$35k in Student Loan Debt Paid Off in 30 Months | My Debt Free Journey
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- Опубліковано 8 вер 2024
- I never knew how much student loan debt sucked until I had moved back in with my parents and opened up my first student loan repayment notification. This is the story of how I paid off $35,000 in 30 months making just $37,000 in income. I hope this inspires you in your own #debtfreejourney
If debt is something you want to squash for good, check out my online program, the Freedom Project, that teaches you how to slash debt and stay in control with your money to live a debt free life.
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Hey guys, I want to clear up the timeline of my living arrangements during my debt free journey. I lived at home with my parents from May 2011-Dec 2011. I started paying off my student loans in Nov 2011. I moved out of my parents house in Jan 2012 and moved in with a roommate for the rest of my debt free journey. My rent at that time was $700 per month and my share was $350 per month. So, to confirm: I lived on my own for 90% of my debt free journey. It just so happened that I started my debt free journey when I lived at home with my parents? Kapeesh? Kapeesh!
Yeah, but your rent was also $350, sis. Not very realistic in most places. Even with roommates.
@@suza4085 agreed!! Her journey is so unrealistic.
Suzanne Syers exactly. Try Boston where rent is $2000-$3000 per month.
Don't let people discredit your hard work.
Aranda Holley discredit? We are simply pointing out that all things are not equal. Boston’s rent is one of the highest next to San Fran. That’s a critical point.
Occupation: Postdoctoral Fellow in Cancer Research
Salary: $47,800 per year
May 2016 Balance: $51,000
October 2019 Balance: $9,720
Earliest Zero Balance Date: July 1, 2020
MisterTutor2010 man this is awesome!!! So motivating, way to go!
This only happens when people live rent free
@@jamesmyers6739 Nope, my rent is $1,108 per month.
conGRATS!
Seriously how!? I have maybe $200 left over after each paycheck - and that money goes to groceries and gas.
It’s emotional because being in debt is scary. It weighs so heavily on us that it can damage the psyche and our relationships.
J D relax, it’s jus numbers 🤣
Here is the thing with student debt. It is scary as F..... The truth is. It is YOUR debt. Own it. They will call your family and friend to pay off said debt, but it is not your family and friends obligation to pay it off. It is YOUR's and yours alone. Once your family understands that it is 100% your debt. They will not be bothered by telemarketers. Once you understand their is no jail for owing money. Hopefully you will be free to make it.
J D it really is, unless you’re rich and can pay in full, you need good credit to get anything. Some jobs won’t even hire you if you have bad credit smh
What a great video!! We paid off over $70,000 in student loans in 3 years after hearing about Dave Ramsey. We're now on Baby Steps 4 and 5.
Congrats!! That's a HUGE accomplishment.
How bad of a hit did your credit take
@@michaelmitchell5377 My credit actually improved significantly after paying off the cars and student loans (I was in the 600s, now I'm in the high 700s). I anticipate it going down from this point forward as we do not borrow money.
Really? What system did you use?
@@thepianochannel5167 what was your income?
Wow, great video and so genuine! I am 45 days away (if everything goes well) from paying off my student loans.
Did you make it or how many days are you away now?
@@jacobg8640 6 stays, still on schedule!
@@jasminevillanueva8027 AHH I'm so happy for you!
Jasmine Villanueva God willingly!
Congrats!!!!!
I graduated in 2016 with 28k in student loan debt. Got married and had a baby in 2017. I started listening to Dave Ramsey at the end of 2018 and since the start of 2019 i started my debt free journey. I’m currently down to 13k of student debt and I can’t wait to be debt free!
Mai Moua you had a kid right after graduating college.....
So excited for you!! You are more than halfway there!
Way to go! Keep it up! I also graduated in dec 2016, 29k student loans. Down to 19k now. Looks like I need to step it up!
God bless you
@@DebtFreeMillennials I can’t believe i didnt see this until now :) thank you so much for replying! I actually paid off my student loans w/ my husband’s help in October 2019 and we’re now purchasing our first home :) it’s amazing how much things can change in 2 years. Hope you the best in your home purchasing journey
I just paid 1 of 4 credit cards off. The total was $1,800 for that card. Your channel is awesome!
YAY!!! Congrats on paying off one of your cards! Feels great, doesn't it!? And thank you for the kind words :)
Im going on 45yrs and 20yrs paying on my student debt. So so proud to see so many millenials realizing the benefit of being debt free. I wish we had done this decades ago!!!
Wow... that's crazy. Thank you for the kudos!
My boss gave me Dave Ramsey’s book when he found out I bought a car. He paid me $100 to read it lol. It changed my life. Thanks to him and Dave improved my credit and refinanced my car. This month I finished paying my credit cards (about $3k) and of all goes well I’ll finish paying off my car next year. I use a cash back credit card for gasoline and that’s it.
