October 24, 2018
Any time you talk about money you run the risk of offending people, having your financial situation compared to someone else’s, blah blah blah. 🙂 So, with that being said, let’s get a few disclaimers out there.
I’m thankful for my parents who taught me the importance of paying off debt and creating an emergency fund in order to be successful and have financial freedom. I was taught to live within my means, budget effectively, pay far more than the minimum payment (while still enjoying life), and never worry about “keeping up with the Jones'”.
For the first YEAR of paying off my student loans, I was paying ALL toward the interest. That just made me sick that I didn’t really “get ahead” during the first year. But, it just motivated me that much more! Some of my final payments were extremely painful — paying anywhere between $2,000 and $3,000 per month. But what motivated me to pull some money from savings, pull money from side-gigs, and budget even more in the last few months was THE THOUGHT OF HAVING THEM PAID OFF. I frequently imagined what it would be like to no longer have this massive payment that was stealing my hard-earned money each month. 🙂
I know 40-year-olds who are still paying off their student loans. I know people who counted on their spouse to pay off their student loans. I have NO JUDGEMENT if you’re one of those people, but I never wanted that to be part of my story. I was so passionate and disciplined about paying them off on my own, because I knew it would be much more rewarding for me in the long run, and it would be a great learning experience that would help me from years to come.
Even though I’m very proud that I paid off $30,000 in under 3 years, I definitely could have paid them off even sooner. I could have been even more frugal with my budgeting decisions, but as I mentioned above, I still made a point to enjoy my life and spend money on things that I was passionate about!
I’m very thankful for my education and college experience, but I’m even more thankful for what this financial experience has been like for me!
Debt is gross. I wanted it GONE and out of my life. I worked my butt off to make that happen.
I hope my experience helps you or inspires you in some way!