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March 2016 Debt Repayment

March 25, 2016
AUTHOR: Emilie
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So here is how I started the month.

February
Loans
ECSI (College Debt): 8686.00
Upstart (Starter-life Debt): 5430.23

Credit Cards
Southwest (Chase): 4404.17
Amazon (Chase): 1845.74
Discover: 446.85
Gold Delta Skymiles (AmEx): NONE
Starwood Preferred Guest (AmEx): NONE

Combined Debt: 20812.99 

And here’s all the progress I made:

March
Loans
ECSI (College Debt): 8686.00, debt repayments start next month (0%)
Upstart (Starter-life Debt): 5278.85 (-2.8%)

Credit Cards
Southwest (Chase): 3257.50 (-26.0%)
Discover: 1399.44
Amazon (Chase): 201.45
Discover and Amazon Chase change: (-30.1%)

Combined Debt: 18,823.24 (-1989.75 or 9.6%)

 photo March Debt_zpsynx8lyrq.jpg
Not bad this month, amiright?

Okay, okay, let’s be real. This month’s numbers were HUGE.

I netted about $1500 in my tax refund this year (after filing to pay and paying New Jersey. I put 10% to saving and 10% to “fun.” I’m heading to Georgia in two weeks. I am attending a wedding in Ohio in April. I’m going to my sister’s college graduation in Miami in May. I knew that putting a little bit away now would be worthwhile to make sure I don’t fall back into debt.

So what’s the approach I’m taking now? I’m still debt-snowballing but with an asterisk.

My first goal is to wipe that Amazon debt away, which I should be able to do next month. I say should instead of for sure, because I’ve committed to paying $175/month towards my Discover card. This lets me take advantage of the 0% APR for 9 months promotional rate that I currently have. This is only a worthwhile move if I can wipe this debt free in that time, which is why I’m paying 175/month.

Because of this I’m snowballing my Southwest and Amazon cards first. My only concern is that now my minimum debt repayments are 100 (ECSI) + 188 (Upstart) + 175 (Discover) + 130 (Southwest) = 593, which doesn’t leave much left for my snowball since I only have $625 budgeted for my snowball. This is a bummer, but also an incentive to really dig into other parts of my budget to see where I can find more money.

Going in to April, I’m feeling good. I’ve set aside money for the extra expenses I’ve foreseen. I have some really awesome opportunities coming up, so I’m going to have to be strict about self-control and not letting fomo win.

Let’s talk: How did you do with your debt repayment this month?

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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.