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Finances

Monthly Debt Analysis – My Debt Free Journey

May 1, 2020November 17, 2020 Leila 6 comments
With $65,000+ of debt I'm on a mission to reach financial freedom. Follow along with my monthly updates to see how much debt I pay off, my income, my credit score, and the ups and downs I experience along the way! Get out of debt with me over at Living like Leila!

Welcome to my monthly debt analyses! This is where you’ll find links to detailed break downs of all of my debt. Each month I also share my credit score, income, and the good/bad things that happened financially throughout the month!

I am very transparent and open about my financial standing because I’m not afraid to share this information, hopefully it is beneficial to you. Read below for more about my journey and my financial goals!

July 2017 (Total Debt = $63,700): The Beginning
August 2017 (Total Debt = $64,827): +$1,126.63
September 2017 (Total Debt = $65,733): +$906
October 2017 (Total Debt = $65,353): -$379.67
November 2017 (Total Debt = $65,039): -$313.70
December 2017 (Total Debt = $64,639): -$399.80
January 2018 (Total Debt = $64,403): -$236.22
February 2018 (Total Debt = $64,375): -$27.97
March 2018 (Total Debt = $64,163.67): -$212.03
April 2018 (Total Debt = $64,739.12): +$575.45
May 2018 (Total Debt = $64,436.90): -$515.14
June 2018 (Total Debt = $82,200.14): +$383.24
July 2018 (Total Debt = $81,303.35): -$896.79
August 2018 (Total Debt = $79,858.98): -$1,444.37
September 2018 (Total Debt = $78,944.09): -$914.89
October 2018 (Total Debt = $77, 474.08): -$1,470.01
November 2018 (Total Debt = $76, 412.75): -$1,061.33
December 2018 (Total Debt = $74,748.49): -$1,664.26
January 2019 (Total Debt = $74,303.02): -$445.47
February 2019 (Total Debt = $73,683.13): -$618.89
March 2019 (Total Debt = $63,953.65): -$9,729.48
April 2019 (Total Debt = $62,605.65): -$1,348.00
May 2019 (Total Debt = $62,308.60): -$297.05
June 2019 (Total Debt = $60,552.28): -$1,756.32
July 2019 (Total Debt = $59,804.91): -$747.37
August 2019 (Total Debt = $60,404.68): +$599.77
September 2019 (Total Debt = $59,777.58): -$627.10
October 2019 (Total Debt = $58,888.12): -$889.46
November 2019 (Total Debt = $58,943.71): +$55.59
December 2019 (Total Debt = $57,356.90): -$1,586.81

NO SPEND YEAR

January 2020 (Total Debt = $53,650.96): -$3,705.94
February 2020 (Total Debt = $52,895.86): -$755.10
March 2020 (Total Debt = $52,473.16): -$422.70
April 2020 (Total Debt = $49,138.90): -$3,334.26
May 2020 (Total Debt = $48,441.11): -$697.79
June 2020 (Total Debt = $48,093.31): -$347.80
July 2020 (Total Debt = $47,748.27): -$345.04
August 2020 (Total Debt = $46,519.91): -$1,228.36
September 2020 (Total Debt = $44,766.54): -$1,753.37
October 2020: NOW ON MY NEW FINANCE BLOG!!

My Debt Story

Exactly 6 months after I graduated with my Master’s, I got an e-mail from Navient, my student loan provider. I created a login and was taken to my ‘Account Summary.’ There was a list of my 11 subsidized and unsubsidized loans, totaling over $49,000. This was the start of my quarter-life crisis.

I did a little bit of research on repayment plans, and decided to choose the graduate repayment option. With this option, your minimum monthly payment will increase every 2 years (assuming your income and savings will increase).

Here’s what that would look like:

  • 24 months at $288
  • 24 months at $379
  • 24 months at $499
  • 24 months at $657
  • 24 months at $864

10 years and almost $15,000 of interest later my loan would be paid off.

I set up automatic payments (which reduces the interest rate by 0.25% by the way!) and the first will occur on August 13, 2017.

Here’s the thing…I hate the idea of carrying this debt on my shoulders for 10 years and I hate that I would spend an extra 15k in interest. Instead, my goal is to pay this off by the age of 30 (or by 2023)!

Here’s another thing…I have almost $6,000 of credit card debt AND I owe my sister about $6,500, both of which are still growing.

September 2018 Update: I’ve actually realized I can pay off ALL my debt in less than 4 years (by 2022). As of June 2018 my debt increased to over $80,000. If I put at least $1300 toward my debt each month, I can reach my new goal 🙂

It’s a lot.