I THANK MY LUCKY STARS every day that my parents paid for my college. It is not lost on me. It overwhelms me to realize how lucky I am to not have that weighing on me.
What an amazing story! I am so glad to hear you found a path that works for you and how cool of your boss to give you that book!
Which Dave Ramsey book did you read?
$46k left in student debt (58k to start) and 15k for a car loan. My biggest goal is to pay it off before getting engaged/married!
That's exactly what I did. Paid off all my loans before getting married. I am now getting married in 4 months and neither her or I have any debts.
You got this! Especially when your significant other is on board with the debt free plan it makes it so much easier.
Yes after listening/watching Dave Ramsey’s many videos, I made a plan to pay off my 45 k student loans with the interest included in 3 years. I even planned to stay in my same apartment til I pay off my debt. I don’t have the privilege to live at home and work on this but I have the privilege to work and choose how I end my debt ❤️ it’s going to be tuff without parents friends and family . wish me luck and thank you.
Best of luck!! You can totally do this!!
Yea its hard to sympathize a lot when she had so much family support in the beginning & option of living at home
It's so important to teach your kids about finances people. That was my saving grace in life.
Absolutely! Money should be discussed among family.
i just made my first payment! i am so ready to become debt free. it’s only $4K but there is no reason to let it linger over my head for 10 years.
Nice work! Yes, get that $4k out of there so you can enjoy your life without payments. Go get 'em!
I just started a new job this week and Im so excited to finally restart the baby steps!!!
Yes yes yes!! Take it one day at a time.
Congrats!!! You got this.
congrats on new job.
I'm 31 and still working on my loan, 16k left on my loan from 48k.
Wow! You are so close to getting it paid off!!
Amazing video! SO inspiring! I started with $60k student loan and $15k of credit card debt and after 5 years (didn't have a steady job) I am left with $18k altogether... just needed this motivation to get it as low as I can before the year ends!
Oh man. You are SO. CLOSE. Keep it up, girl!
I'm 17, I have a well paying job, and I headed to college to be a nurse next fall. Financial independence is so important to me, and I hope that I'm able to maintain it well even once I have to start paying my own bills. I so appreciate channels like yours to be encouraging and helpful in my journey!
OMG you are frickin incredible, Anna. At 17, you already know the importance of financial independence and going into school with that knowledge. It is not glamorous or easy to pay bills, work, go to school, etc. There will be sacrifices but there will be fun, too! Very excited to have you here and you are wise beyond your years!
Heres the maths. 35k divided by 30 months = $1,166.00 per month.
She lives on a 37k income per year.
After Taxes approx = $33,000.00 per year.
33,000 per year divided by 12 months = $2750.00
Minus student loan term 2.5 years of $1,166.00 = $1,584.00
She lived off $1584.00 per month...
I also contributed to a 401k/403b and an HSA during that time, so my take home was less. I started off making $33k and ended at $41k, so that's how I averaged $37k. I usually budgeted for a $2,500 monthly take home. But yup, I was paying more than $1,000 per month towards my student loans.
lol, If only 10% was taken out of my taxes.....
Debbie Brzozowski yeah I was wondering what state he was talking about
stompkins1000 I pay 27% in taxes per check in MD lolll
I live in Saskatchewan, Canada and pay 38% of my income to taxes.
I started attacking my debt about 11 months ago; then found Dave Ramsey and wow! I'm not following his program but what I am doing is basically the same! Plan on being debt free within 4 months!!
This video is exactly what I needed to hear! Started debt free journey in October 2019 and about to pay off my first debt in February! $37k debt. I have a long way to go but I cannot wait to be debt free! Thanks for sharing this video!
Yay!! I remember those early months of starting my debt free journey. When you feel discouraged, come back to this comment and remember why you decided to do this. YOU GOT THIS.
Justine I don’t blame you for getting emotional. Life is hard it’s important to celebrate our personal wins. I thank you for sharing. Gives me hope!
Thank you! I'm glad you found it inspiring 🙂
No credit card debt. I've been paying off 10K in student debt each year. I'm hoping to have it all done by the end of 2021
That's awesome! Keep going on that student loan debt. You'll be sooo glad to be free from payments!
I'm 25 and graduated college in 2017 with about $110k in student loan debt. I am still working becoming debt free. $57k more to go!
Wow!! You are halfway there and that is incredible!!!
I can see why you would get emotional after that insane journey paying off debt. I get really happy hearing stories of people paying off debt because it reinforces my mentality that is it possible when you work toward it. I am very happy for you.
Appreciate you so much!! It is such an emotional journey but I am so happy I went through it. Hope you find it inspirational for your own journey.
