She Strengthens

Breaking Free from Debt: My Journey to Financial Freedom

I’m thrilled to share that I’m on track to be debt-free by May 2019, a remarkable four months ahead of my original projection! This achievement is a testament to my commitment to budgeting and making conscious financial decisions.

The Sacrifices I’ve Made

To accelerate my debt repayment, I’ve made some significant adjustments to my lifestyle. Here are three areas where I’ve made sacrifices:

1. A Longer Commute: I used to take the toll road, which saved me 45 minutes of travel time daily. However, I’ve switched to a longer route, which allows me to save $135 per month and enjoy listening to financial podcasts during my commute.
2. Living Outside the City: I’ve opted for a more affordable apartment outside the city, which means I’m farther away from my friends and the action. While it’s not ideal, the significant rent savings and avoidance of hidden costs like parking and higher living expenses make it a worthwhile trade-off.
3. Reducing Retirement Investments: I’ve had to reevaluate my investment strategy, decreasing my contributions from 12% to 5% of my income. While it was a tough decision, I’ve come to realize that paying off debt quickly is essential for my mental well-being and financial stability.

The Essentials I’ve Kept

While making sacrifices is crucial to achieving financial freedom, I’ve also prioritized certain aspects of my life that bring me joy and peace of mind. Here are three things I’ve chosen not to sacrifice:

1. Socializing and Self-Care: I’ve maintained a “going out” fund, which allows me to indulge in occasional Happy Hours or dinners with friends and loved ones. This is essential for my mental health and relationships.
2. Time Off and Flexibility: I’ve chosen not to take on a second job or side hustles, preferring to focus on my primary role as a teacher and enjoy my free time. This flexibility is vital for my overall well-being.
3. Mid-Term Savings: I’ve continued to set aside funds for car maintenance, gift-giving, travel, and emergencies. These savings provide me with a sense of security and freedom to enjoy life’s experiences.

Finding Your Own Balance

Getting out of debt requires making tough choices and finding your own limits. It’s essential to be honest with yourself about what you’re willing to sacrifice and what’s non-negotiable. By striking a balance between frugality and self-care, I’m confident that I’ll achieve financial freedom and maintain a fulfilling lifestyle.