I finished college just over 2 years ago, leaving me with about $57,800 in student loans and credit card debt. Today, I made my final payment and I’m debt free!
Right now, I’ve got about $200 to my name, but it feels like I’ve hit the jackpot. For anyone still on this journey, you can get there too!
To everyone asking how I managed, I took the hardest route I could find.
For 2.5 years, I stuck to a strict budget, only spending on absolute necessities. It was tough—I had to say no to friends’ vacation plans, skip dinners and drinks, and miss out on so much more.
I didn’t want this debt hanging over my head for years, so I powered through it. This approach isn’t for everyone, but it’s what worked for me.
Exactly! I had an income of $26k a year but managed to save $10k by being super strict. No eating out, no car—just walked everywhere, even to work, and turned vegetarian. All while paying $915/month rent.
Wait, so you had almost $12k a year in rent on a $26k salary, after taxes? Plus saved $10k? What about food, utilities, phone, and credit cards?
My taxes were around $3k, but I’d need to check. I got some back at the end of the year.
Phone was $30/month. Rent was $915/month. Groceries were about $28 a week, so $114 a month. Electricity was $20/month. Water, gas, and trash were included in my rent. Miscellaneous stuff like toothpaste or shampoo was around $20-$30 a month.
All in all, I saved roughly $10k a year, give or take $1k.
That’s impressive. My electric bill hasn’t been under $55 in 25 years. And only $28 a week for food? That’s pretty amazing—food is my weakness!
How much do you earn?
That’s a solid salary for being 23. What do you do?
What are your other bills? That’s about 50% of your take-home pay over those 2.5 years, not including interest. Rent, car payments, and insurance would’ve taken up almost your entire salary.
I’m 25, working on paying off $30k. It’s been really tough and has taken a toll on my mental health. But I’m starting to see a little bit of light at the end of the tunnel. Your story gave me some hope, so thank you!
Congrats! Really happy for you.
I just made my budget to pay off my loans in 2.5 years too. Seeing your post feels like a sign! Congrats!
At 22, I had $45k in debt. Now I’ve paid off $20k, with the rest being my car loan. Goodbye to student loans and credit card debt.
That’s amazing work, really well done.
Oh wow! How did you do it? What’s your monthly income and how much were you paying off per month? That’s really impressive!
Huge congratulations! What was your strategy?
Congrats… that’s a big deal!
Amazing work! Well done!
What a tough 2.5 years, congrats!
How on earth did you do it? I’m drowning in debt and it feels never-ending.