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Hi, I'm Kevin and I'm an attorney, writer, gig economy expert, side hustler, and the blogger behind Financial Panther. I paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer. I started this blog to share all I know about personal finance, travel hacking, and making more money by side hustling. Click here to learn more about me.
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Where and How I Cut Back Financially and How Much I Was Able to Save

Last Updated on August 11, 2021September 15, 2016 2 Comments
This post may contain affiliate links.Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Hey everyone! I’m out in NYC this weekend, staying in one of the most expensive hotels in NYC that I booked for free using credit card signup bonuses! Score! Anyway, since I’m busy enjoying my trip here, I thought it’d be a perfect time to share this great guest post from Jacob over at Dollar Diligence. He talks about how he crushed his student loan debt and gives some great advice for anyone who’s looking to do the same.

Over the past few years, I meticulously tracked every dollar that came into my account and every dollar that I spent in order to pay down over $25,000 in student loan debt as fast as possible.

I could have waited around for my loans to be forgiven (assuming I would be eligible) or I could have enrolled in an income-driven repayment plan to make low monthly payments, but I was simply sick of the anxiety that came along with my debt.

What did I do instead?

I promised myself I would do everything in my power to aggressively pay off my debt in under 2 years. It wasn’t easy by any means, but I did it.

Now that I am debt-free, I am now working to build my wealth and passive income so I can retire by the time I’m 35.

Some of the things I’ve done and am doing could be considered “extreme.” However, I’m happy, which means I don’t find them to be extreme at all if it means I can have the financial freedom I desire.

One thing I did that some people give me side eye over is moving in with my aunt and uncle. They can’t believe I’d sacrifice my “freedom” just to save some money. The fact is that my aunt and uncle respected my reason and what they did was give me a financial boost with their generosity.

I wasn’t moving in with them for a handout or so I could be lazy and live off them. I moved in with them for respectable reasons important for my future.

Other Things I Did

There are many other things I did to help pay off my student loan debt as fast as possible.

I also changed my cell phone plan. I had to have my phone so friends, family, and work could reach me. Eliminating it wasn’t an option, just as it is not an option for many people. In fact, it is safer to have a cell phone so you can get help in an emergency.

I will not tell you to get rid of your phone. However, there are ways to reduce the bill. All you have to do is call your cell phone company and say you will switch to a company with a better deal unless your provider can match or beat the deal of the other company. Companies sometimes have something hiding up their sleeves to retain you as a customer, so don’t cancel the phone.

What I could cut out was going out with friends as much as I used to. Multiple nights out a week can become very expensive. Before long, the bar tab can hit $50 or $60. It doesn’t take much.

Dining out is also another incredible expense. It is much cheaper to grocery shop at a discount grocery store and use coupons for things that you need than it is to buy a single plate of food at a restaurant. Your dollar stretches more when you make the food at home.

Keep in mind that you don’t have to eat like a king or queen. You want to keep it healthy, but you can do it smart. I know people that are growing small gardens in their backyards and cutting their food expenses that way.

Now that I’m no longer living with my aunt and uncle, I have had to find ways to decrease my household expenses. Making sure the cable bill is in check is one of those ways. It can be very tempting to sign up for a package that has all the movie channels but consider how much TV you really watch. If you’re taking on side jobs to make more cash to help you save more money, you’re probably not watching much TV.

You can opt for a promotional deal with the cable company, but keep in mind that the price will skyrocket at the end of the contract. The contract is usually one year, so you need to stay on top of it. The cable company will usually have another promotion the following year that will save you money.

I also minimized my road trips. If I didn’t have good friends, they would have thought I was a horrible person for never wanting to go anywhere with them. The fact is that I was taking the money and putting it in the bank. That’s still the case. I don’t travel excessively.

Evaluate Your Situation

The best way to cut your individual expenses depends on your situation. Evaluate EVERYTHING. You would be amazed at how much money you are hemorrhaging every month. If you ever wonder why you’ve worked so hard and have nothing to show for it, there is a good chance your money is slipping through your fingers. A thorough evaluation can make a world of difference.

Once you create a plan based on that evaluation, stick to it. I am not going to sugarcoat it because it will be hard at first. Try living like you did when you were a broke college student. As you get used to it, you will be able to adhere to it with no problem. Simply have faith in your ability to save and tell yourself that it will all pay off because you will live a more financially secure life. Financial security means less worrying and more living.

 

Jacob talks about a variety of personal finance topics at his blog, Dollar Diligence. You can find him on Twitter @DollarDiligence.

 
 

More Recommended Ebike/Scooters

Check out these other ebikes/scooters I've had the chance to do a review for:

  • GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
  • Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
  • Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
  • Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
  • Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

  • M1 Finance ($10) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
  • SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
  • Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
  • Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
  • Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
  • Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

More Recommended Bank Account Bonuses

If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

  • Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
  • Digital Federal Credit Union ($100) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $100 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a saving account that gives you 6.17% interest on your first $1,000. Check out my in-depth post on how to set this account up.
  • Upgrade ($100) – Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on January 31, 2023. As long as you get your account opened before January 31st, you should be eligible. Here’s a post I wrote with more details: Upgrade $100 Referral Bonus – Step By Step Directions.
  • SoFi Money ($275) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $250 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
  • Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
  • Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
  • OnJuno ($60) – OnJuno is a fintech/neobank that is currently offering a $10 referral bonus if you open an account using a referral link and make a deposit of $50 or more. You will also get 1000 JCOIN. The 1000 of JCOIN is cryptocurrency. At the time I'm writing this, it'll be worth about $50. Check out my OnJuno referral bonus guide here.
  • Varo ($30) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $30 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
  • Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
  • Albert ($150) – If you can manage to do a real direct deposit, Albert is an easy account you can use to earn a referral bonus. Here’s a review about Albert I wrote. And here’s a step-by-step guide on how to earn your Albert referral bonus.
  • Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.
financial panther

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

  • SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $250 if you complete a direct deposit.
  • DCU. Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $100 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a savings account that gives you 6.17% interest on your first $1,000.
  • Novo Bank. Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. It’s the business checking account I currently use for this blog.
  • M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account.
  • Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.

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Reader Interactions

Comments

  1. Dan says

    September 15, 2017 at 3:39 pm

    Are you saying that your aunt & uncle let your live rent free at their place? I don’t think less of you but hope you recognize that many people will not have that option. Also your path to zero debt was greatly helped by this avuncular largesse which is not necessarily duplicatable. That doesn’t diminish your accomplishment but in terms of following your steps to zero debt, many people will not be able to rely on a family member to provide partially or fully subsidized rent.

    You wrote “I moved in with them for respectable reasons important for my future.” What was the reason for moving out? Even after you zeroed your debt, wouldn’t that sentence still be valid?

    Reply
  2. Fredro says

    September 20, 2019 at 4:55 am

    Nice post!

    Reply

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