HOW I MANAGED TO PAY OFF MY $21,000 LOAN IN ONE YEAR!
Happy Friday!
Lets cut to the chase... $21,000 How? Where? What?
Yes, $21,000 paid off for my student loan.
Most of you understand the struggle and are still paying down your debt. This is my story, I am very privileged and blessed to not pay rent as I still live at home with my parents (in the middle of nowhere). This really helped speed up the process for me.
Though I saved on rent, I increased my travel costs (approx. $400/per month on gas, and approx. $300/per month on parking and transit). Yes, $700 on travel. I’m adding my travel costs in this post to emphasize that I still had high expenses which included commuting costs, car insurance, visa payments, phone bills, groceries etc.
In order for me to save the most that I could to pay off OSAP. I increased my osap payment to a minimum of $1,500 per month. Some months I’d pay much more, but I never let it be less than $1,500. I also decided to decrease my outings, travel and fun time. Yes, no morning coffees, no take out food for lunch at work, no Gucci bags, no nice things. I only spent money once a month on a girls night or date night with my boo.
The truth is.. you have to
1) Set a timeline for how long you will be broke and miserable.
2) Set a reward for yourself post your savings journey.
3) Have supportive friends and family that will help keep you sane and cheap spending.
4) You have to be disciplined and realistic.
Save as much as you can at a rate that is attainable and manageable.
It will get overwhelming, stressful and frustrating but after those 6 months or 1 year..
YOU WILL REACH YOUR GOAL.
I'm 6k away from my goal with 4 months to go and I cannot wait to be done and on vacation!
Hope this helps,
-Coll
Lets cut to the chase... $21,000 How? Where? What?
Yes, $21,000 paid off for my student loan.
Most of you understand the struggle and are still paying down your debt. This is my story, I am very privileged and blessed to not pay rent as I still live at home with my parents (in the middle of nowhere). This really helped speed up the process for me.Though I saved on rent, I increased my travel costs (approx. $400/per month on gas, and approx. $300/per month on parking and transit). Yes, $700 on travel. I’m adding my travel costs in this post to emphasize that I still had high expenses which included commuting costs, car insurance, visa payments, phone bills, groceries etc.
In order for me to save the most that I could to pay off OSAP. I increased my osap payment to a minimum of $1,500 per month. Some months I’d pay much more, but I never let it be less than $1,500. I also decided to decrease my outings, travel and fun time. Yes, no morning coffees, no take out food for lunch at work, no Gucci bags, no nice things. I only spent money once a month on a girls night or date night with my boo.
The truth is.. you have to
1) Set a timeline for how long you will be broke and miserable.
2) Set a reward for yourself post your savings journey.
3) Have supportive friends and family that will help keep you sane and cheap spending.
4) You have to be disciplined and realistic.
Save as much as you can at a rate that is attainable and manageable.
It will get overwhelming, stressful and frustrating but after those 6 months or 1 year..
YOU WILL REACH YOUR GOAL.
I'm 6k away from my goal with 4 months to go and I cannot wait to be done and on vacation!
Hope this helps,
-Coll