I’m 24 years old and this time last year I didn’t care about my money, ate out everyday and was in that nasty overdraft cycle ... one year later I’m working tons of overtime, living a more frugal lifestyle, and intensely paying off my debt 🙌🏼
Love your content, you are such an inspiration!
That is amazing to hear! And congrats on doing a 180 with your finances. Keep it up!! So glad you're here :)
Awesome story of increasing income and NOT increasing lifestyle. 👏🏻👏🏻👏🏻 Great job!🔥🔥🔥
You know, you're exactly right. I moved into two different apartments during that time but kept my rent at $350/month (my half of renting with a roommate).
Lots of respect for you. Student debt is the biggest struggle. Many people in our age group choose to ignore it and never pay it off. Commend you.
I'd love to pay off my $25k in student loans in the next 3 years. I'm making a little under $30k, but I'm in a relatively low cost of living area. Thankfully I don't have any credit card debt or car payments, so I can focus solely on my student loans.
You can absolutely pay off those loans in three years. In my experience, most people who set debt free goals end up paying it off even faster than what they anticipated. Go get 'em!!
How are you getting on? It can be done - tough but can be done. Making the start and toughing it out for a period is the main thing. $15k debt is a way better position than $25k - if you race to get there you have accomplished something real.
@@jayritchie6596 Some plans have changed due to the pandemic and a change in circumstances. I'm out of a day job for the time being, but I was developing a side hustle that's become my full time job. Hopefully when my day job starts back up, I can start making major payments on my loans.
Currently on baby step 2, so far all my credit cards are paid off and I am attacking my 44k in student loans. Your debt free testimonial is inspirational.
Love it! Congrats on paying off those credit cards. That's huge!
W-O-W, this is refreshing. No winning, no blaming, no waiting for someone to pay off your student loans. Just taking responsibility, making a plan, and executing. Lastly, and most importantly: living like no one else so you can live like no one else - CONGRATS.
Thank you so so much!
Thanks so much for sharing your story! I graduated with 25K in student loans in 2016, and now have just under 11K and Dave Ramsey motivated me to tackle this debt first before I finish paying off my car (pay off highest interest rate first). I want to pay off the loans by March 2020. I've been doing well budgeting but I still get my daily coffee before work lol
It's all about the balance! Kudos to you for nearly paying off all of your loans. You are so so close!
Kate G stephanie moir I've been in debts for a while now and almost lost my car and house due to my loan and credit card debts, ruma_telecom11 on !nstagram helped me clear my debts and funded my account, the dude is Awesome
I feel like this video was meant for me because our numbers are so similar ✨ thank you for being vulnerable enough to share your person journey with debt!
I’m 23 yrs old and I just graduated nursing school! And have 31k in student loans. I hate the idea of having this debt on me and I haven’t even started my career yet. Hearing your testimony really gave me hope that I can tackle my student loans faster than I thought. Thank you
You are in the perfect position to create a debt free life early on! As a 23yo, you are going to find that a lot of your friends will spend money and upgrade their lifestyle because they got their first full-time job. You just have to remember to continue living like a college student and have FUN. Remember the end goal. Remember this is temporary. And you'll get the debt free life. Rooting for you!
I finish nursing school with 50k I wish I would of gone for something different. just saying nursing is stressful
This was so inspiring. I’m a college student currently worried about graduating with debt in 2021. I believe I can pay it off through working hard and staying resilient.
I graduated with ~25K in debt 6 months ago.
Now working 2 jobs combined annual salary: 55K and living humbly as fuck to pay off my debt in the next 6 months.
😂humbly as fuck hahahha yes!!! Wow sounds like you are going to CRUSH IT
Turns out Joe is going to wipe my dent
OMG.... thank you so so so much for your contribution to this SIGNIFICANT PROBLEM WITH OUR YOUNG PEOPLE! I'm so excited for you, and we are all grateful for your time and encouragement.
I appreciate you being here and thank you for your kind words 😊
I’m watching this and I feeling like crying. I currently owe 35k. Down from 40k since November.
I can relate to you so much . I the desire to live.
Last year I was making 0$. Then I got a job for 52k. It did not feel like it was enough to get myself out of the whole without losing my life.
I then got a new job . But still managed to keep my old job for the week. I went from 52k to 99k with two jobs. I am only 1 month into working two jobs . Your story brings me hope and I am trying to stay the course working 7 days a week.
Jason -- you are an incredible inspiration. To go from zero income to $52k to $99k is an incredible feat. You should be PROUD of yourself. Allow yourself some grace. Because you can do this. I'm rooting for you!
What do you do ?
It won't take long at that rate!!
abdou conde I work in university administration.
When I found a new job , I suggested to my existing manager I could still work weekends when she asked if I knew anyone who could replace me. This meant I got a new job for 69k and I negotiated getting weekend rates at 30k per annum. It is only a 3 month contract for the weekend job , so I am trying to maintain a good work ethic to hopefully extend the contract.
