I'm having a hard time believing that I can pay this off in 2-3 years. Here's my expense breakdown:
Rent: $950
Utilities: $250
Car Insurance: $100/month
Dog Care: $50/month
Gas: (Hard to tell, fluctuates each month, but probably $200-$300/month. I drive home (2.5 hours away) 2 weekends a month to see sick family member and other family/friends).
Cell Phone: $80
Lately I've been putting a lot of $ into my 'oh shit savings' fund and the rest goes to my minimal student loan payments and paying off this car.
So if I'm bringing home $4350 after taxes, and after all the expenses above are paid, I'm left with $2620. This is before food and entertainment. For the record, I don't go hard really at all. Me and my gf will catch a movie at the drive-in or something like that. We go camping a good bit as well...all very cheap ways to have fun and enjoy ourselves. I'm having a hard time coming to grips with what I'm willing to sacrifice because I'm not going to sit on my ass at my apt. and not enjoy my youth simply because these student loans hang over my head. I need release from time to time, you know!
My eyes are wide open now. Can I really pay this off in 3 years? So say I have $2000 after everything...I could probably put $1800-$2000 a month to my student loans, but it fucking pisses me off to do something like that! I hate these kids who's parent's paid for everything and get to buy houses and cars and take trips of a lifetime simply bc they have no debt. I want to LIVE life too! I sound like an entitled douche, but this is a legit thought of mine every time I log on to Sallie Mae's site. It drains me.
But I digress, so say I put $1800-$2000 to my loans every month, I could have them paid off in 4-5 years (after interest bc that $75K in loans will go up with interest). But that means I have to put my future on hold. I want a family and kids before I'm 33 or 34. My girlfriend won't want to wait 5 years for me to propose. It's all just so damn stressful.
Moving into someones basement, sacrificing my apt., or moving back in with a parent after living in hotels Monday through Thursday each week in different cities seems unlikely. I have a girlfriend so moving home would put an end to that. My apt. is my sanctuary, and I would become really depressed not having a decent place to go and relax on the weekends. Plus, $950 for a apt. in any big city is kind of a steal.
So those are my expenses. I respect you guys, but I'd be lying if I didn't think this is a little hardcore...giving up my apt. (1BR btw), living with a stranger who might suck, selling my car that I use to get home to see family, etc. There are just certain things that I'm not going to forego.
I'm going to be real here, but don't take this as disrespect. Take what I'm about to say as honest, heartfelt advice that you may or may not be able to accept: Suck it up. I say that in the most badass, friendly way possible.
I'm going to go line by line (or paragraph by paragraph)...
Rent: Depending on where you live, this may be a steal. I live in the Greater Cincinnati area and my rent is $630/month and in the city it really isn't that much higher for a comparable place (1200 sq. ft, 2 bedrooms, 2 bathrooms). This may be out of the cards, but moving is sometimes an option.
Utilities: What does this include? If it's electric and water like I'm thinking, that's pretty damn high. You can always reduce. Navy showers, CFL bulbs, being a temperature badass, etc. Find ways to reduce because the little things add up. That's what this site is all about.
Car insurance: I don't know what you drive, but that's $1200 a year. I pay like $390 a year. Shop that rate around, see if you can get it reduced and maybe cut out some bells/whistles if there are any.
Dog Care: I'm leaving this alone.
Gas: If you've spent any time reading MMM, you'll be aware we're all huge bike advocates. This saves a lot of gas. I picked up a bike on Craigslist for $150 and after locks, lights and other gear, probably only spent about $250-270 total. I ride almost everywhere. I also use the public bus (which is wonderful - lots of reading time!). See if you can implement more efficient travel means.
Cell Phone: You won't find anyone here who believes you need an $80/month cell plan. That's totally insane, dude. I have a Samsung Galaxy with T-Mobile, unlimited data and text, 100 talk minutes for $30/month. I just saved you $600 a year.
Oh Shit Savings: You have $3,500 now. I've seen a lot of people on here with about that amount in their E-fund. Your emergency is really your debt, so start focusing on other things. You have plenty here.
Groceries, eating out, entertainment and every other conceivable expense need to be accounted for. Being frugal doesn't mean sitting on your ass in your apartment doing nothing. It means redefining what you
can afford and seeking out alternatives to pricier things. I don't eat out. Instead, I cook with my girl. I don't go to movies. Instead, I hit up the library/Netflix and have a movie marathon with home baked snacks. I don't shop for fun. Instead, I shop to flip things on eBay. I also go to library programs, free public events, parks, etc. I work out in my apartment instead of sitting in it.
If you're upset that you don't have ~$2,000 free to blow on random things every month, we've got work to do. Don't hate on other kids who are out doing shit because they don't have loans to pay. Remember this:
You chose and accepted the burden of the debt. Now it's time to man up and take care of business. You dug the hole, now get yourself out and stop whining about what other people are doing. You can do this! You can get yourself straight in 2-3 years no problem and then be the one dishing the advice on someone else's situation.
You have a high rate of income. Now you need to focus on decreasing expenses. You can live on less and be happy. Everyone else here does it every day ;-)
I don't think you need to give up your apartment to make this work. It's an option (and so is moving to a less expensive area), but not necessary. However, if your girl is that shallow that she would leave you over you taking responsibility for your financial situation, you have deeper issues. Not trying to judge her, just putting that out there.
We're here for you, dude! Now get out there and be a badass!