- When I completed my studies, I owed $80,000 in student debt and aimed to clear it entirely before reaching 30 years old.
- I pay $567 every month for my loan, yet I put considerably more towards clearing off my debt faster.
- I am nearing completion of my student loan payments and managed this feat while exploring 12 different countries.
After graduating with my undergraduate degree in 2019, I found myself unemployed and facing around $80,000 in student loans. With diploma in hand, it was too late for second thoughts.
Currently, in my mid-20s, I am well underway towards
settle my student loan debt
fully complete this by the year-end. Plus, I didn’t need to survive on instant noodles daily to achieve it; all I needed was to go traveling.
By diving into fascinating and distinct cultural activities while chipping away at my debts, I didn’t have to bid farewell to enjoyment throughout my entire twenties—I was actually doing just the contrary.
Since 2019, I’ve
traveled to 12 countries
, dedicating at least a couple of weeks to each one.
By exiting the United States, which is among the top 10,
most expensive countries
Considering its cost of living, I cut down on expenses and managed to allocate more funds towards paying off my debts.
I pay more than four times my minimum monthly requirement to accelerate the repayment of my debt.
The common belief—and self-imposed limitation—is that relocating overseas is unattainable for most people.
too challenging or expensive
.
Nevertheless, when you analyse it based on expenses, the priciest components likely include your flight and accommodation costs, succeeded by meals and activities — and I discovered methods to reduce most of these expenditures.
It wasn’t just enjoyment and leisure; I had a challenging, full-time remote position earning roughly $7,000 per month before deductions. Nevertheless, genuinely tackling my debts required me to make some tough choices.
I wanted to
pay off my debt
Before reaching 30 years old, my monthly installment amounted to $569. Nonetheless, achieving my objective required me to substantially increase this amount. Ultimately, I escalated my payments to reach $2,569 per month.
I found many affordable methods to delve into a culture.
I cooked most of
my meals at home
, thus allowing me to discover various types of grocery stores and local markets and get acquainted with the local cuisine.
Although I didn’t visit any restaurants, I was still experiencing the local flavors in my own manner.
I took on new challenges as I adjusted my usual diet to fit what was accessible, such as replacing bread with something else as my everyday staple.
fresh tortillas
hand-pressed by the “abuelas” in my neighborhood in Guatemala.
Luckily, my preferred way to travel involves walking around for free, which means I didn’t have to spend too much on expensive activities typically found in a regular holiday schedule.
Whenever I wanted to do something extraordinary, such as taking surfing lessons, I’d set aside money specifically for it. I viewed this approach as an adventurous way of traveling with specific financial goals in mind.
The most significant realization for me was figuring out ways to cut costs on accommodation.
I lodged in various places. In lesser-known travel spots, securing a private apartment via Facebook groups or sporadic Airbnbs did occur, yet such instances were usually rare.
Given a lodging budget of around $25 per night, I managed to find rooms in shared houses, homestays, or even considered hostel beds and sofas during my more desperate times.
In exchange for the minor loss of privacy, I ended up saving more money. Additionally, living with roommates would have been my situation regardless if I were still based in the US.
In pricier nations such as France and Italy during peak summertime, I managed to save funds by carefully picking where I would go.
I spent two months in Grenoble, France, where many students live during most of the year but leave town over the summer, making plenty of affordable short-term accommodations accessible.
Next, I headed to Turin, Italy—a place where most folks usually aim to escape during summertime rather than explore. Despite numerous eateries, coffee shops, and boutiques being shuttered throughout my stay, experiencing the off-season had its charm; it felt as though I was wandering through an elegant abandoned settlement.
I strolled for hours prior to starting work and picked up how to use a moka pot so I could savor afternoon coffee on the balcony alongside my Airbnb host as we swapped telecommuting advice.
Although there were several uneasy instances throughout my journeys, such as enduring 14-hour night bus rides and conducting meetings from a bunk bed, I remained committed to achieving both my financial objectives and the desired way of life.
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