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February 2017 Debt Repayment

March 3, 2017
AUTHOR: Emilie
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Welcome to February’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 too me a while, I did successfully start budget 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. We’re just real here, no fluff or BS here.

February 2017
January February Change Percent Change
Car Loan (USAA) 15880.74 15626.76 253.98 1.60%
ECSI 8062.30 8002.89 59.44 0.74%
Upstart 3695.49 3529.06 166.43 4.50%
Credit Cards
Southwest (Chase) 2013.38 1668.89 344.49 17.11%
Amazon (Chase) 0 0
Discover 2182 2090.50 91.50 4.19%
Chase Sapphire Reserve 481.78 0 481.78 100%
Combined Debt 32315.69 30918.10 1397.59 4.32%

I guess this was an okay month.

At the end of last month, I was disappointed to say that I had gone up in my total debt. This was in large part due to the fact that I was sitting on a sizable work reimbursement that I was waiting for. I got that reimbursement and immediately chucked it at my debt. There’s something about wanting to pay off debt aggressively and not being able to that is frustrating AF, if we’re going to be totally honest here.

This was the second month in a row with a nil on my Amazon CC. That means that I will drop this card off my report going into March. I do have cards, like my Delta Skymiles AmEx that I do not use but have for strategic reasons. This Amazon card with my a charge and pay immediately card moving forward- like a debit card. My new day-to-day use card will be my Chase Sapphire Reserve card. The rewards are pretty great and it’s a nice card to carry around with me.

I’m focusing all my energy on that Southwest card now that has been with me since I first started paying off my debt! I think I can have that thing crushed in March-April-May, so that the end of the May it should have zero balance. Then I can move on to that Discover card next.. but one goal at a time.

I filed my taxes and already got my refund back! Thanks Sonia! Sonia is a local mil-spouse who I met through the local chapter of the Milspo Project. She’s been extremely helpful. I got a huge chunk of money back and while it was tempting to throw it all to pay off my Southwest card and most of my Discover card (literally, I could pay that 3K off right now and be credit card debt free right now), I know that I’m going to need liquid money when we close on the house next week, so I’d rather not put myself in a pickle.

Do you like me new nifty goal chart? I spent $20 at the local printer (Thank you Biz Cards Xpress Fayetteville!) to have this goal chart printed out. I thought it might be cool to have this constant reminder in my office of how I’m doing and to not spend on those impulse buys because my goal is right their constantly in my line of sight! Even though I had filled out the bottom (the red) when I got it, I hadn’t gone into any depth on in. As I prepared this report, though, I did the math and marked each of the tick marks. Then I colored in where I am right now. It felt really good to color that in! I can’t wait to have this visual reminder in my home all the time.

Also, I set aside the $1500 I wanted to have set aside for FinCon! You’ll see I’ve now crossed that off my goal list at the bottom of this page.

2017 Financial Goals

  1. Build emergency savings fund to 4K.
  2. Be financially prepared for Ricardo’s Wedding ($2000 by August) and FinCon ($1500 by October).
  3. Pay off 20K of debt

Current Debt-Free Date: November 2018.

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