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How I eliminated my debt in less than 1 year

Last Updated: February 26, 2013 BY Michelle Schroeder-Gardner - 16 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

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How I eliminated my debt in less than 1 yearHey everyone. Today marks the start of my debt payoff series. Come back every Thursday to hear about how others are trying to pay off their debt or how they’re debt free! If you’d like to contribute to this series, please send me an e-mail at senseofcents@gmail.com

Hi! My name is Jessica and I blog over at Mo’ Money Mo’ Houses. No, I am not some rich property tycoon (not yet at least), but my last name is Moorhouse and I do love me some 90’s Notorious B.I.G. I also love writing about money and trying to grow my net worth every year. Feel free to follow my personal finance journey on Facebook and Twitter.

Unless you were born rich, the likeliness of you going into debt at some point in your life is…well…very likely.

And I’m not talking about you cracking under the pressure of being frugal and racking up a bunch of credit card debt after a blackout shopping spree at Nordstrom (though that very well could happen to you). Debt comes in a number of different forms, be it a mortgage, car payment, student loan, or one of those mattresses that you don’t have to pay for until 2016. Debt sucks no matter what form it takes, but you don’t always have to live with a negative balance in your bank account.

I was in debt once. It may not have been a lot of money (only $5,000) but at the time it was a heck of a lot of money to me. I was 23, a newly minted university graduate, living with my parents with no car and unemployed. 2009 was not my best year to say the least.

Although my main priority at the time was to find full-time employment so I could move out on my own, my other big priority was to get rid of my student loan debt as fast as possible. So how did I do it? And in less than a year? Well, let’s just say I did everything in my power to get rid of it.

How I eliminated my debt

Instead of complaining about my situation and feeling sorry for myself (okay fine, I did do some of that too), I got an on-call job at a TV station to make a bit of cash. I also spread the word to friends and family that I was looking for work, in any form, and in so doing worked a few random gigs here and there on film sets to make some more dough. I also started reading books and blogs about how to get out of debt quick, and then started finding ways to cut my bills in half and stop any frivolous spending.

Simple things like just having water at a restaurant instead of ordering a drink made a world of difference! I also started finding activities and hobbies that were free to do (like running, hanging out at the library, and donation nights at the art gallery) so almost every dime I made was put towards paying off my debt.

The day I was able to go to the bank to pay off my debt completely is still one of the proudest moments of my life. And to this day I’ve made sure to not go into debt again. Well, that is until I buy my first place, but that won’t be for another couple of years anyway. For the time being, I’m just going to enjoy being employed, renting my own place, and living a debt-free life.

What’s your debt story? How did you or do you plan on kicking that ugly debt monster to the curb?

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16 Comments
Filed Under: Debt Tagged With: Debt

About Michelle Schroeder-Gardner

Michelle is the founder of Making Sense of Cents, a blog about personal finance and traveling. She discusses how her business has evolved in her side income series. She paid off $40,000 in student loans by the age of 24 mainly due to her freelancing side hustles. Click here to learn more about starting a blog!

Comments

  1. Laurie says

    February 14, 2013 at 7:06 am

    Great story, Jessica! I would encourage you too to work toward paying cash for your house as well. It may put off your ability to buy for a few years, but it might be worth it. At the very least, put a huge down payment away. Mortgage debt is just as yucky feeling as consumer debt.
    My recent post Encouraging Entrepeneurialism in Your Children

    Reply
  2. John S @ Frugal Rules says

    February 14, 2013 at 7:06 am

    Great story Jessica! I can relate to your experience as mine occurred pretty much right after college and did pretty much anything to make extra money to throw at my debt. Paying off the final installment in order to become free of it was one of the best moments in my life.

    Reply
  3. Michelle says

    February 14, 2013 at 7:09 am

    That's awesome Glen! 🙂
    My recent post How I eliminated my debt in less than 1 year

    Reply
  4. Tony@WODTO says

    February 14, 2013 at 10:35 am

    Rock on Jessica! Like Ramsey says: Gazelle-Like intensity. I am on month 16 after being in debt about $120k. Sounds like you have been very innovative and committed. Congrats!

