Calgary man pays off $85K debt by living in travel trailer for years

A Calgary man who decided to save money by living for years in a travel trailer named Wanda even when temperatures plunged to40 Chas finally paid off $85,000 in debt.

A few years ago,Geoff Westlockowed more than $40,000from a truck loan,film school costs andcredit card debt.

After the economic downturn in Calgary, he started worrying about whether he wouldhang onto his job. He did,but the uncertainty forced him to look closely at his financesand heavy debt load.

So he decided to take out another loan for$36,000 to buy a trailer and stop paying rent.

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He moved into his six-metre-long abodein May 2014 and started parking at free lots in Calgary usually big box store parking lots orindustrial areas.

Last winter, he even stopped running his heater in the winter.

His efforts have paid off, so he'snow spending a few days in Banff to celebrate.

"I got everything done this last pay day," Westlock told the Calgary EyeopeneronThursday.

"I had $29 and change to my name,but it's my $29."

Wore 4 sets of thermal underwear in winter

The few years have been unorthodox and difficult at times. He now works at a company selling industrial supplies.

In the camper, he relied on "the British heating system" of manylayers, including four sets of thermal underwear sewntogether at the cuffs.

Thetrailer has a furnace that only works with electricity access, like at a campsite.

Otherwise, he must turn on his battery-operated generator, which lasts only a short time in the cold.

Beyond saving money, Westlock said key to his debt reduction plan was paying more than his minimum payments each pay day.

'Stick to that budget'

That helped more of his money go towards the balance owing and not just interest, he said.

Westlock is upfront about his spending mistakes,and warns others to make good financial decisions.

"I learned pretty much that I was the architect of my mess-up and I was also the architect of my fix-up," Westlock said.

"You need to budget and stick to that budget."

'Go where I want'

Westlockplans to keep up his frugal lifestyle to build a rainy-day fund of two years' worth of expenses, plus a "dream account."

He wouldlike to buy a piece of land.

This journey has always been about freedom.- Geoff Westlock

"To me, this journey has always been about freedom because right now, I can live on about $400 a month and that's before economizing," Westlock said.

"As long as my current expenses are paid, I can go where I want and do what I want."

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• With files from Kathryn Marlow and the Calgary Eyeopener.