A Couple Paid Off Six-Figure Student Loans With Lifestyle Changes

A Couple Paid Off Six-Figure Student Loans With Lifestyle Changes

RJ and Anjie, a New York City-area couple who do not share their final title on-line, began out their newlywed life the way in which many different {couples} do. Between the 2 of them, that they had a big chunk of student loan debt.

A month after their wedding ceremony, they determined that they needed to deal with their debt. Anjie, who works in healthcare, and RJ, in finance, shared a mixed whole of $123,000 in student loan debt. Between February 2017 and April 2018, they paid all of it off. 

The couple applied 4 simple life-style modifications to unencumber money and repay their student loans shortly.

1. They realized every part they might about cash and private finance

Learning extra about cash was a pivotal step for each their cash and relationship. 

“We read books, we listened to podcasts, and we really tried to get access to information that would give us the tools that we needed to tackle our debt,” Anjie stated. 

Learning and getting concerned in managing their cash gave them the impetus to begin paying off their debt, and in addition set their relationship up for fulfillment.

2. They obtained on the identical web page about cash, and began to share accounts

Learning extra about private finance additionally opened the door for conversations about cash, and Anjie and RJ dove proper in, particularly as soon as they have been married. 

They made the choice to mix their funds, and in the end, it helped them speak about cash as a pair. “We combined all of our incomes and whatnot, and really just started managing our money together. And I think that was a huge benefit,” Anjie stated. 

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“During the time we were paying the loans off, we had [money] conversations every single day,” stated RJ. With their funds mixed, this couple discovered it simpler to be on the identical web page about their targets, spending, and the place cash was going every day.

3.  They budgeted to dwell on one revenue

“We took the equivalent of one of our incomes and used that as our budget for all of our expenses. The other person’s income, we would solely throw at the debt,” Anjie informed Insider. 

Budgeting grew to become an enormous a part of their lives to verify they stayed inside their means whereas working in direction of their payoff. The couple determined to cook dinner virtually each meal they ate at house on a strict grocery finances. They stopped shopping for new garments for work, and located methods to maintain dwelling life with out spending a lot.

4. They lower their bills, and elevated their incomes

In order to dwell on one revenue, they began to search for methods to chop prices. “We called the utility companies to ask them if there were any discounts that we could take advantage of. We even talked to our landlord and said, ‘Hey, we’ve been tenants here, is there any way that we can lower our rent if we sign a two-year lease versus a one-year lease,'” Anjie stated. 

They additionally labored to extend their revenue, and negotiated for it at work. “We applied the same mentality to our jobs and our salaries or any promotions that we had. [Anjie] also became an adjunct professor. I changed firms, which increased my salary,” RJ stated. “The negotiating we applied to every part of our life.” 

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And, ultimately, it meant ending their loans off. The couple made their final fee in April 2018. 

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