    Reply
  5. Tony@WODTO says

    February 14, 2013 at 10:37 am

    Great story! You stayed committed and intense and you have accomplished so much. Awesome!

    Reply
  6. Grayson@Debt RoundUp says

    February 14, 2013 at 11:22 am

    Jessica, I know what you mean. I racked up debt while in college as I started my business and 4 years later, I stopped the business with $50k in debt. I thought about my future self and borrowed on that person. It was a mistake. I have paid it off, but I don't feel bad about my mortgage, it doesn't bother me like my credit card debt did.
    My recent post Spending Money While on Vacation

    Reply
  7. judy says

    February 14, 2013 at 11:35 am

    I cant wait to be rid of ours…we are getting rid of everything this year no matter what

    Reply
  8. Mackenzie says

    February 14, 2013 at 11:44 am

    Great story Jessica! Glad you were able to pay off your debt in such a short amount of time 🙂

    Reply
  9. Jose says

    February 14, 2013 at 1:15 pm

    All of the small things do add up. I like the having a drink of water at the restaraunt do make a difference! My dad cracks me up sometimes. He will ask for a glass of water with extra lemons, squeeze the lemons into the water, add some table sugar and have an instant lemonade. I'm not sure if that's being frugal or downright cheap but I still get a good giggle over it whenever I think about it, Here's my most recent post if anyone is interested in reading it, An Easy Way to Save Money on Your Heating Bill

    Reply
  10. plantingourpennies says

    February 14, 2013 at 5:57 pm

    Focus is a big part of it. We killed a $38K loan between this past June and January, which feels awesome, but almost all the "leftover" each month went straight at the HELOC, not messing around.

    Reply
  11. Lisa @ Cents To Save says

    February 14, 2013 at 6:08 pm

    Great job Jessica! We have almost eliminated our credit card debt and then will be working on our mortgage next!

    My recent post Operation Christmas Child 2013 Update:

    Reply
  12. @Finance_Fox says

    February 14, 2013 at 8:23 pm

    Great job with the debt. I managed to eliminate $10k in about a year. Being debt free is such a liberating feeling.
    My recent post Alternative Ways to Save on Auto Insurance

    Reply
  13. Julie @ Freedom 48 says

    February 14, 2013 at 8:52 pm

    Great job on getting rid of the debt! So many people turn a blind eye to debt – and it grows and grows, and before they know it, they've got a really big debt hole to dig themselves out of.
    My recent post A Valentines Day Celebration – Done Cheap!

    Reply
  14. Nick @ AYoungPro.com says

    February 15, 2013 at 3:42 pm

    Great post, I will look forward reading your series!
    My recent post What I Learned From My First Day on the Job

    Reply
  15. Canadianbudgetbinder says

    February 15, 2013 at 5:22 pm

    I've always paid cash for what I own except for the mortgage which will officially be burned in April.We are still fairly young and the only way we made it to where we are is simply, hard work and spending less than we earn. No lottery, inheritance, 6 figure jobs.. just normal run of the mill couple who works hard and saves but still knows how to have fun. It's certainly possible but one has to have the mindset to walk the path to save it or pay it off either way like you say Jessica, debt is debt. If you owe money, it's debt. . All the little things add up and if you can eliminate some of them you can line your pockets with the cash to pay down debt just like you said you did Jessica. Enjoy the debt free life mate and congrats on being debt free.
    My recent post Dumpster Diving~The Top 5 Rules For Finding The Good Free Stuff!

    Reply
  16. kimateyesonthedollar says

    February 15, 2013 at 10:01 pm

    I love debt payoff stories. Can't wait to read them all.
    My recent post My Lack of Attention Cost Me Money in Fees!

    Reply

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My name is Michelle and I'm the author/owner of Making Sense of Cents. Learning how to save money and make more money changed my life. It allowed me to pay off $40,000 in student loans, start my own business, and I now travel full-time.

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