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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Megan Thee Stallion Shares Her Transformative Approach To Health And Wellness
Megan Thee Stallion is back and better than ever — both physically and mentally.
For Women’s Health May/June 2024 cover, the 29-year-old rapper bared all, opening up about her healing journey following the aftermath of the July 2020 shooting incident by rapper Tory Lanez.
“A lot of people didn’t treat me like I was human for a long time,” she told the publication. “I feel like everybody was always used to me being the fun and happy party girl. I watched people build me up, tear me down, and be confused about their expectations of me.”
She continued, “As a Black woman, as a darker Black woman, I also feel like people expect me to take the punches, take the beating, take the lashings, and handle it with grace. But I’m human.”
While the “Savage” artist exudes confidence through her stage presence and boisterous lyrics, behind the scenes, Megan was experiencing a silent battle with her mental health. “Before I went onstage, I would be crying half the time because I didn’t want to [perform], but I also didn’t want to upset my fans,” she says.
With pressures from the outside world piling up, Megan experienced “dark times,” that caused her to isolate from the public eye.
“I didn’t want to get [out] from under the covers,” she recalls. “I stayed in my room. I would not turn the lights on. I had blackout curtains. I didn’t want to see the sun. I knew I wasn’t myself. It took me a while to acknowledge that I was depressed. But once I started talking to a therapist, I was able to be truthful with myself.”
The “Wanna Be” rapper also details her current workout slip and diet that work hand in hand, giving her the mental clarity and stamina to perform at her highest level. For four to five days a week, Megan is locked in with one of her two trainers, Emory “Joc” Bernard and Tim Boutte, doing a variety of workouts like Pilates, running up and down sand hills at the beach, or hitting the StairMaster or elliptical for upwards of 40 minutes.
Best known for her “Megan knees,” leg day is a must — with hip thrusts, goblet squats, leg extensions, and “stallion kicks,” being included in her circuits.
With a combination of therapy, stepping away from imbalanced relationships, and daily movement, the Houston Hottie has since been able to reconnect with herself on a deeper level; putting her happiness before the opinions of others. “Working on myself made me get into working out because I needed to focus my energy somewhere else,” she shares. “I used working out to escape and to get happy.”
“I’m in a space where I feel good mentally, so I want to look as good as I feel.”
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Featured image by Dia Dipasupil/Getty Images