I am recently retired and I’m happy to say that I have paid off my student loan. To do this, I had to take a pay cut each month which was no easy decision. However, it is one of the best financial decisions I’ve ever made in my life. (Note: This is a personal blog article).
How I paid off my student loan in 18 months
It was a long process, but I was determined. I knew that it was possible. Through hard work and perseverance, I paid off my student loan in 18 months. It took me six months to get started, and I had to make lots of sacrifices along the way. The payoff is worth it.
I’m a former teacher and I had a student loan that I wanted to pay off. This blog chronicles my progress toward paying it off, including how I did it, what worked for me and what didn’t, and some tips for people who want to do the same.
The best financial decision I ever made
The best financial decision I ever made was to take out a loan to pay for my education. I got a full-ride scholarship and knew that I would have to graduate with some debt, but I didn’t realize the amount of debt I had accumulated until it ballooned to $25,000 when my parents asked me what happened. The best thing about this experience is that it taught me how important it is to always keep track of your student loans and personal loans so that you can plan accordingly.
There was no one thing that made the difference in my personal finances. I spent less, and I didn’t buy anything new for a year. The most important thing to me was knowing that I’ll never have to worry about paying off my debt again.
Why did I decide to pay off my student loan?
I learned about a program called the Public Service Loan Forgiveness Program (PSLF) and I instantly understood that I could save more money by paying off my loans. I made a plan to pay off my loan, which was over $100,000 in 18 months and have it forgiven.
When I graduated from college, I had to take out a student loan in order to pay for the rest of my college degree. It was not until after I graduated that I found out that there was an outstanding balance. When that happened, I knew it was time to take action. Student loans can be paid off quickly if you make enough money and the interest rates are low. I wanted to make sure it became a priority and so, at age 27, I started paying it off in little by little.
My monthly budget before paying off the loan
I knew I could buy a car, but I wanted to earn a steady income first. This is why I took the full time student loan repayment and budgeting challenge, which helped me pay off my loans within 18 months. To do this, I had to work hard and be disciplined about my budget and spending habits.
The total of my monthly budget before I paid off the loan was $163. I was spending about $800 per month on food and entertainment. After paying off the loan, I saved the money that came in from taxes and investments to live off of while continuing to work full-time. When I had enough money to retire, I switched jobs and started working as a freelancer so that I could save even more money.