- I had $80,000 in student loans when I graduated and wanted to pay it all off by the time I was 30.
- My monthly loan payment is $567, but I pay significantly more to get rid of my debt sooner.
- I’m close to paying off all my student loans and did it while also traveling to 12 countries.
When I graduated from undergrad in 2019, I was jobless and staring at nearly $80,000 in student loan debt. Diploma already in hand, it was a little late for buyer’s remorse.
Now, in my late 20s, I’m on course to pay off my student loan debt completely before the end of the year. And I didn’t have to live off ramen every day to do it. I just had to travel.
By immersing myself in interesting and unique cultural experiences while paying down my debt meant that I wasn’t saying goodbye to fun for all of my 20s — quite the opposite.
Since 2019, I’ve traveled to 12 countries, spending at least a few weeks in each one.
By leaving the United States, one of the 10 most expensive countries for its cost of living, I reduced my expenses and freed up more of my income to put toward my debt.
I pay over 4 times my minimum monthly requirement to pay down my debt early
The prevailing wisdom — and self-limiting belief — is that moving abroad is impossible for the average person. It’s too challenging or expensive.
However, when you break it down by cost, the most expensive pieces are probably your flight and lodging, followed by food and activities — and I found ways to minimize the cost of most of those.
It wasn’t all fun and games. I was working a demanding, full-time remote job with a gross salary of about $7,000 monthly. Even so, being serious about paying off my debt meant making sacrifices.
I wanted to pay off my debt before I turned 30. My monthly payment was $569. However, I’d have to pay significantly more to meet my goal. Eventually, I worked up to paying $2,569 a month.
I discovered a lot of ways to explore a culture cheaply
I cooked most of my meals at home, so I got to explore different kinds of grocery stores and local markets and become familiar with the local diet.
Even though I wasn’t going to restaurants, I was still getting a taste of the local cuisine in my own way.
I created new challenges for myself as I adapted my standard diet to what was available, like swapping bread as my daily staple for fresh tortillas hand-pressed by the “abuelas” in my neighborhood in Guatemala.
Fortunately, my favorite travel activity is exploring on foot, for free of course, so I wasn’t breaking my budget on pricey activities that fill up a normal vacation itinerary.
When I did want to do something special, like surf lessons, I would save up for it. I thought of it as extreme goal-oriented budget travel.
Discovering how to save on lodging was my biggest breakthrough
I stayed anywhere and everywhere. In less popular travel destinations, getting a private apartment through Facebook groups or the occasional Airbnb was possible, but those were often the exceptions.
With a housing budget of about $25 a night, I found rooms in shared homes, homestays, or hostel bunks and couches when I was desperate.
For the small sacrifice in privacy, I gained in savings. Besides, I would have lived with roommates anyway if I was still in the US.
In more expensive countries like France and Italy in the middle of summer, I saved money by choosing my destinations strategically.
I stayed in Grenoble, France, for two months, a city with a large student population that empties out for the summer, leaving a lot of cheap, short-term rentals available.
Then I went to Turin, Italy, which is a city most people try to leave for the summer, not visit. Although many restaurants, cafés, and stores were closed during my trip, visiting in the offseason can have its own appeal, like I was visiting a gorgeous ghost town.
I walked for hours before work and learned how to use a moka pot to enjoy afternoon coffees on the balcony with my Airbnb host while we exchanged remote-working tips.
While there were some uncomfortable moments during my travels, like 14-hour overnight buses and taking meetings in a bunk bed, I was willing to do whatever it took to meet my financial goals while also living the lifestyle I wanted.
