Debt Free by 23

16 March 2019

Does it sound too good to be true? What about the cost of living, holidays, student loans and buying a car? We live in a world where it has never been easier to spend money (contactless still amazes me)!

The thought of going into debt scares me and I like to know everything I buy is being paid for with money that is actually mine. I just don’t like owing people money. That’s why I’ve never had or wanted a credit card.

I’m very lucky to be in the position where the only debt I’ve had is student debt. Even though student loans are the best kind of loan I’ll ever get, I didn’t want the debt hanging over me for years. I managed to pay it off a year after graduating while working in a retail job. Yaaay!


Here’s how I did it:

£ I only took out three student loans over four years and funded one year myself using savings. Even then, I knew paying off my student debt faster in the future was exciting. Thanks younger self!

£ I lived with my parents for a year after graduating to save money on rent and to give me time to figure out what I wanted to do. Luckily, I’m close to my parents and they were happy to have me (at least that’s what they told me)!

£ I spent less than what I could afford. I knew paying off my student debt was more important than what I wanted to spend my money on. I wasn’t perfect though and still bought a lot of things I didn’t need because I was still to discover minimalism.

£ I chose not to buy a car. I love driving, but it’s never been essential for me to have a car. I’ve survived by borrowing cars from family members and using public transport. It’s better for the environment too!

Anyone can become debt free with a frugal mindset. I’ve been debt free for three years now. I’m not saying you should do what I did and pay off all your debt in one go. But maybe this post will inspire you to start paying off your debt? Or maybe it will inspire you to pay off your debt in larger installments? Either way, you’ll become debt free.