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March 2016 Debt Repayment

March 25, 2016
AUTHOR: Emilie
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Reading Time: 2 minutes

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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