Paying off student loans, or any kind of loans, is a big responsibility and burden. Here’s part 2 of 2 of tips and things I learned in my journey to becoming debt-free:
6. Set up Auto-pay
One of the cons of living in a capitalist society is being suckered into opening up credit cards early on. To make sure I wasn’t missing any deadlines I set up automatic payments. I decided to do the same with my student loans. I didn’t have to worry about late fees and became more conscious of what what is in my bank account at all times. Items were only bought if they were affordable and the spare money went to pay for the student loan.
7. Found a side job
It’s pretty obvious that to pay money you have to make money. I was working a part time job after college and to pay back my loans ASAP, I had to find another avenue. When I couldn’t land a full time job, I asked my current employer for more hours and a raise, the latter of which was really daunting. And then signed up for another part time job. I was overqualified and did not like my new boss or the slightly toxic workplace she created. However, the reward of putting up with it came with every paycheck. And needless to say, I quit that job the moment I reached my goal.
8. Deleted random subscriptions
There are so many things you get sucked into without realizing. Those streaming services that promised a month’s subscription will immediately start deducting from your hard earned cash whether you remember to cancel (you won’t) or not. And when was the last time you logged into that education website you’ve been paying for monthly? I printed a list of my spending from all my accounts which were consolidated by Mint , circled all the repeating charges and deleted, unsubscribed and canceled everything that wasn’t necessary. Life was hard without Netflix and Skillshare but I survived and made a dent in those student loans
“(…)the more I said no, the more I saved.”
9. Stopped going shopping
One thing I learned while being very conscious of my spending was that the excitement of buying something new goes away moments after the actual purchase. I remember justifying an IKEA purchase of organization cubes. I was excited and reasoned that it was a necessary and smart purchase I could do with some organization and hey, they were on sale. However, I was underwhelmed the moment I unpacked the little boxes in my room. I put them in my drawers and cupboards and the hunger to buy something else came back. I physically stopped going to stores or purposefully left my wallet at home reminding myself that I lived without it last week, therefore I can live without it the following week.
10. Learned to say “No!”
This overlaps with points 3 and 9. I had to learn to say no to my friends when it came to hanging out and to myself when it came to shopping. And also to my mother who loves to shop with me. She specially likes to shop for me with my money and while I don’t usually mind- (her taste is far more superior than mine) I had to stand up to her for the sake of my wallet. Be it a cute bracelet at half price, or must have black dress, the more I said no, the more I saved.
“It has been my greatest achievement by far.”
Bonus: Didn’t let paying back overwhelm me
Of all the points above this is the hardest to follow. It’s never easy having a debt hanging above your head. I continuously felt guilty about taking that loan in the and being unable to repay it. But I had to come to terms with the fact that there were mistakes made in the past and now I had to overcome them at a manageable pace. I would pray, set miniature goals and meet them. My friends and family became my support system. Cheering me on for every milestone.
I did it!
It was around a week before the month of Ramadan, when I realized I could actually pay the final installment and start the blessed month debt-free. Anxiety and excitement rushed hand in hand. While I wasn’t able to make my fantasy deadline, I was finally able to pay off my student debt. I was overwhelmed with relief and gratitude. Paying off my student loans has been my greatest achievement by far. And I hope that the lessons I learned on the way can benefit me and perhaps others in the future.
Missed the first part? Check it out here! And let me know your student loan journey or debt repayment journey was/is like!
This post was originally published on April 4, 2017 and updated on November 17, 2019.
