How I Crushed My Debt and Became Financially Stable

My tips for breaking free from debt, based on my own experiences

Have you ever had a dream that was shattered because of money?

That’s what happened to me. I always wanted to be a sportsperson, but my family couldn’t afford my training. So I did what most people do in India: I went to college to get a degree in computer science and was burdened with a lot of debt.

I completed my bachelor's and somehow I landed a job at a service-based company from campus placement. After 2 months of training, I was put on a support project, even though I always wanted software development and I had been good at it since my university days. My salary was $300 per month, and I had to pay $120 for my monthly student loan payment, $120 for my family expenses, and $60 for travel and personal expenses. My total debt at that time was around 16K $. In India, most of the time salary is very low for juniors.

So, how did I manage to reduce my debt?

I was trapped in a debt spiral. My salary was low, and I was struggling to make ends meet. I tried to cut back on expenses, but it wasn’t enough. I also tried to find a better job, but with only 7 months of experience, I kept getting rejected.

I was starting to lose hope. I felt like I was drowning in debt, and I didn’t know how to get out. But then I remembered the sacrifices my parents had made for me, and I realized that I had to do whatever it took to get my family out of this mess.

I started by looking for ways to reduce my travel expenses. I managed to get transferred to a project that was closer to my home. Then, when the team started downsizing, I volunteered to leave. I had always wanted to work on a client project, so I started looking for opportunities.

I eventually found a client project through a mutual friend. I worked hard on the project and quickly built a good reputation with my team lead. But when I asked to go on-site, he said no because I was too junior. I had around 1.5 years of work experience and my salary was around 350$ at that time.

A few months later, one of my senior colleagues had visa problems, and I saw this opportunity to go on-site in his place. I really had to convince my team lead and make him believe that I could take up this project responsibility. After some months of convincing, my team lead agreed and I grabbed the opportunity with both hands.

This experience taught me that it’s important to be persistent and to never give up on your dreams. No matter how difficult things seem, there is always a way to achieve your goals.

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How I Went From $350 to $4200 per month Salary in 4 Years: A Debt Reduction Story

I traveled to Amsterdam, excited to start a new chapter in my life. My salary increased significantly because I was paid in euros in Amsterdam, and I was able to save a lot of money. I was also given the opportunity to work on challenging and rewarding projects.

After two months, I was sent back to India, but I was soon sent back to Amsterdam for another seven months. This helped me reduce my debt even further, but I still had a long way to go.

When I returned to India, I was demotivated. My salary was back to $350 per month, and I was working on boring projects. I decided to switch companies. After some months of struggle, I was able to get a job with a salary of $850 per month.

I was happy with my new salary, but I knew that I could do better. I continued to learn and grow my skills, and during my notice period which was 3 months, I eventually got an offer from Citibank for $1100 per month.

I was thrilled with this offer, but I decided to interview with one more company just to be safe. I ended up getting an offer from a startup for $1300 per month.

I accepted the offer from the startup, even though it was risky to switch companies during the COVID-19 pandemic. I worked at the startup for three months, but I didn’t like it. The work pressure was too high, and my health was starting to suffer.

I remembered how happy and healthy I had felt working in Amsterdam with its amazing work-life balance. I decided to start looking for jobs in Europe again.

After a few months, I landed a job in Germany. I had around four years of experience at this point. Getting a job in Europe was a long and winding journey, but it was worth it in the end.

After arriving in Europe and starting my new job, I was finally able to pay off all of my debt, including my student loans, in just three months. It was a moment of pure joy, and I remember tearing up as I thought about all of the sacrifices that my family and I had made. I celebrated that day with my friends and roommates, and we had a blast.

I believe that hard times come in life to make us stronger and better people. They teach us resilience, perseverance, and the importance of never giving up on our dreams. I’m so grateful for the journey that I’ve been on, and I’m excited to see what the future holds.

I’m not going to lie, getting out of debt was hard. It took a lot of hard work, sacrifice, and determination. But it was all worth it in the end.

Based on my experience, I would recommend:

Make your current skills strong and Continuously learn new skills. This will make you more valuable to employers and help you advance in your career.

look for good companies where you can learn as well as earn high

Have a high mindset

Be disciplined and consistent

In the end, it is important to believe in yourself.

If you’re struggling with debt, I know what you’re going through. It’s a heavy burden to carry, and it can be hard to see a way out. But I want you to know that it is possible to overcome debt and achieve financial freedom.

I hope my story inspires you to never give up on your dreams. No matter what challenges you face, you can overcome them and achieve your goals.

To find more interesting stories about my experiences, please feel free to look at them here.

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