$35k in Student Loan Debt Paid Off in 30 Months | My Debt Free Journey | Summary and Q&A

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February 12, 2019
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Debt Free Millennials
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$35k in Student Loan Debt Paid Off in 30 Months | My Debt Free Journey

TL;DR

Justine shares her personal story of how she paid off $35,000 of debt in two and a half years on a $37,000 annual income.

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Key Insights

  • 👪 The housing market crash and Great Recession impacted Justine's parents and changed her financial situation.
  • 🎓 Justine initially struggled financially and felt embarrassed about her financial struggles in college.
  • 👪 She took on multiple jobs and accumulated loans throughout college while still being financially dependent on her parents.
  • 😘 Justine became determined to pay off her debt after getting a low-paying job and receiving loan repayment notifications.
  • 🫠 She started reading personal finance books and tracking her income using a budget spreadsheet.
  • 💇 Justine made lifestyle changes, such as cutting expenses and maximizing income, to pay off her debt.
  • 🥶 By being focused and increasing her income through job changes, Justine achieved her goal of becoming debt-free in two and a half years.

Transcript

all right so it's time to get up close and personal about my debt so if you are joining me for the first time my name is Justine and I run the debt-free Millennials channel and I talk about all things millennial money and debt-free living and today I'm surprised I hadn't shared this before but I am going to talk about my journey with debt and how I... Read More

Questions & Answers

Q: How did Justine's financial situation change when her parents were laid off?

When her parents were laid off, Justine was no longer financially supported, resulting in her taking on multiple jobs and accumulating loans to support herself.

Q: How did Justine handle her debt after graduation?

After graduation, Justine moved back in with her parents, got a low-paying internship, and received loan repayment notifications. These circumstances made her determined to eliminate her debt.

Q: What steps did Justine take to become debt-free?

Justine started reading personal finance books, like Dave Ramsey's, and adopted frugal habits like going out only for happy hours, tracking her income using a budget spreadsheet, and minimizing expenses.

Q: How long did it take Justine to become debt-free?

Justine became debt-free in two and a half years by being laser-focused on paying off her debt, continuously increasing her income through job changes, and making significant monthly payments towards her loans.

Summary & Key Takeaways

  • Justine shares her journey of paying off $35,000 of debt in two and a half years on a $37,000 income.

  • She was initially financially supported by her parents until they were impacted by the housing market crash and Great Recession.

  • Justine took on multiple jobs while still accumulating loans throughout college, but after graduation, she decided to tackle her debt and live a debt-free lifestyle.

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