Debt Free Millennials thank you so much. I realise it’s all mental strength which I lacked before and still battle with now.
2 days ago i paid off 60k
Student loan.
Speech therapist making 3,200 a month. I paid this off in 4 years time. Very painful. I should feel victory but honestly i just feel beat up. I have lived in pretty much extreme poverty that it kinda messes with your head
I am so so proud of you for paying off $60k in student loan debt. Don't forget to celebrate this milestone. It is okay to feel beat up but I promise you, you gave yourself the biggest gift these past four years.. and that's your freedom. Sending you a big hug!
How are you a speech therapist making so little money? I heard they make atleast 70k per year..
I went on a blind date with an older woman in her late 30's who borrowed 60k dollars 20 year's ago...she ignored it for 13 years...now it's 125k in collection's. Half of it is interest...her repayment is 1150.00 a month..... She brought this up on our first date because she wanted me to know this for some apparent reason. I'm 29 debt free and make 65k as a OTR truck driver.
🚛🤔
@@erwina4738 I went into the field thinking it was one thing.. but it's not all they say it is...pretty sad
I have a about $31,000 credit card/student loans combined. Moving back in with my parents in about a month to try and knock it all out as fast as possible. Thanks for the inspiration! 🙌🏻❤️
You can do it! Make sure to set some milestones along the way so you can celebrate!
Love this! Just got a job 40k a year with 65 k in debt! Would love to see how you spent your money and lifestyle
Congrats on the new job!! I'd be happy to do a video on how I spent money and my lifestyle during my debt free journey.
I'm gen Z and currently plowing my way through college. This story is awesome and gives me some kind of beacon of hope. You sound like you lived a strict and harsh life style so you could reap the benefits down the road and that could not have been easy looking up that mountain like that.
At the same time though, it didn't feel strict or harsh while I was in it. I still gave myself permission to spend on vacation, restaurants and coffee. But I didn't live in the best apartment and I bought all of my furniture secondhand. It's a give and take for sure.
2019 graduate and currently $39,972.18 in the hole with student loans. Been paying $240 a month since Jan 2020( on and off due to covid). Starting in Jan 2021 I plan to start paying $1800 a month until I’m debt free. Thanks for the motivation!!
That's so great to hear!! You got this!
I was on track to pay off my student loans while still in my MBA program but then I got laid off. I’m currently underemployed making 36k before taxes and have 25k in debt. This year I’d like to pay off at least 10k. Wish me luck!
It sounds like your debt to income ratio is nearly 1:1 so I think you can totally pay off $10k if not more.
I graduated the week the market crashed with $85K. Then got the sticker shock and deferred multiple times. Then moved onto making interest only payments for a couple of years, and about 3 years ago finally started making principle payments. It wasn’t until September 2017 that I got serious about paying this stuff off. I’ve paid off my car ($4700), and 3 student loans ($7K). It’s overwhelming to say the least. I’m throwing over 60% of my income from both jobs at it. I have no life because I’m working all the time, and I’m living at home, but I know my parents are ready for me to leave. I’m doing my best to stick with it, but it’s pretty rough.
@Joshua Frost, it is SO tough. I hear you. Keep digging at it and don't give up. You have already made huge progress with getting your car paid off and 3 student loans! I'm actually working on a story about money advice I wish I took in my 20s. I'd love to feature your response if you don't mind! Reach out to me on Facebook!
Great video! I'm 26 and am aiming to pay off my £14,000 student loan debt by the time I'm 30! I also just took out a mortgage on a flat so that'll be the next thing!
Love this! This is what I am striving for! I graduated December 2018, bartended until I got my first full-time job as a Clinical Laboratory Technician. I started with about $50k in student loan debt and I have been dumping $2,000/month to pay it off! This next upcoming paycheck I will have my first loan of about $6,000 paid off!! 6 down, 44 to go! I'm living at home rent free, so that is a huge help, however I commute an hour each way so I am soon moving to the town I work in. I really want to keep it a goal to pay $2k/mo toward my loans so since I'm going to have to pay rent, I'm picking up bartending again! At first I wasn't too excited about that, but watching videos like yours just puts the fire under me!! My Debt Free Scream is set for October 2021, but I want to finish it asap!! Also, I listen to Dave's show almost everyday! Love his community!
Aww yay!!! Dang, girl you are on fire with your debt free journey! $2k a month is so intense! Imagine pocketing that $2k after you're done. The things you could do with that money! Hold on to that fire and keep going. Because 6 is going to quickly turn into 10 down... 22 down... to 40!
@@DebtFreeMillennials Yeah, it is intense and everyone I tell that to is shook but then they realize it's actually a good idea and tell me I'm smart haha !!