It’s overwhelming.

It’s suffocating.

It’s stressful.

My dad tries to remind me to never get stressed. It’s hard though and I’m trying to stay positive. I decided to track my progress to motivate me, share my debt free journey, and maybe vent a little bit!

My top financial goals

#1: Get a new job

I am not making enough at my current job and considering I have my Master’s in biology I am qualified to work in a field with higher pay. Preferably, I would like a job with steady income (something my current job lacks), an annual salary, benefits, and weekends off!

September 2018 Update: I got a job as a microbiologist at a well-known, respectable institute in April 2018. My income has more than doubled (it is a salary), I get weekends off, and health insurance!

#2: Pay off all of my credit card debt by December 2018

Credit cards have saved me multiple times. I know a lot of people dislike them, but without them I wouldn’t have made it. Eventually, I want to get to the point where I purchase something with a credit card, take advantage of the rewards, then pay it off immediately to avoid interest charges.

April 2019 Update: I didn’t pay off all of my credit card debt by December 2018, but I did pay it all off as of March!!

#3: Pay off all my debt by 2022

Less than 4 years to pay off $80K. It’s doable. I may even be able to pay it off in less than 3 or 2 years depending on my income and my situation. We’ll see!

#4: Have $1,000,000 by 30

October 2020 Update: I’m not quite on track to reach $1M by 30. It’s possible, but more realistically my new goal is to have a net worth of over $100K by 30.

Yes, you read that correctly. I wanted to type out all the zeros because it’s even more exciting. Lofty goal? Maybe, but it’s something I’ve always aimed for. Basically, I want to be worth $1M by 30 between my life insurance policy, Roth IRA, and personal checking/savings account. This goal is 100% doable.

#5: Become financially free

This means a few things to me. By financially free I mean I want to have enough money to never feel burdened by financial problems. I want to be self-employed, work remotely, love what I do, and do whatever I want/need to do when I want to. I don’t want to wait until retirement for those things…the sooner the better.


These are big goals and it comes down to some super tight penny pinching plus making more and extra income. I’m determined to get through this!

Post navigation

March 2020 Debt and Spending Update
Credit Score 101: The Basics

6 comments

  1. Valerie says:
    December 2, 2018 at 8:52 pm

    I loved this post! As someone who spent years struggling with student loan debt, I can totally relate to what you’re going through. I think it’s AWESOME that you’re willing to share this kind of personal info to help others who are in the same boat. Congrats on the new job!! And I know you’re gonna meet your $1m goal on time! 🙂

    Reply
    1. Leila says:
      December 4, 2018 at 1:35 am

      Thank you so much! I definitely hope it helps others because I read other people’s personal finance stories and they really inspire me.

      Thank you again 🙂

      Reply
  2. Jenny says:
    January 2, 2019 at 2:06 pm

    I love your blog. We can relate with so much especially with your financial goals. Slay girl I believe in you and support you!

    Reply
    1. Leila says:
      January 3, 2019 at 1:47 pm

      Thank you so much Jenny! I greatly appreciate the support ??❤

      Reply
  3. Pingback: My Financial Goals by 30 - Living like Leila
  4. Pingback: 9 Ways to Simplify Your Life - Living like Leila

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Leila, Owner

Welcome to my blog! I’m passionate about inspiring others to reach their full potential by overcoming their own excuses.

