In August 2012, Bobby Hoyt decided to get serious about putting money toward his $40,000 student loan debt. Eighteen months later, the high-school band director was completely debt-free.
In order to fast track his debt repayment plan, Hoyt — who is now a full-time financial blogger — made several short-term sacrifices.
"The reality is, if you have a lot of debt and you want to get rid of it quickly, there's no comfortable way to do that," the 28-year-old teacher-turned-entrepreneur told CNBC. "Cutting back on eating out, or living at home, or not doing all the fun things that your friends are doing is uncomfortable — but you have to realize that it's all temporary."
Plus, "it's OK to be poor for a little bit," he said. "A lot of people don't realize that. They want to start living the good life immediately, but when you're young it's OK to struggle a bit."
Here are five things Hoyt lived without in order to contribute 75% of his paycheck toward his loans and become debt-free as quickly as possible: