She Strengthens

Breaking Free from Student Debt

As I reflect on my financial journey, I’m thrilled to share that I’ll be debt-free by the end of this year. This milestone is a testament to my parents’ support and my own diligent efforts to repay my loans while pursuing my master’s degree. However, my boyfriend’s six-figure student debt looms large, casting a shadow over our financial future.

The Weight of Student Debt

The statistics are staggering – millennials today carry 300% more student debt than their parents did. The burden is crushing, with monthly payments of $800 barely making a dent in the overall debt. It’s natural to feel overwhelmed, but I’ve learned that facing this reality head-on is crucial.

Talking it Out

The first step in tackling this challenge is to have open and honest conversations. My boyfriend initially felt ashamed and embarrassed about his debt, but by sharing his feelings, we were able to address his fears and grow closer. Regular check-ins have become essential, allowing us to discuss our budgets, expenses, and financial goals.

Crunching the Numbers

Once we had a clear understanding of our financial situation, we created a budget spreadsheet to track our income and expenses. We also developed individual budgets for major events, like our upcoming move and vacations. By prioritizing our spending, we’ve made conscious decisions about where to cut costs and where to splurge.

Spending with Intention

A budget is only effective if you stick to it. To avoid impulse purchases, I’ve adopted a mindful approach to spending. I maintain running wish lists, cook at home instead of eating out, and mentally shop before making purchases. This intentional approach has saved me time and money.

Living Life to the Fullest

While debt can be debilitating, it’s essential to focus on living in the present. Instead of dwelling on our financial situation, we’re choosing to be kind to ourselves, trust our budget, and celebrate our progress. We’re not denying ourselves simple pleasures, but rather finding joy in the journey.

Dreaming Big

Lastly, we’re not letting debt hold us back from chasing our dreams. We regularly imagine our future, envisioning the trips we’ll take, the house we’ll live in, and the careers we’ll have. By giving ourselves permission to dream big, we’re motivated to work towards our goals, without sacrificing our happiness in the present.