How I Paid Off My Student Loans By The Age Of 30
Placing my order for my cap and gown for graduation from undergrad, I was optimistic. I couldn't wait to experience the world that I'd heard countless stories about. I'd taken the liberty of planning out the next five years of my life.
Year one, I'd start in an entry-level position. By year three, I'd have a promotion, and by year five, I'd have a healthy salary that would permit me to become a homeowner, and I'd no longer have to rent an apartment.
Well, unfortunately, the year that I graduated, the job market crashed. Entry level jobs were scarce. People were losing their jobs left and right and the entry level positions were being filled by those with decades of experience who were fighting for jobs as well, leaving very few options to apply for something in my field of study. As a result, I began to apply for any and all entry-level positions. I even found myself applying to be a waitress and hostess for minimum wage.
All I knew was I needed a job to pay the bills.
The Truth Is, Life Just Happens.
Luckily, three months after graduating, I snagged a job. It wasn't in my field, but it was a consistent check. The pay was $12,000 less than what I was told I should be making at entry-level before leaving college. The unsettling truth was that, in a matter of months, there would be student loans to pay back and I needed a job, and I needed one fast. At 22, I wasn't privy to negotiating a salary. I was too afraid to muster up the courage to ask for more. Thinking that my counter offer would be rejected and that it would cause them to withdraw their offer, I swallowed my pride and verbally accepted the job.
For the next six years, I found myself paying bill after bill and feeling as though the loan balances and car note wasn't getting lower quick enough. Between the interest rates and "life happens" moments that tugged at my bank account, I felt as though I wasn't moving ahead progressively. I still saw thousands of dollars that needed to be paid off.
Looking at my bank account, my spending wasn't out of control. I hadn't taken a vacation in over six years, my shopping expenses were moderate, and I didn't go out much.
The truth was, I wasn't making enough money to be financially comfortable.
Don't Just Complain About It, Do Something About It.
Sitting on the couch and looking at my bank account, I knew something needed to change. Since the amount of debt wasn't going to change, I knew I needed to. Without hesitation, I started looking for part-time jobs near the area in which I lived. If I was going to get a second job, I didn't want it to cost me even more to travel there. I completed a few applications and said a prayer, "God, if this is for me, please let me get it," and with that, I submitted the applications.
Within a few days, I received an email asking if I would be willing to come in for an interview at a local business. Days after that, I found out I got the job! From there, I started working 15-25 hours a week at the part-time job. When it was time for me to leave my first job at the end of the day, I'd drive directly to my next job and punch in.
Trust me, I was tired. I was working nearly 70 hours a week but the feeling of being bound by debt plagued me more.
Working a second job came with sacrifices. My weekends consisted of me going to work with little time for leisure activities. Sometimes that meant that I worked seven days a week. My social life was scaled back tremendously. I didn't charge anything on credit cards, I only used cash or debit. And I vowed not to make any huge expenses unless it was deemed necessary (car maintenance or repairs). Sometimes that means you'll have to settle for home-brewed coffee instead of Starbucks and you may need to reluctantly pass on getting a 4 for $4 on lunch break and pack a lunch.
Don't Live Above Your Means or At Them, Learn To Live Below Them.
I learned how to live below my means. We often hear not to live above them, but truth be told, living below your means helps you to save a lot more money. However, I knew that it wasn't going to be easy and I didn't expect it to be. As I normally would, I used my 9 to 5 check to pay my bills and fund the necessities.
Once I got paid from the second gig, I used that check to pay extra on my outstanding bills, such as student loans and my car note. Sometimes, I would make double payments on my car note and student loans. Before I knew it, my bills were only three digits and some change. Then, a few months after turning 30, POOF! My car note was paid off a year early. My student loans were nonexistent! I felt free.
I wasn't looking for something or someone to bail me out. I wasn't looking to hit the lottery, have a relative tell me they'd help pay it off, nor was I wishing for bill collectors to miraculously forgive my debt.
Getting out of debt taught me a new level of discipline.
Do you need that new pair of shoes? Probably not.
Can you skip the nail salon and buy a bottle of nail polish and manicure them yourself while making it into a girls' night in with friends, wine, and snacks? More than likely.
