My Debt Free Story: How Eduek Paid Off $47,000 in 20 Months

My debt free story is a OneSavvyDollar series where we interview millennials who have successfully paid off any major debt i.e. student loans, car loans, credit cards.

Please note: If you’re currently unemployed and facing so much uncertainty with your finances, it’s best to save as much as you can right now. If you’re still employed and carrying on with your financial plans and debt free journey then read on…..

The aim is to inspire, encourage, and motivate you to take hold of your personal finance because “financial fitness is not a pipe dream or a state of mind. It is a reality if you’re willing to pursue it and embrace it.” – Will Robinson

Can you tell us a bit about you?

My name is Eduek. I was born and grew up in Nigeria but I live in Canada now. I’m Nigerian – Canadian and an Engineer for an automotive tech company.

I am passionate about teaching women to learn how to manage their finances effectively.

What and when was your “sick and tired” of debt moment?

In October 2018, I made the decision to pay off my debt because I was simply tired of being sick and tired.

I was always complaining about being broke even though my income had increased over the years. So I decided to finally take action.

About 3 weeks after I had made that decision, I got laid off from my job. That became a point of no return for me because I never wanted to be in that position again with no job, a pile of debt and no savings

How did you acquire the debt and do you regret doing so?

I had a car loan, 3 credit cards, a line of credit, an overdraft, and 2 personal loans.

These were all consumer debt which pointed to poor financial planning and a spending problem.

I definitely wish I had made better choices with my money but I don’t regret getting into debt because this whole experience ignited a passion in me to help others be better with money and also created a strong discipline in me to manage my finances efficiently.

How much debt did you pay off in total? How much money in interest and time did you save in total?

I paid off $47,328.24  in 20months and I don’t know how much interest I saved.

Can you describe the specific choices you had to make to become debt free?

When I started my debt free journey, I drove Uber for a while because I didn’t have a job and even after I got a new job I still drove occasionally when I needed extra cash for my debt payments.

The major thing for me though was cutting back on my expenses.

I didn’t shop for clothes the entire time I was paying off my debt, I canceled my gym membership and most subscriptions,  negotiated lower bills for my insurance, internet, and phone, and cut back on my discretionary spending by almost 70%.

Was there any time during your journey where your friends and or family challenged your plans to pay off your debt?

No, I didn’t ask for their opinions.

Were any resources such as blogs, books, podcasts particularly helpful to you in staying on track? Or where did you find your inspiration to stay on track through your journey?

I started the journey with a friend and she was my accountability partner. The Dave Ramsey podcast was a big motivator for me, listening to people’s stories of how they paid off their debt encouraged me to keep going.

About 8 months into my journey, I started the twosidesofadime Instagram page where I stumbled on the debt-free community and that really helped me stay on track.

How did you feel when you made that final payment?  

I felt peace of mind.

What steps are you taking to ensure that you stay debt-free now?

Constantly keeping track of my goals, continue to budget, and be intentional about my spending. I also got rid of my credit cards to avoid the temptation of going back into debt

If you could go back in time and advise your 18-year-old self, what advice would you give him?

Learn how to manage money before you start earning an income

What advice would you give anyone who has debt and seeking encouragement?

Just start, no, matter how small it is, start your journey, you can stop but don’t quit. It’s worth it in the end

How can our readers keep in touch with you?

I am most active on Instagram: twosidesideofadime and my website will be launching soon.


Congratulations, Eduek! Here’s wishing you much success on your financial journey.

About Ogechi

Hello, I'm Linda Ogechi. I'm a financial educator, real estate investor, and founder of OneSavvyDollar. I write to empower you into saving more, paying off debt, increasing your net worth, and building real wealth so you can achieve financial freedom

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