I really needed to see this video! I am going to be graduating school in the spring with over $38K in loan debt. After watching this, I know that it is feasible to pay off student loans and live a successful and happy life.
I really needed to see this. Just finished Grad school in May 2019. Getting married in February 2020. And my student loans (current balance: $34,439) are due back in December 2019. I make 48K and just told my fiance that after we get married I'm going to up my payments and try to pay between 10-17K a year to pay off the loans in about 2 years. I'm glad to know it can be done! Thanks for sharing your story!
It can be done and you can do this!! Keep tuning in for ideas to keep your spending low and increase your payment amounts. Like I said, your debt free journey can be as slow or fast as you want it to be. Can't wait to hear how you do with it!
@@DebtFreeMillennials Thank you so much!! Will do!! And thank you for responding
This is the content I need. Thank you so much please keep doing what you’re doing you’re helping so many people by sharing your story and we so appreciate your vulnerability❤️
ohh thank you so much!! I love hearing this and so glad you found this video insightful. I'm not going anywhere so expect more content!
You had me at Puerto Rico!! lol I was born and raised in PR, moved to Texas two years ago. Recently started my debt free journey, $79k to go!
I looove PR! Beautiful place and beautiful people. My dad's side of the family is half Puerto Rican so it's pretty special to me.
Such an amazing video! A millennial here just starting debt free journey! Thank you for your channel!
Thank you! Hope you find it inspiring
I will be a Temple graduate next month, May 7 2020. I've been looking to get a head start on my loans, your video was very inspirational! subscribed.
Today I made my VERY LAST student loan payment I want to jump for joy and shout it from a roof top. It’s been such a long journey but well worth the battle. My student loan debt burden is now gone forever :)
🙌🙌🙌🙌🙌🙌 CONGRATULATIONS ON BECOMING DEBT FREE!!!! Welcome to the club! So excited for you! How much debt did you pay off?!
70K it took almost 5 years
My husband and I are pre-milennials, but I turned us on to Dave Ramsey, and after just 3-4 months of listening to him, I became convinced that we could be debt free too. We are lazer focused and doing the same, with a small mortgage and two small children. I just got emotional with you. It gives me so much joy to hear young people rebelling against the old debt slavery system. (that's what Dave calls it. ) I'm so happy for you and your husband.... :-)
Aww thank you! And thank you for sharing your story! I'm so glad to hear you and your family are making big financial changes. What a legacy you are building for your kids!
Thanks for the awesome video. My wife and I paid off $70K using Dave's snowball. Living debt free is great. We are retired now, and our lives would not be pretty, if we had continued in "debt city." You are doing a wonderful service. Keep up the good work.
Thank you! I really appreciate that. And congratulations to you and your wife for becoming debt free and retired!
Congrats on paying off the debt! That's awesome on that salary. Very impressive!
Thank you! It was hard work but so worth it :)
Makes me nervous I’m graduating from my masters in occupational therapy with well over $100k in debt when I graduate. Most OTs say we make good income and not to worry, but I’m passionate about paying this off! :)
You can do it! It really comes down to debt-to-income ratio. My debt pretty much equaled my salary. So if you start as an OT making $80k+ I'd say you have an excellent opportunity to pay off your student loan debt really fast.
At least you went for something great. My friends and OT. Last i talked she made 100k
I'm in the same situation! Graduating this spring and starting to research debt repayment. Best of luck!
Best of luck to you!! I’m going into occupational therapy and anyone in OT school is my inspiration. I limit myself to csu grad schools so my debt won’t be as high but you help me convince myself to expand my options 😫
I’m an MOT c/o 2018 graduate and I paid off $40k of student debt in my first year of work! Don’t let people normalize mass debt, you should worry (a little!) about it no matter what your job prospect is. It is a degree that costs a lot of money, but think smart and don’t increase your lifestyle after graduation even though you may be tempted to! So glad I hit my debt hard because now with Covid happening I’m debt free.
Want a debt free life ! I’m about to turn 27 married with 2 kids and we’re ready to get rid our debt!
I just graduated from college and I’m 4 months into job that has a salary of 70k usd/year. I don’t really get to enjoy the money that I’m earning because it literally all goes into paying back my student loans. But I know that 25 year old me is going to thank 22 year old me for what I’m doing right now to take control of my financial situation. Thanks for the honesty, it helps to keep me going 💘
I'm so glad to hear you are thinking of future YOU by paying off your student loans now. It's one of the best things I have ever done for myself. I know it's tough but being able to travel, pay for meals, or buy something nice for yourself without debt is one of the best feelings in the world. Keep going!!
Congratulations! and thank you very much for being so honest about your journey.
I really appreciate it. I hope it inspires others!
Thanks for sharing your story. What an awesome job you did on getting out of debt. You're a great example and an inspiration to a lot of people. Not just millennials.