Do you really need to pick up a gourmet coffee, fast food for lunch, or eat at an establishment four times during the week? Of course not.
I dare you to look at your billing statement to see how much you spend a month on fast food and entertainment. It may just shock you, I know it was a shock to me. The little things add up. The extra money you no longer spend on luxuries could very well help chip away at your debt.
Look at your finances and ask yourself, "Where can I start saving?" Coupons and discount codes are your friends, use them! Being financially responsible became a priority to me. And because it did, I no longer roll my eyes in agony expecting a cascade of mailing envelopes to pour out of my mailbox onto the ground. Trust me, there's no feeling like being free.
My question for you is, "Do you have the self-discipline to get to a place of financial freedom?"
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CB Nicole is a millennial whose passion to live a God-led life has inspired her to use her life lessons and messes to inspire others. Each unpredictable day makes for a new unpredictable journey that she's ready to conquer.
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LIST HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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Sheila Rashid's Androgynous Approach To Unisex Clothing Is A Lesson In Embracing Individuality
The ItGirl 100 List is a celebration of 100 Black women who aren’t afraid to pull up their own seats to the table.
For Sheila Rashid, it all started with some free-hand drawings and a few strokes of paint.
The Chicago-based clothing designer and creative director of Sheila Rashid Brand recalls using her spare time in high school to hand paint designs on t-shirts and distressed hoodies, distributing them to classmates as walking billboards for her art.
Rashid sought to pursue fashion design at Columbia College in Chicago but eventually took the self-taught route to build upon her knack for crafting one-of-a-kind, androgynous pieces.
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Thanks to the mentorship of local designers taking her under their wings, Rashid was able to gain valuable experience in putting together collections and creating patterns; equipping her with them with the necessary skills to pursue her own collections.
After two years of living in New York, Rashid returned home to the Chi and uncovered the unique flair she could offer the city. “I moved to New York after that because I wanted to be in the fashion capital world,” she tells xoNecole. “That's when I really got a leg up. I found myself when I moved back to Chicago after moving to New York.”
For the Midwest native, inspiration comes from her time around creative peers and the city’s notorious winters — known to be a main character in many Chicagoans stories. “It's a different perspective and mindset when I'm making stuff because of the weather here,” she explains. “When we get summer, it’s ‘Summertime Chi’ — it's amazing. It's beautiful. Still, I find myself always making clothes that cater to the winter.”
"I moved to New York after that because I wanted to be in the fashion capital world. That's when I really got a leg up. I found myself when I moved back to Chicago after moving to New York.”
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Many designers have a signature aesthetic or theme in their creations. In Rashid’s design story, dancing between the lines of femininity and masculinity is how she’s been able to distinguish herself within the industry. Her androgynous clothing has garnered the eye of celebrities like Zendaya, Chance the Rapper, WNBA star Sydney Colson, and more — showing her range and approach to designs with inclusivity in mind.
“I think I do reflect my own style,” she says. “When I do make pieces, I'm very tomboyish, androgynous. My work is unisex because I feel like everybody can wear it. I cater to everybody and that's how I try to approach my clothes.” From denim to overalls, and color-drenched outerwear, Rashid has mastered the structure of statement pieces that tell a story.
“Each collection, I never know what's going to be the thing I'm going to focus on. I try to reflect my own style and have fun with the storytelling,” she shares. “I look at it more like it's my art in this small way of expressing myself, so it's not that calculated.”
"My work is unisex because I feel like everybody can wear it. I cater to everybody and that's how I try to approach my clothes."
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Still, if you were able to add up all the moments within Rashid’s 20-year career in design, one theme that has multiplied her into becoming an “ItGirl” is her confidence to take up space within the fashion industry as a queer, Black woman. “Being an ItGirl is about being yourself, loving what you do, finding your niche, and mastering that,” she says.
No matter where you are on your ItGirl journey, Rashid says to always remain persistent and never hesitate to share your art with the world. “Don’t give up. Even if it's something small, finish it and don't be afraid to put it out,” she says, “It's about tackling your own fear of feeling like you have to please everybody, but just please yourself, and that's good enough.”
To learn more about the ItGirl 100 List, view the full list here.
Featured image Courtesy