She Strengthens

Breaking Free from Debt: My Journey to Financial Flexibility

A Life of Freedom and Flexibility

When I graduated from college in 2015, I had a single-minded goal: to be debt-free. I envisioned a life where I could travel, pursue my passions, and live without the burden of monthly payments and compounding interest. To achieve this, I knew I had to take drastic measures to slash my expenses and find creative ways to live on less.

Ditching the Car

The first item on my chopping block was my trusty 2000 VW Cabrio. With maintenance costs totaling nearly $500 per month, I had to weigh the pros and cons of keeping it. When my car finally broke down beyond repair, the decision was made for me. I sold it to a junkyard for $700 and opted for ride-share and rental options like Car2GO, Zipcar, Uber, and Lyft, plus my bike and public transportation. This switch saved me an average of $70 per week, and I no longer had to worry about tickets, registration, or breakdowns.

Yearly Savings: $3,060

Renting My Wardrobe

When I landed a job requiring a business-casual wardrobe, I turned to wardrobe rental companies like Le Tote. For $59 per month, I received unlimited boxes of clothing and accessories, which not only saved me money but also provided a constantly changing wardrobe.

Yearly Savings: $1,092

Sports Equipment on a Budget

Living in sunny California, sports equipment was always a line item in my budget. Instead of buying, I turned to local universities for discounted rentals. For just $50, I scored one-day rentals on beach cruisers, a stand-up paddleboard, and surfboard.

Yearly Savings: $300

Entertainment on a Shoestring

To cut expenses, I rediscovered my love for the library, which offered free books, magazines, DVDs, and even new movie releases. I kept my $9 monthly Netflix subscription to satisfy my TV cravings, but otherwise, the library became my entertainment haven.

Yearly Savings: $564

The Power of Renting

By renting instead of buying, I saved a staggering $5,002, equivalent to 35% of my student loan balance. The best part? I never felt like I was sacrificing anything. In fact, my life improved dramatically. The stress of car maintenance, cluttered closets, and discarded purchases disappeared, replaced by a sense of freedom and financial flexibility.

Living Debt-Free

Today, I’m proud to say I’m debt-free, thanks to my willingness to rethink my spending habits and embrace the sharing economy. My journey taught me that with a little creativity and resourcefulness, anyone can achieve financial freedom and live a life of flexibility and adventure.