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I've been vegan for 5 years as of yesterday. It's I've been vegan for 5 years as of yesterday.  It's still the best decision of my life.  I've gained the most strength and look my best as a vegan.  It's also worth mentioning I was vegetarian for 13 years before going vegan, which is why I had to bust out a double bi in photo 3 lol  So yes, I do get enough protein despite not eating animals 😏  As a vegan I've also learned to cook better, eat more types of foods, and have discovered amazing restaurants, recipes, and vegan alternatives all without harming animals.  I never want to push veganism on anyone, but I encourage everyone to explore this lifestyle.  Personally, having an animal suffer for my food, clothes, and products just isn't worth it. Being a perfect vegan isn't necessary, but even small changes can make a large difference.  My sister (@loka1089) made this shirt for me for Christmas by the way!!  #vegan #bekindtoeverykind #veganfortheanimals #veganweightlifting #vegangains #strongvegan #veganwoman #vegananniversary #GoVegan #veganbodybuilding #anythingyoucaneaticaneatvegan #LivinglikeLeila
Happy March!  An update on my February goals:
▪️Pay off my car ✅✅✅🙆‍♀️🙆‍♀️🙆‍♀️  ▪️Jump rope for at least 2 minutes daily ✅ (Well, I missed ONE day but otherwise I enjoyed this challenge a lot)  ▪️Start 'Phase 2' of my training program ✅ (it's more intense than I expected but my strength and body are improving!)  ▪️Finish reading 2-4 books ❌ (I finished 0. I stopped reading a fiction book because it was boring. I've been taking my time reading The Brain That Changes Itself because it requires focus lol)  ▪️Stick to my usual habits better ❌ (Feb was tough for me honestly. Sometimes I have bouts of intense fatigue and lack of motivation which I believe is associated with PMDD. Idk honestly)  March is usually a pretty transformative month for me, so here are my goals:  ▪️Put at least $600 to student loan savings
▪️Make over $1K online
▪️Finish The Brain That Changes Itself
▪️5 minutes of abs daily (new challenge!)
▪️Walk 10K steps daily again
▪️Stick to my habits/routine (for real this time!! I'm feeling better 😊)  #NewMonth #debtfreecommunity #debtfreejourney #blogger #youtuber #goals #february #habits #march #personaldevelopment #strong2021 #fitness #vegan #fitnessgoals #health #healthy #LivinglikeLeila #DebtOverIt
I just wanted to say a big thank you for all the l I just wanted to say a big thank you for all the love and kind words on my previous post ❤🥺  It amazes me that I have this growing community of support and I'm so grateful for it.  I know paying off a car and paying off debt isn't a big thing for everyone, but it's a huge part of my life and I genuinely appreciate that everyone is proud of me and celebrating with me!!  I do hope my progress and my openness on my finances encourages more people to look into theirs and improve it. Improving my finances has made a HUGE difference in my life.  No, money may not buy happiness. But when shit is in order you have less stress, more clarity, and more faith in what's to come👌  These blue light glasses are from @tijneyewear 👓 (gifted)  #thankyou #financialindependence #finance #debtfreecommunity #debtfreejourney #DebtOverIt #blogger #financialcoach #debtcoach #personaldevelopment #neverstopimproving #LivinglikeLeila
I paid off my car today 🙂 27 months EARLY!!! T I paid off my car today 🙂 27 months EARLY!!!  This car should have cost me about $22K, but it ended up being about $30K!!! I'll break down why that is in a future video.  But for the first time in my adult life I am paying $0 in interest right now 😭  I started my debt free journey in June 2018 with $82,200 of debt... I'm now down to ONLY my student loans of $36,200. Which are in forbearance and at 0% interest right now.  This is like a little preview of the debt free life 🥺  Not to mention, my minimum car payment was $382.55 and if I invested that monthly, it would grow to over $200,000 in 20 years.  You may be able to afford that car payment, but it comes with a HUGE sacrifice.  My debt free journey has changed my life and I'm so, so excited for my financial future. 🙏💰  #cardebtfree #finances #debtoverit #cardebt #debtfreecommunity #debtfreejourney #money #finance #studentloandebt #financialfreedom #financialindependence #firemovement #financialindependenceretireearly #TransferTuesday
'Living like Leila' will always be my first born b 'Living like Leila' will always be my first born baby business, but as my personal finance business has significantly grown I've realized I just want LLL to encompass Me.  If you haven't noticed, I am VERY multi-passionate. I love fitness, finance, personal development, veganism, plants, books, food, planning, habits, business. I literally lose sleep at night because I CONSTANTLY have ideas lol  So I know this IG and my LLL YouTube covers everything under the sun, but that's exactly what I want it to be. It's just a digital journal of my life and even though it can be a lot, it's just a reflection of my life and the things I value.  This has allowed me to put less pressure on myself for the content I create, and I truly just enjoy it all as a hobby now.  So I understand that some of my content may not resonate with everyone, but I appreciate ya'll being here 😊❤  And as a side note, if you decide to start an online business...niche down to ONE topic. It will go a lot further, at least from my experience 👀  #multipassionate #livinglikeleila #vegan #personaldevelopment #books #debtfreecommunity #finance #debtfreejourney #business #onlinebusiness #habits #fitness #life
Post-filming, pre-workout selfie ✌ hence the mes Post-filming, pre-workout selfie ✌ hence the mess.  My January finance update and February budget will be up Friday 😊  Also these are the best leggings ever from @ptulaactive  #ptulafamily #ptulaactive #ptula #youtuber #health #fitness #vegan #fit #igfitness #blogger #debtfreecommunity #debtfreejourney #debtoverit #budget #finance #livinglikeleila
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