Thanks, Kellie. I really appreciate that a lot!
I loved your video. I’m so obsessed with living a debt free life. I’m so close. I’m on UA-cam everyday watching videos about finances. I finally learned how to use credit cards. After paying off my credit cards debt for the third time😩 I was able to start this month using my credit card for my normal bills but putting the money aside so I can pay it off in full. I want to purchase a house in a year but I want to get rid of all of my debt first. I owe less than 12,000 on my student loan so my goal is to get some extra income to tackle that. Again I enjoyed your video and I hit that subscribe button!!!
Appreciate you being here and it sounds like your mindset is renewed now that you have a plan to use credit cards responsibly. Keep going over those student loans! Once you get it paid off, you can throw all that extra cash towards your house goal! Love that you are so close to that debt free life!
I am 55 years old with very little set aside for retirement at this point. I have always been curious about the stock market and have witnessed some people who played the game right and retired early because they used the stock market. When I ask them, most said that they invested very little to start with, but their portfolio grew. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns.
Buy index funds if you wanna be safe, though you are probably be better off just going to Vanguard or something for that
Even with the right technique and assets some investors would still make more than others, as an investor, you should've known that by now, nothing beats experience and that's final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I'm buying again
@@jaluriaja6294 who is your financial coach, do you mind hooking me up?
Thank you for sharing your story. This is such an important thing to talk a out, especially for those riddled with student loans. I am currently on baby step 2 of the Dave Ramsey process and we are so close to paying off all our debt, I can taste it. Just $4,500 to go out of $38,000. We will be done 2 years ahead of schedule.
WOW! Congrats to you. It's not easy, but SO worth it. That last $10k was really exciting for me as I'm sure it is for you!
So awesome! What date were you able to pay it all off?
I want a debt-free life more than anything!! I am about to be a senior in college and once I graduate I will have around 40k in student loans.
I’ve just started my debt free journey. Between student loans and credit cards, I owe almost $80,000 and it feels so helpless. Thanks for your video, it really helps.
Im 31 living in orange county CA, paid off my student loan earlier this year and feels like my shoulders are so much lighter.
0 credit card balance (learned the hard way) always pay off my credit card every weekend to make sure all is paid.
I am spending less money than when I first started working after college. Living in small place without a/c, getting rid of unnecessary things and stopped buying things I didn't need.
Often we get confused on what we "NEED" and what we "WANT".
Now I am able to save more than 1/2 of my monthly income.
Dang, good for you! Especially in a HCOL area. That's incredible.
@@DebtFreeMillennials I still try to live like a broke college student. Some things I had to sacrifice (cars, hobbies and LA lifestyle), but being able to save and plan for my future finance is so much sweeter.
Makes me feel more secured, and financially confident.
I did the same thing when I was getting out of debt! And kudos to you for continuing to save so much. Sounds like you're on the FIRE path!
My husband and I are on our debt free journey right now. No student loans, but a major home renovation got us into debt. We had rotting floor joists that NEEDED replacing immediately. We didn't have any money saved, so this is a journey of being fed up with no savings. This debt has shown us that an emergency fund is way more important that the new sweater at target, or all the extra gadgets that we're wanting. We feel so far away from our goal, but we're attacking it as hard as we can.
Having an emergency fund is so so important! And so many people want to focus on other things instead of building up their savings. I'm so glad you guys are working on the emergency fund. It's incredibly important.
Justine, I needed this thank you! I was laser focused paid off a card then took a break for a month. Now I am ready to get back on track and pay off my final credit card of $5,500.00!
Woohoo!!! Pay off that LAST card and be done. Oh - I have a credit card debt sucks debt free chart on my site you can download for free that'd be perfect for you!
Started with $34k. Will be paying it off in full by October-November of this year. Total Time will be one year and 4-5 months. I can't wait till I am free from this burden and start to really build wealth!
I'm so so excited for you!!
Your video was so amazing! I have so much student loan debt but am trying to chip away at it. Thank you for sharing your story!
Thank you! Every little bit counts. Remember that! Even $10 gets you $10 closer to the debt free life. Keep chippin!
My mom had really bad debt. She did not teach me about money. So now I have over 50k student loans. It may be higher because of student loans. I graduated in 2012. I’m ready to start paying it off.
So glad you stopped by -- learning about finances on your own is the best gift you can give yourself! Stay connected with the channel or get involved with our Facebook Group! Being around like-minded people is going to help you so much.
I know how you feel! I had a small amount of debt. But paying it off with one payment was so satisfying.
