This Millennial Paid off $47,000 in 12 months


Devon Horace graduated from St. Joseph’s College in Brooklyn NY with a degree in Psychology in 2015. Like the average college graduate, Devon had amassed $37,238.38 in student loan debt. He also accumulated close to $10,000 in credit card debt and moving debt when he moved across country from New York to Oregon. In total Devon was facing $47,328.38.

He says “I was listening to the statistics on college graduates debt and the minority ability to invest and leave behind generational wealth. I didn’t want to be a statistic and I did not want to owe someone money.”

Devon is 1 of 8 children, from a single parent household, African American, grew up in an “urban” environment, and graduated with the average amount of student loan debt.

Since he did not want to be another statistic, he came up with a plan to pay off his $47,328.38 debt in 12 months.

3 Essential Things He Did to Pay Off Debt:

1.“I studied ways to save money. Understanding money is a skill and just like with all skills, you have to keep them sharp by learning more and new ways to challenge yourself on that subject.”

2.“I created a budget sheet and I use it every month, even still to this day. Whenever I spend money I record how much it is.”

3.“I made more money. Whether it was a raise from my job, selling my personal things online or taking on little side gigs, I was always making extra money when I could. With that extra money I made, I put it directly into my debt, always.”

The hardest part he says was, “Missing out on a lot of events and networking opportunities. I knew if I were to go out and socialize with friends I would spend money. Whether on transportation, having a drink, or food while I was out. I knew that I would have to keep my distance and let my friends and family know how serious I was about my goal. If it wasn’t free, you weren’t seeing D.” haha

He learned a lot from this experience, specifically that he can live off a very little amount of money.

“I bought my basic essentials, I went grocery shopping spending just $20 every two weeks, and I had one black pair of jeans, one blue pair of jeans and a pack of t shirts. I truly started to notice all the extra material things were just that, extra.”

Devon says, “I ate pasta for a year straight, a box of pasta was $1.39 and a jar of sauce was $5.”

How did he stay motivated throughout this process?

“I thought about all the things I could do with my money once I paid off my loans, all the future investments.”

Now that he is debt free he is investing his time and money into helping others.

“I started a business, Horace Consulting, where I help people build a brand, learn and understand their finances and help them achieve their financial goals. I have been attending more events and doing a lot of appearances in high schools and community colleges talking about my journey and ways people can prevent it or overcome debt.”


His advice to those in debt: “Get rid of it”

“Get rid of your debt before you do anything else. Trust me, instant gratification is good, but long-term results lay the foundation to build on.”  

Be sure to follow Devon at:

Instagram: @D.Horace

YouTube: Devon Horace

I love Devon’s story because he set a goal, created a budget, and then executed it, after 12 months he was completely out of debt. It may take you longer than 12 months, and that is okay, the last Young Adult Game Changer Story took 3 years to get out of debt. Everyone has their own pace, the key is coming up with a goal and a plan to get there.