In 2018, I made a life-changing decision: I was going to pay off my $50,000 debt. It was a mix of student loans and a car loan, and on a $35,000 salary, with side hustles to make ends meet, I knew it wouldn’t be easy. But I was tired of the weight of those monthly payments and wanted freedom from debt. Looking back, it took sacrifice, discipline, and a lot of grit, but here’s how I did it.
1. My Strategy: Salary for Debt, Side Hustles for Living
I knew that if I used my paycheck to live off, my debt payoff would drag on for years. So, I set a strict rule: every dollar of my salary went toward paying down my loans. To live, I relied on money from side hustles—freelance gigs, affiliate marketing, Zumbini and anything else I could do to bring in extra income. This gave me the flexibility to aggressively tackle my debt while still covering my basic expenses.
2. Extreme Sacrifice: Cutting Out Every Non-Essential Expense
For two years straight, I stripped down my spending to absolute necessities. I didn’t buy coffee, didn’t get a haircut from a salon, didn’t shop for clothes, and didn’t go out to eat. Anytime someone invited me out, I had to say no—and I didn’t shy away from telling them why. “I’m focused on paying off my student loans,” I’d say, and often, the response was dismissive: “Everyone has student loans,” or “They’re always going to be there,” or, my favorite, “The government will forgive them.”
But I didn’t let these comments derail me. I kept reminding myself why I was doing this. I wanted my money to be mine, not going toward years of debt payments or racking up interest. Each dollar I saved was a dollar closer to financial freedom.
3. Staying Focused on My Goal (Even When It Got Tough)
There were many times when the journey felt isolating. Watching friends and family enjoy dinners, vacations, and new things while I was living on the bare minimum could have made me feel like I was missing out. But I kept my eye on the end goal, and that focus kept me going.
I even found a strange sense of pride in living simply. It became empowering to say no to things that weren’t helping me achieve my financial goals. By sharing my journey openly, even when people laughed or doubted, I stayed accountable and reminded myself of my progress.
4. Achieving Debt Freedom: The Power of Financial Independence
After two years of hard work and sacrifice, I made my final payment. Being free of that $50,000 debt felt like a huge weight had been lifted. I could finally breathe, knowing that my money was truly mine, and I was no longer tied to monthly payments. My experience taught me that when you set a goal, commit fully, and stay focused, you can achieve incredible things—even on a modest income.
My Takeaways for Anyone Tackling Debt:
- Have a Plan: Figure out what’s going to work for you and commit. For me, it was dedicating my salary to debt and using side hustles for living expenses.
- Embrace Sacrifice: The journey isn’t easy, but cutting out non-essential spending makes a huge difference.
- Ignore the Naysayers: People will have opinions, but if being debt-free is important to you, keep going.
- Stay Vocal About Your Goals: Talking about my goals helped me stay accountable and focused.
Becoming debt-free took every ounce of discipline I had, but it was worth it. Looking back, I feel so proud of what I accomplished. If you’re working to pay off debt, remember that it is possible, no matter your income or circumstances. The sacrifices you make today will pay off in the future—trust me, it’s worth it!
xoxo,
A