How I Paid $20,000 on My Student Loan in One Year

A year has passed since my commitment to pay off my student loan debt began.  I made the commitment in November 2017, but I consider March 2018 the date that I actually began making large payments towards the debt.  To date, I have paid off $15,448.49 in principle of my student loan.  I did not calculate the interest, which is in the thousands too.  The interest payment decreased from $500 a month to $403, which allows more money to go towards the interest.  My original goal was to pay $25,000 on my student loan this year, but honestly, it was hard.  I am happy that I was able to pay off $15,000, and with interest, the amount probably is closer to $20,000.  I want to continue to pay off this debt, and I am exploring other enjoyable side hustles to help me accomplish my dream of being student loan debt free. 

How Did I Pay Over $15,000 In Student Loan Payments?

I made the decision to conquer my student loan debt within three to four years.  I was obsessed with the loan amount for months.  I figured how much my interest was and how much I could afford each month.  I listened to Dave Ramsey and started the envelop system.  I lived on a monthly budget.  I went to Aldi Grocery Store and purchased $50 worth of food every two weeks for my daughter and me.  I secured a second job making an extra $900 per month, and I returned my luxury leased car.  My Nissan Maxima cost me over $500 a month.  Once I returned the car and bought a 2011 Chevy Malibu for $4,800, I was able to make larger student loan payments. I also taught summer school, which earned me an extra $2,000.  Any extra money I earned went directly to the student loan account.  Previously, during the summer months, it was hard to pay $1,200 a month towards my student loan.  Now, I pay it with ease using one pay check.  It took positive thinking, planning, and budgeting, but you can do it if you make big budget changes. 

Lifetime Learner

This journey has taught me so many valuable lessons.  One, don’t ever get a student loan.  Two, I will help my daughter be well-educated on student loans and other free resources such as scholarships.  Three, I can do anything I set my mind to do.  I remember when I began this journey.  I was depressed due to my divorce and wanted to focus on something positive for me.  I have accomplished most of my personal goals, but I wanted to see if I could really do this.  Like really do this.  I worked hard and made a payment twice a month.  Then I started to see the amount decrease, and I was happy.  I knew I could see more changes if I kept working at it. 

I divided the remaining balance of $100,825.51 by $15,000, and it would take over six years to pay off the debt.  I’m part of the microwave generation, and I want change now.  I want to make changes within my career.  I want to use my principal license.  I want to pursue my goal of publishing a book and presenting at teacher development workshops.  I want to generate more income to pay off this massive debt I have accumulated.  On a good note, I have this blog with which I have just recently partnered with Google AdSense.  I am working with the Ohio Journal of English Language Arts as part of a team assisting the editor. I believe these resources will assist me to gain more income.   However, I wanted a side hustle that will allow me to quit my cosmetology job and work from home.  So, this past winter, I decided to open an Etsy shop!

I Opened an Etsy Shop!

So much has progressed since my second post about my student loan debt journey (November 2018).  On December 19, 2018, I had knee surgery to repair a meniscus tear.  The surgery went well, and I feel great.  During Christmas break, I wrote a blog post and caught up on my work while I recovered.  I also talked to my close friend and sorority (line) sister.  We chatted about making extra money and tried to brainstorm some ideas.  She wanted to begin a vacation fund; I was focused on paying off my student loans.  We completed our conversation with both of us wanting a passive income job.  I went on YouTube and immediately viewed a video where a woman earned $4000 selling stickers on Etsy.  I was subscribed to the woman’s channel, but I thought she discussed budgeting and planners. I was amazed how she had transitioned to Etsy. 

                I watched her video where she described how she made $4,000 in six weeks making stickers.  It sounded so easy.  The woman bought an inexpensive printer and a fancy electronic cutter.  She placed seven types of stickers for a planner on her Etsy shop, and she was making extra income.  I texted my friend about the $4,000 sticker income.  I watched another post suggesting selling printables on Etsy.  It sounded so easy.  You create a picture, place it on Etsy, and have customers download the print.  I made the decision to make printables at that moment.  I began creating printables and watched videos about Etsy.  Within four days, I had an Etsy shop, and I made a Facebook Etsy Shop page. 

