Blessed,grateful, Debt Free -$36K Paid In 14 Months

I’m sure you have heard it before; everything begins with a decision. No matter where you are in life, it was a decision that got you there, much like the decision you made right now to read this piece. I hope that determination leaves you inspired, with the understanding that you can do anything you set out to achieve.

What Happened?

We made many decisions in 2020 at the start of the pandemic. Many of us had to make choices we never wanted or thought we would have to make. When the government paused my student loan auto-pay, one decision was made for me. I was not upset because it was one less monthly payment. Until I reviewed my payment history towards the end of 2020 and saw how much I was paying in interest. Over 70% of my monthly payments were going toward interest—no wonder the balance was not going down after years of on-time, automatic payments.

So, I decided to change course. Today, I am grateful to report that I am debt-free after paying $36K of debt in as little as 14 months. Not to mention saving money on interest, getting rid of Navient, and all the people disturbing my sleep.

I am here to let you know how I did it and how you can do it if your objective is to clear your debt and save money to build wealth. After all, this is Sister’s advisor. The purpose of this community is to help each other make things happen and live our best lives.

How Did I Do It?

The last week of December 2020, I made a plan to pay off all my debt (excluding the mortgage) in 20 months before my 35th birthday in September 2022. Now, if you know me, you know I can get a little obsessive, so I kept pushing. I kept running the numbers weekly and monthly, budgeting and wondering how to get it done before interest began accruing.

Well, I didn’t have much of a life the last 14 months, and since there was still a pandemic, I didn’t have many places to go anyway. The below are what genuinely helped me in my debt-free journey:

1. Budget, Budget, Budget: That word was like a curse to me, but now it brings a little peace. It is imperative to know where your money is going. Otherwise, you have no control.
2. Be open and willing to try different things or let go of certain habits. I love to travel, so at some point I had to disconnect from Instagram. It was too tempting seeing all the summer travel and new exciting places I want to visit.
3. Part-time job or side hustle to bring in extra income. I worked part-time at a restaurant. When I was home with some free time or watching TV, I completed surveys.
4. Support and community. Support in anything that you’re doing is powerful. I found that in my sister and online community with the same objective.
5. Commitment. You have to be ALL in. We live in the microwave age with so many distractions but stay committed to your goal.

I also cut 12 years and 2.4% interest from my mortgage by refinancing to a 15-year fix. I’m on my way to financial freedom and peace of mind. It is worth the sacrifice if your objective is to clear debt and have financial stability.

February 25, 2022, I submitted my last payment and just feel so relieved :-)!

You can do the same and walk away from debt, it just takes a big commitment and a little extra work. We already working hard anyway, we might as well use our money to make money for us. they faster you’re out of debt, the faster you can save for retirement, You can do the same and walk away from debt; it just takes a big commitment and a little extra work. We are already working hard anyway; we might as well use our money to make money for ourselves. The faster you’re out of debt, the quicker you can save for retirement, vacations, and fun.

If you are looking for ways to make extra income, check out our recent post nine ways to make extra income here. It may require you to give up a few things or go without for a few months, but it will all be worth it later. To get to my goals I use Rakuten.com for cash back on purchase that I made online from stores such as Macys and Express. I also did surveys online, making an extra $200 or more a monthly from sites like InboxDollars.com and Swagbucks.com

Find ways to raise and save extra money on your home, insurance cost, and other areas as well. You won’t believe how many yes you get when you ask. Funny story, my brother-in-law has this thing he does everywhere he goes. He will go to a restaurant and ask the owner for the cashier for a good person discount. He asks at car rentals and other places. At first, it was just a way to start conversations.

He makes people laugh and often gets a discount and return. Now we all do it everywhere we go.

Not to keep you too long. I know there are many out there experiencing their own successes. Please share your debt-free journey tips with us in the comments below.

Until next time, enjoy!

I AM DEBT FREE * NO MORE*

*Student Loans

*Medical Bills

*Credit Card Debts

Yay!