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August 2017 Debt Repayment

August 25, 2017
AUTHOR: Emilie
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Welcome to August’s debt repayment update where I show you the progress I made on paying off my debt over the last month. If you’re new to Burke Does, you may be wondering why I would want to share these very real and personal numbers on the blog. You can simply skip to the next section if you’re not new here.

This all started soon after college when I tried to build my first budget and had no idea how to do that. While it took me a while, I did successfully start budgeting and get a grasp on my debt. In January 2016, I shared my financial status. At the end of the year, I shared my Financial Year In Review. I try to be as transparent as possible in my successes and my failures. Just real, no fluff or BS here.

August 2017
July August Change Percent Change
Car Loan (USAA) 14352.46 14057.43 295.03 2.05%
ECSI 7736.22 7675.07 61.15 0.79%
Upstart 2426.09 0 2426.09 100%
Combined Debt 24514.77 21732.50 2782.27 11.35%
Retirement
Traditional IRA 1608.66 1600.15 -8.51 0.53%
Roth IRA 8409.15 8367.50 -41.67 .50%
Combined Retirement 10017.81 9967.65 -50.18 -.50%
Not-an-accurate-net-worth  -14496.96 -11764.85 2732.11 18.85%
Car Value 12974 13908 +934 7.20%
Still-not-an-accurate-net-worth -1522.96 2143.15 3666.11 240.72%

Do you see it?!

Debt

GUYS I PAID OFF MY UPSTART LOAN.

via GIPHY

Yes, so I know I’m going to be traveling a lot for the next two months (more on that below) and I’m not going to have a ton of $$ lying around, so I dug really freaking deep this month to make this happen! These frees up about $200/month in payments that I’ve already auto-added to my student loans. If I want to pay this off in 6 months, I need to pay $1200/month. Unfortunately, that’s just not going to happen, but I am really excited to tackle this things.

To know that I’ve crossed another debt off my list just feels SO good. Remember I started with 8 debts on this list. Now I’m down to two. Yes.

Also, all my interest rates are under 5% now- my student loan being the higher of the two!

Retirement

This is the market being the market, but it’s okay. I’m bummed to have dropped below 10K, but I’m not doing anything here.

In case you’re curious, I invest through Betterment. My Roth IRA also includes a Roth 401K that I rolled over from a previous job. My Traditional IRA is the 401K Match that I rolled over from a previous job.

Not-My-Net-Worth

Net Worth is Assets – Liabilities. Here, it’s my retirement accounts minus my debts plus the value of my car. This is not an accurate net worth because it doesn’t include the assets I have in bank accounts (emergency funds, sinking funds, etc.) or the other sizable assets that I may have. This, though, is a good indicator since it gives a solid sense of how things stand.

Despite the small dip in my retirement accounts, I was really shocked by the positive jump here. For some reason, according to Kelly Blue Book, my car value went up despite having added 2000 miles to it. It’s confusing, but that’s what KBB says and they’re the experts some I’m using it!

It’s kinda insane to me that this value is positive since I didn’t think that’d be the case until maybe the end of the year! I guess chucking that student loan away did move the needle more than I had expected. I’m so excited to continue to see this grow!!

Looking Forward

I mentioned this ever so briefly above, but let me lay out some travel details for you.

As you may know, I’m going to Brasil in September for my cousin’s wedding. I scored a crazy-great deal thanks to the Scott’s Cheap Flights emails, spending $435 for a normally $900-1000 flight! It is out of Orlando (MCO), but my dad is living two-hours only two hours away from Orlando, so I’ll be flying to Orlando the day before my trip to Brasil. Then I’ll leave for Brasil where I’ll be for 12 days before flying back to Orlando- with a 20-hour layover in Bogota, Columbia! Then I will spend two days visiting my Dad before heading back to Fayetteville. For the record, the flight to Orlando cost $184 round-trip, plus $35 for a checked bag fee for an extra bag that my mom is having me take for her (and she is paying for the fee). My total cost for this trip was $618, still a steal. I’ve set aside plenty of money for this trip, so I shouldn’t have to touch any of the looseness in my budget while away from home for three weeks of the month!

That’s actually a good thing because I will be traveling even more in October. I will be going to MilspoCon in Wilimington, NC in the beginning of the month. Then I’ll head to New Jersey to drop off Bo with my sister (trying to save on boarding costs!) before flying to Europe! I’ll be visiting France, Spain, and Portugal over the course of two weeks all for work. I’ve only ever been to England, so getting to visit mainland Europe is very exciting to me! I can’t wait to color in more countries on my travel map! I’ll get back from Europe just in time to head to Dallas for Milblogging and FinCon! Afterwards, I’ll head back to NJ to pick up Bo before driving home to North Carolina. It will be a long adventure, but it will be so, so, so worth it.

In terms of cost, I have already set aside a significant amount of money for Milblogging and FinCon, as well as MilspoCon. For Europe, 7 days of lodging and food are provided for me, as well as all of my airfare! I will have to cover a week’s worth housing and food, but I’m confident that my September and October spending money will comfortably cover that.

If my numbers are right, I’ll spend the next two months adventuring tons and still have plenty of cashflow. My hope is that at the beginning of November, when things start to settle down, I’ll be able to make a niiiiiice payment on that student loan.

Any suggestions on how I should celebrate paying off my student loan? I’m thinking about indulging in a mani-pedi this weekend!

mm

Emilie is a data engineer by day and lifestyle blogger by night. A Jersey girl at heart, she is currently living in her fifth home in three years, Savannah, GA with her college sweetheart. She’s learned the hard way that home is wherever the Army sends them. She enjoys eating food, cuddling with her dog, and binge watching HGTV.