It has almost been a full year since David and I said goodbye forever to student loan debt. Just the other day I told someone our story. We were at dinner on our honeymoon talking about what life would be like when we got back home – fresh out of college, no jobs lined up, and $50,000 debt burden we would have to start making payments on soon. It was at that dinner we said we wouldn’t go on another vacation until we were debt free. We did end up making an exception to this rule but still were able to pay it all off in just over 2 years.
The question I get asked the most…HOW?! Here are the must-do activities to accelerate your journey to debt freedom.
- Stop spending money on things you don’t really need. This might be a habit change for you and it’s going to sting a little. Remember it’s a “not now” and not a “not ever.”
- Sell stuff you don’t use on Facebook Marketplace. This trick is gold but have patience! Adjust prices, renew your listings, and keep trying. We have made a couple thousand dollars from doing this. Plus, you declutter in the process!
- Make more money (aka start a side hustle). We are living in a side-hustlers dream right now! Online income opportunities are everywhere. Good at writing? Be a freelance copywriter. Good with spreadsheets? Offer data entry services. If that’s not your thing, no problem. Do food or grocery delivery. I have friends who make great money doing this. Examples include UberEats, Doordash, Instacart, Shipt, just to name a few.
- Limit eating out to twice per month. Restaurants are expensive and will suck up your money fast. While we love takeout or dining out, we made sure it fit into our budget and limited it while we were pursuing debt freedom.
- Buy gifts in advance. I don’t think I’ve ever heard someone offer this suggestion before, but holidays/birthdays/weddings are all very predictable. You know they are coming, yet you wait until the last minute to shop. Take advantage of great sales in advance so when those events happen, you aren’t scrambling for gifts and paying full price.
It’s not a fun journey but it’s well worth it to experience financial freedom later. Good luck!
