“I just didn’t need it, and it was part of my letting go of everything,” says Chan, who now uses public transit to get to work.
Chan says she kept her expenses at or below 50 to 60 percent of her net income. She lived in a simple one bedroom apartment with her fiancé, who split the rent with her 50/50. She cooked most of her meals, she says, and allowed herself around $200 for groceries and $150 for eating out each month.
During the two-and-a-half years it took Chan to pay off her loans, she switched to a lower paying job. She says her income took a big dip, but she continued to stay focused on contributing as much as she could to paying off her loans. Her payments ranged between 25 to 40 percent of her income, she says, depending on how much she was making at the time.