Woman Downsizes Apartment, Does 'No-Buy' Year To Pay Off $30K Debt On $45K Salary

In 2023, a TikTokker named Angela went viral for her efforts to get debt-free. On May 3, Angela achieved her goal, paying off over $30,000 in debt on her salary as a baker. 

What started as a "no-buy" year extended to 488 days as Angela strived to pay off her accumulated debts successfully. She downsized from her one-bedroom Atlanta-based apartment and rented a room, lowering her monthly rent to just $700. 

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Angela started by keeping track of all her expenses, debts, and income in a notebook, so she knew exactly where her money was going and what she needed to cut back on. 

"I'm not a smart finance girly," Angela says. "I don't know how to use spreadsheets. I got this $2 notebook from Walmart and it's been my lifesaver." 

Many people lose track of their finances by not tracking their spending. Most Americans tend to overspend, frequently getting credit cards to cover the overages. A survey from NerdWallet found that 84% of Americans exceed their monthly budgets, and 44% say they use a credit card to pay for their additional purchases. 

Once she had a better idea of what she spent her money on, Angela moved forward with a no-buy year to cut unnecessary expenses and put as much as she could toward her debts. She set her own rules for the no-buy year, including no new skin care products unless she was out, no new makeup, no new clothes unless they were thrifted or work-related, no new books, no home décor, no plants, no art supplies, and no nail appointments. 

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Of course, she set some rules for herself regarding things she could spend money on, like taking out once a week and allowing her cash tips to be free to spend on small treats. 

"I get cash tips every two weeks," Angela says. "It’s not a lot, but it pays for like three coffees, and that’s fun. I can buy a candle, oil, or incense, but only one at a time, and only when I run completely out of it."

Many commenters were inspired to do their own no-buy year to pay off their debts and save money. 

Angela even offers guidance to those who want to follow in her footsteps. "My advice would be to make realistic achievable goals and develop your plan, write all of your rules down, make your final purchases that will help you stay true and on track, and then start immediately. But remember that gratification isn't always instant."

Angela's journey highlights how important money management is to controlling one’s financial future. By making sacrifices and sticking with them, she eliminated a significant amount of debt on a modest salary. However, getting out of debt is only one aspect of the financial stability puzzle. Moreover, it's crucial to plan for the future and explore avenues for maintaining financial security. 

If Angela's story has inspired you to take control of your finances, consider consulting a financial advisor. They can offer expert guidance, help you stay disciplined, and provide strategies that align with your unique financial circumstances. Taking this step can make a significant difference in achieving your financial goals and ensuring long-term financial health.

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