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My One Year Student Loan Payoff Update

  January 28, 2022 marked my one year anniversary of paying off my student loans . Reflecting back on choosing to pay off my student loans leaves me with several take a ways that I want to share with you! In September 2020 I decided to become debt free by utilizing the debt snowball method to pay off all my debt. Before this I had struggled to save and really understand basic financial principles. As a first-generation college student, I received a scholarship to attend undergrad for free, but the scholarship did not cover summers. During the summers I took out student loans to cover costs without paying interest rates or how much I was taking out. By the end of undergrad I had amassed a little under $17K. Fast forward to graduate school I received another scholarship that covered my education. At the time I was a teacher in a new very expensive city and I had missed the cutoff to have my paycheck last me throughout the summer. So, I decided to take out a loan for two summers to keep
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One Year Debt Free Journey Update

September 8, 2020 was my one year debt free journey anniversary. A year ago I got sick of payments and not managing my money well. Each month that I would get paid I would give most of my money to payments. It was ridiculous and I could no longer stand it. This inspired me to get my money together through financial literacy. 

Figure 1: This is a thumbnail of my latest YouTube video on “ADL: One Year Debt Free Journey Update” where I am sitting on the couch with a surprised look.

I remember seeing a post on a friends Instagram where she talked about paying off all of her credit card debt and she talked about this guy named Dave Ramsey. I looked him up and started listening to his podcast and I have been hooked ever since! Since then I have gotten on a real live budget and cut down my expenses. In the beginning this was not easy.  I don’t know if I ever would have imagined not getting my nails done, eating out, or saying no to all things entertainment. I even cut out cable and got a streaming service! 

Figure 2: This is an image that shows a pie chart, bar graph, and other charts with the word budget on a piece of paper with a black pen above it, 

Since September 2020 I have paid off $16,131.67 and man has cutting out all the things I love been worth it! I think the hardest part of this journey at times is doing it alone. I’m selective on who I tell this journey too because there are folks who simply don’t understand and will try to discourage you. I’m actually thinking of staring a group that would help to encourage others while on this journey . My next steps are to continue going full steam ahead paying off my debt and as quick as possible .

Figure 3: This is a photo of a pink sticky note that reads “Debt Free” surrounded by colorful tabs and balled up pink paper.

 I’m currently working on my student loans before I move on to my very last item! Are you on a debt free journey? Interested in learning more? Drop down in the comments and let me know! Be sure to check out my latest video below!

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