Somewhere it’s still waiting for you, or maybe you’ve already paid it off: your student debt. For Ilja (35), her student debt hung over her head like a sword of Damocles, so she decided to start paying it off as soon as possible. But in order to do that, she first had to learn more about money and, above all, stop being afraid of it. Whether Ilja managed to pay off her student debt and how she did it? You read it here.
- 35 years
- 2 children
- Married
- Purchase house
- Payroll
- Crazy about jobs
Pregnant
‘I have a son and a daughter. When I became pregnant with my daughter, I started thinking about what I thought was important to her. It was different from my son’s. I wanted her to be able to stand on her own two feet and learn to take care of herself. Also financially. I wanted to give her the knowledge so she doesn’t depend on anything or anyone when it comes to her income. But then again, I knew so little about finance myself. I saw myself as an independent woman, but when it came to numbers, I quickly shifted it to my husband. I was already following Elfin though and decided to get more involved with money. At Elfin it’s a lot about financial self-sufficiency and that appeals to me. I love my job, I love being employed heartily, so it’s not about me being able to retire as soon as possible. But I don’t want to be intimidated when it comes to the mortgage.
Student debt
‘A year and a half ago, money happened to me. Paying taxes, paying off student debt, child support. That was intense. I decided to make a big survey of what goes in and out. I set aside a buffer so that I could cope with financial setbacks. I thought that was more important than saving for anything or investing, because that buffer, it wasn’t just about me, it was about my whole family. I found out that I really hate being in debt. So I set to work to pay off my student debt. That was not the most logical thing to do, but for me it was. All the extras and what was left over I used to pay off, but I kept doing fun things, mind you. January 1, 2023, I had paid everything off. Sometimes I really had to scrape the money together, but I managed.
Always keep learning
‘I have learned a lot over the past year and a half. For example, I took an investing course with Elfin. Man, how intimidating I found that. All those smart people and that fast money. But I found out that it’s not all that complicated. If you just take the time to figure things out, it’s not too bad. I try to tackle money thematically; I’m working on my retirement now. Elfin helps with that, including master classes. During those master classes, I learn the basics and then I engage and ask questions on Elfin’ s forums . I find that I am very risk averse, I now only invest in ETFs From Vanguard. But if that feels right for me, then good. I find it much more interesting to start thinking about what I want to do with my money. Sustainability is important to me, so I want to invest sustainably. But what do I consider sustainable enough? I don’t just want to grasp money, I want to do with it what I think is important.’
Look into the future
‘I have millions of goals. If only I didn’t always have so many ideas, haha. But what is most important to me now is living debt-free. I would very much like to pay off my mortgage on an accelerated basis. I currently work in salaried employment, but I think it would be interesting to engage in my work in another way and generate additional income. With workshops or something like that. What I learned is that financial self-sufficiency is about self-confidence and knowledge. I feel I already know a lot to make the decisions that are in my favor. I know where my money goes and I know it’s enough. And if I don’t understand something, I just figure it out.
Do you also want to start working step by step on your personal financial plan? You do that with help from Elfin! Fill out some questions here and get instant free access to your to-do’s to become financially independent like Ilja.
