will add more salt on the wound to pay off the costs over time.


Similar to divorce, no one wants to think about the people they love passing away. That doesn’t stop it from happening. Funerals are certainly not cheap. According to Parting.com, the average funeral in the U.S. runs anywhere from $7,000-$10,000. If your loved ones don’t have a savings or a plan in place for such tragic events, you may be stuck with the costs.

Failing to Budget

There’s more to looking after your money than just reviewing your statements. Understanding exactly what is coming in and going out can help you adjust your spending on things you don’t need. Failing to budget can easily lead to debt because you aren’t being honest with how much you truly have – especially if you have a tendency to dine out and shop often. Get yourself set up on a plan that tells you exactly what you can afford to spend without using plastic.


We never want to think about bad things happening, but planning ahead of time can certainly ease your financial burden with big ticket events. What are some of the reasons you fell into debt? Do you have an emergency fund in place? Share your experiences by posting a comment below.

-The CGS Team



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