I Got a Job
This was a significant turning point in my life. I finally got my first full-time job and officially stepped out into the “Real World.” I was thrilled because I secured a position that was in my field of study. My income was around the Median for my geographic location. I was happy just to land a decent paying job in “This Economy.”
I Lived With My Parents
I moved back and lived with my parents for the first year after I graduated. This helped me save a lot of money. I was able to save around thousands of dollars in rent by living with my parents. I saved money on food and stayed on the family gym membership. I used these savings to pay aggressively toward my student loan.
I know lots of college students want to feel independent and move out on their own. However, it may not be the best financial decision. I really had no problem moving back with my parents because I knew that I wanted to save my money. Additionally, I was able to spend more time with my family. I lived away from home after college, so it was refreshing to return home and live with my family.
I Bought a Used Car
I needed a car to get to my job. However, I did not want to take on much more debt. I bought a used car on Craiglist, and I am still satisfied with my purchase. I purchased a 7-year-old economy car, and it really saved me a lot of money compared to financing a new car. It is reliable, it gets from point A to B, and I always keep it clean, so it looks new and fresh.
Using the above strategies, I put a big chunk of my money into debt reduction. My goal for 2011 was to pay off the 8.75% debt, and I accomplished it in 11 months. It was an uphill battle, but I am happy that I persevered and now stand over my debts.
Readers, how much student loan debt do you have? What measures are you taking to pay it off quickly?