Black Money Business Jobs : 25 Year Old Pays Off $26,500 In 2 years

[MsInterpret]

Paying Off $26,500 in Debt in Less Than 2 Years

By Brian McBride | CNNMoney.com – Wed, Jan 9, 2013 4:55 PM EST

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  Brian McBride - To save money on food, Brian McBride would drink Ensure shakes, comparison shop at grocery stores and occasionally eat foods past the expiration date.

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A couple of months ago, I finished paying off $26,500 in debt -- most of it student loans. It took less than two years to save up that cash. During that time I became a pro bargain shopper, tested my limits with expiring foods and briefly resorted to using food stamps.

Like most 20-somethings, I thought I'd be saddled with debt well into my 30's and possibly 40's, just like my parents. But here I was, just 25 years old, and debt-free.

My mission to wipe out my debt kicked into high gear right after graduation from Arizona State. I had landed my first job as a local reporter in Green Bay, Wisc., making $13 an hour. Not only did I have $20,500 in student loan debt, but I also owed another $6,000 for my 2003 Honda Civic.

I tackled my car loan first since it charged a higher 8% interest rate. I also had six months before I had to start making payments on my five student loans.

After taxes, I was taking home roughly $1,900 a month and spending roughly $1,300 of it on rent, utilities and other living expenses. My goal was to save $1,000 a month -- so I scaled back.
READ MORE: http://money.cnn.com/2013/01/08/pf/debt-payment/index.html

 

[Clyde C Coger Jr]

Paying Off $26,500 in Debt in Less Than 2 Years

By Brian McBride | CNNMoney.com – Wed, Jan 9, 2013 4:55 PM EST

• 
  
  Brian McBride - To save money on food, Brian McBride would drink Ensure shakes, comparison shop at grocery stores and occasionally eat foods past the expiration date.

A couple of months ago, I finished paying off $26,500 in debt -- most of it student loans. It took less than two years to save up that cash. During that time I became a pro bargain shopper, tested my limits with expiring foods and briefly resorted to using food stamps.

Like most 20-somethings, I thought I'd be saddled with debt well into my 30's and possibly 40's, just like my parents. But here I was, just 25 years old, and debt-free.

My mission to wipe out my debt kicked into high gear right after graduation from Arizona State. I had landed my first job as a local reporter in Green Bay, Wisc., making $13 an hour. Not only did I have $20,500 in student loan debt, but I also owed another $6,000 for my 2003 Honda Civic.

I tackled my car loan first since it charged a higher 8% interest rate. I also had six months before I had to start making payments on my five student loans.

After taxes, I was taking home roughly $1,900 a month and spending roughly $1,300 of it on rent, utilities and other living expenses. My goal was to save $1,000 a month -- so I scaled back.
READ MORE: http://money.cnn.com/2013/01/08/pf/debt-payment/index.html

Almost unbelievable,


This unmarried/single guy, it appears, paid a price many aren't willing to do; but at the end of the day, he got the job done... remarkable:


While my new rent was much higher -- $930 a month in Atlanta compared with $670 in Green Bay -- I cut back on other expenses. I got rid of cable and replaced it with an AT&T U-Verse Internet connection and streaming Netflix account -- slashing my bill from $135 to just $55 a month. An employee discount helped me cut my cell phone bill from $100 to $70 a month. And by living only a couple of miles from the office my commute cost me just $40 a month in gas.
I also became entranced with "super saving." Cooking meats past the expiration date -- yes, a couple of times I paid the price for this -- or rinsing the mold off a pruned vegetable became routine.
Related: Desperately seeking co-signers -- on Craigslist
Grocery shopping became a scavenger hunt to find the cheapest deals. I always paid extra attention to the "temporary price cuts" sections, seeking out the "buy 10 for $10" deals. And I would bring it to the attention of the cashier when my usual box of Pasta Roni had skyrocketed to $1.14 from 99 cents and would hold off on a bundle of bananas because I recalled seeing them at another store for 14 cents each, not 23 cents.
Though I often went to bed hungry, left the heater and air conditioner off during the winter and summer months until my 115-pound body couldn't take it anymore -- I never lost sight of the bigger picture.

Thanks for sharing this inspirational read...

Peace In,

 

[MimiBelle]

Paying Off $26,500 in Debt in Less Than 2 Years

By Brian McBride | CNNMoney.com – Wed, Jan 9, 2013 4:55 PM EST

• 
  
  Brian McBride - To save money on food, Brian McBride would drink Ensure shakes, comparison shop at grocery stores and occasionally eat foods past the expiration date.

​

A couple of months ago, I finished paying off $26,500 in debt -- most of it student loans. It took less than two years to save up that cash. During that time I became a pro bargain shopper, tested my limits with expiring foods and briefly resorted to using food stamps.

Like most 20-somethings, I thought I'd be saddled with debt well into my 30's and possibly 40's, just like my parents. But here I was, just 25 years old, and debt-free.

My mission to wipe out my debt kicked into high gear right after graduation from Arizona State. I had landed my first job as a local reporter in Green Bay, Wisc., making $13 an hour. Not only did I have $20,500 in student loan debt, but I also owed another $6,000 for my 2003 Honda Civic.

I tackled my car loan first since it charged a higher 8% interest rate. I also had six months before I had to start making payments on my five student loans.

After taxes, I was taking home roughly $1,900 a month and spending roughly $1,300 of it on rent, utilities and other living expenses. My goal was to save $1,000 a month -- so I scaled back.
READ MORE: http://money.cnn.com/2013/01/08/pf/debt-payment/index.html

What's really commendable? That he paid off $26,500 in such a short time while earning a mere $13/hr. That's hardly a liveable wage. It will all balance out in the end, of course. You start at the bottom, yeah. We have to crawl before we can walk - but some of us were 'crawling' around at $23/hr plus shift diff...an a $5000 sign-on.

Few years back, I paid off $7500 worth of cc debt in 8 mths (est).
I don't cut corners on housing and that's why I couldn't pay it down sooner. I like a nice home w/curb appeal and pretty furniture.
I also need Directv.
When it comes to vehicles, though. I own my cars and have liability coverage on both.
I'll drive a beat up jalopy any day of the week if it means having a lovely home and more money in savings/cash on hand.
What really helped with my savings? I cut coupons and stopped eating out on lunch. There was a time when I'd spend $15-20/day on lunch. Easy. Every Saturday, we or I would buy pizza + soda or subway sandwiches for the CNAs.
It adds up.