9 tips that helped me pay my student loans at 25

In 2022, I paid off more than $20,000 in student loans just after my 25th birthday. Here are 9 reflections from that experience that may be useful to you:

1.  Make the decision that is right for you. Repaying student loans may not be your current priority. Don’t beat yourself up for your circumstances.  Our situations are different, and we need to factor that into the goals we set.
2. I was living paycheque to paycheque with how much I was putting towards debt repayment, but could largely afford to do this because I was living at home, was saving since my 2nd year of undergrad, and had extra scholarship money (I received more than $70k as a student). You could learn from my approach, but it’s important to have context of my situation too.
3. If you get paid regularly, automatically transferring money into a savings account helps with discipline. I used most of my money from my full-time job to pay off a fixed amount of student loans each month.
4.  There is never a right time for big financial commitments. Something almost always comes up. That’s why it’s important to slowly build an emergency fund. It supports you as you focus on your larger financial goals.
5.  Mortgage specialists told me that clearing my student debt will look good for larger purchases like a house.
6. Calculated investments helped me to pay off my debt faster. I took some losses, but this was also in the early pandemic when things were booming.
7. Making time for travel and hobbies as I saved helped. I went to Mexico, Vancouver, and Jamaica that year. It allowed me to not just recharge myself, but it gave me the energy I needed to continually pursue that financial goal.
8. To add to 7️ I learned that you need to make time for the fun stuff as you work towards your goals. Burnout is a very real thing.
9. If you’re unsure where to start, talk to a trusted financial advisor you know.

If you are interested in how I was able to repay my debt, or strategies I share to help others improve their financial habits, look into booking a financial literacy workshop with us or connecting with me on LinkedIn!