5 things I gave up to pay off $68,000 of debt

Flickr/Holly Lay

When I graduated in May 2011, I had $68,000 in student loan debt. I knew that paying off my student loans was going to be tough, but was determined to do it as quickly as possible.

In order to pay off debt, I would have to do two things: spend less and earn more. I promptly began to side hustle, while also making lifestyle choices that helped my bottom line. Over the past four and a half years, I've continued to live this way and have paid off $54,000.

But it didn't come without sacrifice. Here are five things I've given up to pay down debt — and whether or not the sacrifice was worth it for me:

1. Health insurance

For the first two years after graduation, I was working part-time and seasonal jobs that didn't offer health insurance, so I decided to go without it. Not having health insurance amounted to an annual savings of $3,000.

(However it's important to note that since 2014, the 2010 Affordable Care Act mandates that you can't go without health insurance without paying a financial penalty. In 2016, an individual without health insurance will be charged 2.5 percent of his or her household income or $695, whichever is higher.)

Even though it made me nervous going without health insurance, everything was fine — until I got really ill. One hospital visit later, and I was cursing myself for not getting health insurance. I was able to get the total bill partially covered because of my low income, but had to pay a little over $1,000 for hospital-related costs.

In the end, I still saved money, but I don't think it was worth it overall. I was constantly anxious about getting ill and when I did get sick, it proved to be an expensive and unnerving situation.

Total Savings: $3,000+ per year.
Worth it? No.

2. Having a pet

Growing up, I always had cats. I adore cats but made the tough decision to not get a pet until I'm debt-free. I know deep down that pets are worth it and can change your life, but I can't justify the expense until my debt is paid off.

According to the ASPCA, cats can cost around $1,000 per year. However, the actual cost of owning a cat isn't what pushed me toward this decision — it was seeing many friends take their cats to the veterinarian for a surprise visit because of a swallowed needle or some other mishap, and having to pay between $2,000 to $5,000 for the visit. I didn't want to put myself in a position where I'd have to decide between caring for my pet or paying my student loans that month.

Total Savings: $1,000+ per year.
Worth it? Yes.

3. TV/cable

I gave up television after I graduated college and moved out of my parents' house, and I've never looked back. In all these years, I've never had a television or cable. Only recently did I end up getting Netflix.

Buying a television would cost several hundred dollars, and cable could cost between $20 and $80 per month. For something I don't miss, it definitely wouldn't be worth the cost. I'm happy sticking to library books and Netflix, which costs less than ten dollars a month.

Total Savings: $240 to $960+ each year.
Worth it? Yes.