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Finances

My 2-Year Debt Free Journey Update: I’ve Paid Off $34,050

June 12, 2020June 14, 2020 Leila 3 comments
I've been on my debt free journey for 2 years now. I started with over $82,000 of debt and have paid off over $34,000 since then.
In this post I share my journey.
www.LivinglikeLeila.com

I’ve officially been on my debt free journey for 2 years!! Hopefully less than 2 years to go!

I actually started paying off debt (my student loans mostly) in July of 2017, but I count June 2018 as the official start of my debt free journey because that was when I had the highest amount of debt.

Before June 2018 I was leasing a car and my total debt was about $64K, but I then bought a car which brought my total debt to $82,200.

June 2018 is also when I realized I could pay off my debt in 4 years and decided to start taking things more seriously.

I have written a debt, spending, and general finance update EVERY month since 2017, but in this post I’m going to give you a run down of the major points since the beginning of my journey.

JUNE 2018

Total Debt: $82,200

  • Student Loans: $48K+
  • Car: $18,600
  • Owed my sister: $7K+
  • Credit cards: ~$7K

My credit score was 682.

I had started my “career” in April so my income had more than doubled. 

Initially my goal was to pay off all my debt by the time I was 30, which would have been 2023.

However, I became OBSESSED with listening to Dave Ramsey. I had a 1.5 to 2-hour total commute every day and I spent almost all of that time for 1-2 months listening to Dave Ramsey calls.

It got to a point where I knew exactly what Dave would say. I learned so much and because of listening to him I realized I could pay off my debt within 4 years.

In addition to tracking my income and debt, I started tracking all of my spending in June and forward.

I had 2 major “emergencies” after June that year.

  1. My dog had a minor surgery and detailed teeth cleaning/removal: ~$1,000
  2. I had a root canal (not covered by my insurance at the time): $1,000+

According to my tracked spending, from June 2018-December 2018 I spent over $5,000 on “unnecessary” things. Who knows how much it was for the full year, probably $7K or so.

I literally bought workout leggings every month, I bought some books, supplements, new furniture, and also gifts were included in this total.

Also from June 2018 to December 2018 I paid off a total of $7,800. 

2019

I started 2019 with $74,700 of debt:

  • Student loans: $47,600
  • Car: $17,350
  • Owed my sister: $7K
  • Credit card: $1,700

My credit score was 713.

In 2019 I started several sinking funds which was probably the best financial decision I made that year.

I got into Mediavine, an ad company for my blog. Which allowed me to make several hundred extra per month.

I also started automatically investing $100 into my Roth IRA each month. I had opened my Roth several years prior with $1,400.

2019 was a major change for my living situation. I moved into my own apartment in February which more than doubled my living expenses. Prior to moving I lived with my sister and her boyfriend in our townhome. The house was sold and we profited a good chunk of money so I received several thousand dollars.

This allowed me to pay off close to $10,000 of debt (what I owed my sister + credit card debt).

I decided to refinance my car and went from a 6.79% interest rate down to 3.85%. My monthly payment increased but this will save me a couple thousand dollars in interest.

By June my credit score was up to 747 and my total debt was $60,500.

I got my first raise at my job, a $2,800 annual increase.

In June I decided to do a balance transfer to my credit cards of over $6,000 of student loan debt. 

Luckily this worked out for me, but I wouldn’t do that again. It caused me a lot of stress.

Speaking of stress, I had to deal with co-signed car drama starting in July.

If you don’t know, I co-signed on a car in 2015 which was a HUGE mistake. I had already been to court for this in 2017, I got a consent judgement, and things were good for awhile. Then in August I made the decision to start garnishing their wages because of late payments.

He then filed bankruptcy and we had to go to court again.

You can watch the video below for all the detail.

As for emergencies/big expenses:

  • Car Maintenance: ~$400
  • ANOTHER root canal: $1,400

By December of 2019 I paid off over $17,000 of debt.

2020

I decided I wanted to commit to a “No Spend Year,” because I knew I wanted to make a serious change and get this debt paid off faster.

I started 2020 with ~$57,000 of debt:

  • Student loans: $36,500
  • Car: $14,200
  • Balance transfer on credit cards (0% interest): $6,500

My credit score was 758.

In February I paid almost $3,000 for that co-signed car I mentioned. That completely depleted my emergency savings but it ended the whole ordeal FOREVER!!

I transferred my Roth IRA to Vanguard finally. I’m glad I did.

You can watch the video below to see why and my experience.

I had a couple of larger expenses:

  • Tooth extraction (do you see a trend yet?!?): ~$400
  • ER/Rabies ordeal: ~$200

I got my total debt under $50,000 which is super exciting.

I got a second raise at my job, a $3,350 annual increase. Which I’m very grateful for.

And so far this year I’ve spent MAYBE $200 on “unnecessary” things. Lots of parking, some blackout curtains, I share exactly what I buy in my monthly updates.

Also I’ve already paid off over $9,000 of debt!!

I’m hoping I can really, really increase how much I put toward debt for the remainder of the year.

My credit score is now 763 and I only have my student loans ($36,200) and my car ($11,900) left.

So from June 2018 to June 2020, I’ve paid off a total of $34,050 of my debt!!!


Throughout these 2 years I have learned SO much and have realized what I really want my life to look like.

There have been many ups and downs throughout this process and I know that is going to continue. I’ve literally cried myself to sleep from financial stress and I still think about my debt every. single. day. It’s always there.

However, I feel I am finally in a much better place financially and I have a lot of hope going forward.

I have a lot of financial goals in mind and I know I will achieve them. I am dedicated to this and it’s exciting to even think about where I could be in the next 5-10 years.

Post navigation

May 2020 Debt and Spending Update
How to Start Your Debt-Free Journey

3 comments

  1. pluto_future says:
    June 16, 2020 at 8:01 pm

    After reading this I feel like I need to tracking money. I have never tracked my expenses in my entire life. Some how I need to get serious with finance management. Reading this post has made me to wake up and get serious with my life in terms of finances. I have never cared that much I keep complaining of getting broke not knowing I need to track my money. Thank you ❤

    Reply
    1. Leila says:
      June 18, 2020 at 3:24 pm

      I love tracking my money!! It’s fun and addicting 😂
      Dave Ramsey and YouTube videos are a great place to start looking for more inspiration!

      Reply
      1. pluto_future says:
        June 18, 2020 at 3:38 pm

        Thank you, I will definitely check them out

        Reply

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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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