Loooove it! It was very anti-climactic but it got me to the debt free life haha
has anyone told you that you look like millie bobby brown?! it's a compliment! :)
No but thank you so much! I love Stranger Things :)
If your debt is roughly equal to your net income, you can pay it off in less than 10 years if you apply 1/6 of your income and less than 5 years if you apply 1/3 of your income. This turns out to be true for any interest rate
My student loans ranged between 4.5-6.8% and I paid it off in 2 years 5 months :)
@@DebtFreeMillennials If my estimation is correct you paid nearly 40% of your income. My original calculation assuming one third your income to paying off debt, computed 2 years 10 months. In any case congratulations.
Thank you! Yes, 40% sounds accurate. My take-home was roughly $2,400 per month and I put $1k per month towards the debt. It paid off!
I am 24. I am married and have a 1 year old. I'm in nursing school and graduate next November. I have been obsessing over getting debt free when I get out of school. I'm so excited
Get it girl!!!!
Thanks so much for sharing😢❤️ I am on my debt free journey which should end in the next two years this gave me something to look forward to!
You're so welcome! So exciting that you have a count down to your debt free debt. These next two years will go by fast believe it or not!
Congratulations! I’m about to pay off $10k of credit card debt and will tackle on my $33k student loan debt! Thank you for sharing your journey ❤️
Best of luck on your debt free journey!! You got this!
congratulations on paying off your student loan debt. the power of focus can make many things happen.
Absolutely and thank you!
Im actually going through this process right now. I have over 21k in student loan debt and 9k in auto (due to me being a cosigner). Im SUPER budgeting and making extra payments. Im glad i came across this video when i did. Its letting me know im doing the right thing. Im 29, still living home due to this...ive been at my job almost 2 yrs next April as a recruiting specialist; with no degree btw....i make about 31k a yr. Its definitely hard but its possible. I calculated everything and fingers crossed 🤞🏽 ill be debt free in the next 3.5 years. Im excited to be on the right path.
I'm so so glad to hear you are making progress! And everyone that I have talked to that has set a goal date to become debt free has done it even faster. Keep at it and you'll see your opportunities open up in front of you.
Hearing your story is amazing. I have 60000 yr in grad debt.and 8000k in undergrad. I make 40k . How can I pay it off? Its a big mountain. After listening to your story, Im fire up to take it on. I want to be free. Debt is slavery
If you make $40k and have $68k in debt you can definitely pay this off. You need to select your debt payoff method and get a budget in place. I highly suggest you check out my other video on what to do first when you're in debt: ua-cam.com/video/8utHR_SSVh0/v-deo.html
Hello!! I came across your video because I am 25 years old and today I paid off my $15,000 student loan! I have one loan left $12,000 it started as a $15,000 loan. I want to live a debt free life.
Keep it going!! That's so so awesome that you paid off a loan already!
Debt Free Millennials Thank you! Ill be watching more of your channel for sure!
Love this!!! Currently working on paying my car off (7k) and then will tackle my student loans of 25k 🤯
Yes, girl - get after it!
Top notch! First video I've come across that is real and not selling some bs. Appreciate the honesty. I live with my wife in a foreign country to save money and tackle the student debt full time. There's a lot of us out there. Thanks for the video!
I appreciate you stopping by! I aim to be transparent and talk from the heart on this channel. Good luck on tackling your student loan debt. It's hard work, but it pays off!!
I’m Brea, currently a cna and I’m 23,000 in debt from my student loans at the time I was 17 and both my parents were disabled and didn’t file taxes so I couldn’t go to a university and I didn’t have enough work experience to file my own. Stubborn me, didn’t want to wait a year for college so I found CCSD and had my mom sign for a parent plus loan and now 2019 at the age of 21 I’m almost always beating myself up about my debt and thinking there’s no way out of it with the income I bring in on top of just leasing a car. I’m definitely interested, thank you for sharing this
You can't beat yourself up for what's been done in the past. I am super guilty of doing it, too. But what I have realized is that you don't know what you don't know. All you can do is give yourself grace and move forward with the knowledge that you have now. You can make this work and get yourself to a higher place financially. You got this.
I love that you said you wanted to speak about your journey in a way that's authentic to you. I was just thinking about this. Thank you. I'm on this journey now and working hard and smart to become debt free!
Over almost two years I collected $5000 in credit card debt and didn’t start paying it off seriously until July of this year. Now I’ve paid off over $1700 and am on track to have it all gone by the new year. I’m graduating in the spring of next year with about $23,000 and am feeling really anxious about finally getting out of credit card debt just to have to start tackling my student loan debt... it’s like a never ending cycle :(
I know it feels like forever but trust me. The things you are doing for future YOU are so loving and kind. Don't let 5 years go by and still be paying off debt. You can totally knock out that student loan debt (and even faster btw because the interest rates are lower than CCs!)
This is awesome. My husband is very frugal and good with his credit/money and thankfully has taught me a lot. We still use credit cards for bigger purchases (like putting rug in a couple of rooms of our new house) but only when they have promotions like 0% interest for a year and then we typically double the monthly payments to make sure it’s paid off ASAP.
