Journey to debt freedom: $60k in student loans

Hello world and welcome to my journey to being completely debt free!

In case you haven't noticed, there is a lot of talk about paying off all your debts in an effort to become more financially independent. The problem is, a lot of these reports or motivational videos you'll see is what people have done AFTER the fact.

I aim to change that.

Basically, these reports will serve as a documented journey from the START. It will showcase the ups and downs, and the thought process that goes into the act of paying off student loans.

How these reports will be handled:

• Track monthly expenses and income every month
• Save up enough cash to provide a cushion
• Pay off debt

 Monthly Expenses, Income, Net Profit

As it stands, Monetary Dropout has roughly $63k in student loans (yikes!). Thankfully, there is a big shovel at hand (my income). On average, I make about $9,500 per month. This will probably vary greatly, since there are other streams of income that come in every month in addition to the $9,500 figure. 

Taking all of this into account, here's how everything is looking so far in December 2022:

Quite the expensive month, i'll say that. 

Save up enough cash to provide a cushion

Now that we've nailed down how much money i've blown through, let's also consider that I am deploying a strategy of building up roughly 30-60k worth of cash before I actually start paying off the debt. 

So what this will entail is saving up a certain amount of money and then subsequently pay off all the debt at once. This will help provide a pretty large cushion in the event of life events that may come up in the future.

Pay off debt

As this journey dictates, the end goal is to ultimately pay off all student loans. I am frankly not going to wait around for them to be forgiven, since I just want to move on at this point. 

With a running monthly net profit of about 3-4k per month, it shouldn't take more than 12 months. That's a pretty exciting figure, but we will see what happens!