Ms. George’s Class Art

                I named my Etsy shop Ms. George’s Class Art or MsGeorgesClassArt.  It is my second heart.  I tend to it every day, and on the weekends, I create ten new prints.  Etsy is highly competitive, and I have not reached my goal of selling a print once a day.  I have read information about SEO and changed my tags for each of my prints.  Still, it’s hard to generate sales.  I post on Ms. George’s Art Facebook page, Pinterest, and Instagram.  However, business is still slow.  I’m not quitting.  My goal is to keep the store open for three years and evaluate its status.  I am hoping that three years will generate the passive income I am seeking.

                Besides a passive income, I am loving making beautiful teacher prints to hang in classrooms, offices, or home.  I love crafty items.  Every weekend, when I am creating a print, I think back to when I was a junior board advisor.  I used to spend hours creating tickets, little booklets, and flyers for prom. If I knew what I know now, those items would have been beautiful.  Hey, you have to learn somewhere.  To date, I have over 75 items that I have created.  I sell more than just prints. I also sell coffee mugs and tote bags.  What teacher doesn’t love a mug or tote! I also sell cosmetology items.  Cosmetology will always have a special place in my heart, and I felt it was fitting to include those prints in my store.

The prints are not selling as quickly as I would like, but I’m being patient, and I’m adding mugs and totes to the store.  I have put more money into the store than I have received, but my attitude is still hopeful.  Having a passive business is not like I imagined with the hard work at the beginning and waiting patiently for someone to purchase an item.  If you’re interested in Etsy, I would suggest doing a lot of research and being prepared for slow times within the business.

                Check out my store and tell me what you think.  I tried to keep the theme of the store similar to the theme of my blog and keep the pictures bright and pretty.  I joined several groups on Facebook, and two groups stated that my store was beautiful.  I was happy because I truly put a lot of work into my store, and I nurture like I do my blog.  Tending to my store makes me happy. I can announce that I am an entrepreneur. 

What’s next?

                I wrote down a few goals that I would like to do with my Etsy shop.  I want to continue to work on the SEO of my items, sell one item day, and market more.  I am strongly considering opening another store with another niche.  Since I worked on Etsy all by myself, I can help others with their Etsy banners and create logos for their store.  I may open another store in the summer, when school is out.  Creating my store has been so fun and a confidence booster.  Sometimes, I cannot believe how much I learned and created just by following a few easy steps. 

                I have been considering making more YouTube videos.  I am divided between Ms. George’s Class topics and Etsy topics. Do I want to talk about teaching strategies, or do I want to demonstrate how to be successful on Etsy?  A student in my Career Exploration class told me to create videos about the subject I teach.  She told me to talk about work ethic and personal goals. I feel pretty confident in the field, but I can’t say it is my passion.  I am passionate about teaching, motherhood, and Etsy at this moment.  Years ago, I was very passionate about the Bible and spent countless nights studying it.  However, when I divorced my ex-husband, my passion died.  My point is, right now, I’m passionate about these items, but they may change.  I think a YouTube channel about teaching will be the best fit for me, and I have been brainstorming topics I would like to discuss. 

                Another goal I would like to conquer is social media.  I would like to have a presence on Facebook and Instagram.  I have 200 followers on Facebook and 145 followers on Instagram.  I feel pretty confident that I will gather more followers on both platforms.  I focus my attention on both sites after work and market to gain more followers.  I’m still learning about Instagram.  I used to like photos on Instagram, but now I am posting photos, quotes, and items from my store.  It is different from being a spectacular.  I hope to see if all my hard work using social media will pay off.  

                My Etsy shop, MsGeorgesClassArt, is my focus, and I am attempting to build a lucrative passive income.  I focus on the appearance of the shop, the items, and marketing.  It’s a lot of work, but once it picks up momentum, I hope I can relax on the daily task.  Do you have a passive income?  What do you do to generate more income for you and your family online?  Leave your comment below.