We use credit cards, too! We pay off ours every single month without fail. It has earned us so many free trips using CC points.
Saw your comment on Freedom in a Budget's analytics video and came over just to check out your channel. First video I have watched and Im a new sub. Im 31 and became debt free 6 months ago (student loans, credit cards, car). Now Im focussing on paying down my mortgage in a falling property market. Looking forward to checking out more of your videos.
Thanks for joining, Aly MJ! Yeah, I LOVE Kelly and got to meet her last year at FinCon. She's super inspiring. Congrats to YOU for becoming debt free and knocking out the mortgage. I'm envious of your home ownership status. I'll get there one day!
I'm right there, I'm working towards getting to be debt free. After following so many channels and learning as much as I have so far, I realize that what worked for my parents wont work for me. By following that path, I have found myself with a large amount of student debt and personal debt. I am working on finding a budget that will work for me to get me to my goal of debt free.
Good for you for finding your own path to a debt free life! Whatever works for your brain, go for it. You can't follow a method that doesn't keep you motivated. Find what works and stick with it. Can't wait to see you succeed.
Working hard not to accumulate debt. Two and a half years into college and I’ve taken out about 18k in loans, and currently owe nothing. Pay them off after every semester, or as much as you can, don’t even let it pile up.
Nice work! How are you paying them off each semester?
Debt Free Millennials I work part time as much as I can, especially on campus. Mainly I budget and spend next to nothing, haha! I live off about 150 bucks after rent here in LA. I find sneaky ways of not paying for things, like hanging out with large groups who order takeout and never finish their meals. I only shop for necessities, I’ll get to buy what I want later!
Gen z here. Ill have 100k in debt after school. I plan to work my butt off so that I can pay for housing in the fall. So while im working in the fall and spring I can put down on the loans I already have. My issue is I want all these wonderful things. But know i cant afford which sucks. I pray this all pays off. I plan to create a plan before this summer starts. I want to atleast put 3k on the principles of my loan.
I went to a school in Indiana (I’m from Chicago) and as soon as sophomore year was coming to an end, I knew I couldn’t go back the following year. The amount of debt that I was going to have to take out was giving me anxiety, and I came back home. It was the BEST decision I could have ever made but I am still $35k in debt. Your video really inspired me, thank you for sharing your story!
Thanks for stopping by and watching! It sounds like you made the best decision for you! It's not worth it to go out of state for the same education you can receive in-state. But it's also crazy that we truly can't study anywhere because the cost is just too damn high!
Excellent video! I now track my spendings. It changed my life. Typically, not always I am able to account all of my expenses down to the last 10$.
That's great to hear! I know life can get busy. It happens to me, too. But even just an hour digging around is so helpful!
Congrats that’s really great. I think the key piece here is that you had free rent and lived at home with your parents for years. Cutting back, economizing and prioritizing all help… But not having living expenses is probably the most critical piece of the pie. Many people are not that fortunate...
No, I didn't live with my parents for years. I lived at home from May 2011-Dec 2011. I started paying off my student loans in Nov 2011. I moved out of my parents house in Jan 2012 and moved in with a roommate for the rest of my debt free journey. People think I lived with my parents the whole time and that is NOT the case!
I have 23k of student debt in my name, and then my parents loans which I will eventually pay off. I have absolutely no idea how to tackle payments/my debt journey. I currently make 15/hour and work around 30 hours a week. Stories like yours continue to inspire and motivate me into confidently believing in myself as I try to grasp how I am able to do this...
I'm so glad you are getting inspired! Did you check out my other video on what to do first when you're in debt? That one could help you: ua-cam.com/video/8utHR_SSVh0/v-deo.html Also, why are you paying off your parents' loans? Those should be their responsibility, not yours.
I am $100,000 in student loan debt and i just moved to Australia for one year on a work and holiday visa. I am stressed to the max about money, but I don't want debt to stop me from living my dream life. I am paying my minimum balance every month and it just covers the interest so I feel like i'm just throwing my money away.
I think the very first thing you need to do is set up a budget. The budget can help you plan your expenses and see how much extra money you can throw towards your student loan debt. I have another video that might help you: ua-cam.com/video/8utHR_SSVh0/v-deo.html
Im over a 100k as well! I start paying it off next month. It definitely sucks but you're not alone
Down to my last category of student loans looking forward to being free so I can stop feeling obligated to work when I don’t want to. Surviving is exhausting. 💕✨
Love hearing about other’s debt free journeys.
😀😀😀
This Vet tech program I wanna do is 34K luckily I have 60% coverage for the GI bill. I work 2 full time jobs now to have a good savings and to save for the debt the GI doesn’t cover. It sucks working the way I do but I need a career change. In the end the hard work will be worth it.