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May 2016 Debt Repayment

May 27, 2016
AUTHOR: Emilie
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So here is how I started the month.

April
Loans
ECSI (College Debt): 8586.00
Upstart (Starter-life Debt): 5278.85

Credit Cards
Southwest (Chase): 3046.13
Discover: 1249.44

Combined Debt: 18,160.42 

And here’s all the progress I made:

May
Loans
ECSI (College Debt): 8528.77 (-0.7%)
Upstart (Starter-life Debt): 4970.92 (-5.8%)

Credit Cards
Southwest (Chase): 3080.86 (+1.1%)
Discover: 1074.44 (-14.0%)

Combined Debt: 17,654.99 (-505.43 or 2.7%)

Another month where I’m proud of myself because this month was hard. So let’s talk about this…

In May, I:

  • had movers come pick up my stuff and move it to my new home in North Carolina.
  • had my Dad come visit me in Baltimore for the first time.
  • went to my sister’s college graduation in Miami.
  • had my Dad and sister come visit me in Baltimore for the last time.
  • said goodbye to all my friends in Baltimore.
  • drove to New Jersey for my sister’s graduation party.
  • said goodbye to all my family in New Jersey.
  • moved to North Carolina (drove down by myself).
  • bought groceries for a new home (always so expensive that first trip).
  • bought a washer and dryer.
  • bought a vacuum.

Are you in shock right now too? How did I manage to pay off any debt?! Well, I tapped into my savings for this. More than anything, my top priority was not accumulating more debt. I did end up winding down my savings below the $1000 line, so going into June, that’s my top priority. I also did not make a payment on my Southwest CC in May. With the way the pay cycles aligned, I still have until June 7 to make a payment, so I decided that in the best interest of my current financial status I was not going to make a payment in the May calendar but would pay June 1, so that I didn’t actually miss a credit card payment.

I’ve already scheduled my payments four all four of my debts for next month. I’m going to be paying the minimum to focus on rebuilding that emergency fund, but I should be able to get it back to $1000 in less than two months with all my minimum payments.

Thinking big picture, I think I should have all my credit cards paid off by the end of 2016 and all debt paid off by the end of 2017. Of course, these plans don’t account for things like my freelance income, any bonuses, or a raise. All that money will only accelerate my snowball and I could not be more excited. Despite everything this month and wanting to just give up repeatedly, I’m glad I was still conscious of my spending enough to keep myself in check.

Living in a new place, in a new circumstance, I have a new budget. I hope to be sharing about sometime next month. I had to give myself a little bit more of a “home” budget now that I’m working from home full time. I need to spend a little more money building that out than I have on my home before. We’ll see how it goes!

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.