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March 2017 Debt Repayment

March 31, 2017
AUTHOR: Emilie
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Welcome to March’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.

March 2017
February March Change Percent Change
Loans
Car Loan (USAA) 15626.76 15368.64 258.12 1.65%
ECSI 8002.89 7943.23 59.66 0.75%
Upstart 3529.06 3359.43 169.63 4.81%
Credit Cards
Southwest (Chase) 1668.89 1218.35 450.54 27.01%
Discover 2090.50 2048.50 42 2.0%
Chase Sapphire Reserve 0 0  —
Combined Debt 30918.10 29938.15 979.95 3.17%

 

I’ve really been itching for a big month. In the beginning of the year, there were the holidays, then we had visitors for a couple of weeks in a row, then we closed on the house, and I’ve felt like I’ve just been hemorrhaging money. I’ve been itching for a good month- one that really makes me feel good about making progress on my debt snowball. I shared last month that I felt like I was starting to gain traction again and this month definitely has me feeling that way!

That Amazon CC AND my Chase Sapphire card have both had 0 balances for three and two months, respectively. That means that I will drop both of them off my report next month. This is BIG. I was able to use the Chase Sapphire card without overspending to still get the 100,000 points promotional bonus they were offering (thanks to work expenses). I may turn my Chase Sapphire card into a work-only card. It can be confusing at times to cashflow work expenses and make sure I don’t screw up the numbers for my own accounting. I would really prefer to use my Southwest card for this, but I only use it to buy Southwest flights while I’m working to pay it off. (For the record, I immediately pay for the flights when I do that.

April is shaping up to be a pretty quiet month. There will be no traveling to Nashville for work this month so no expense reports to worry about cashflowing. March was a three paycheck month (I get paid every other week, instead of twice per month as I did at my last job) and while I promised half of that to the house, the other half should help get rid of that Southwest card and get me start gaining traction on my Discover card. How great would it be if I were credit card debt free before my 24th birthday in June? I can only imagine the relief.

Anyone else have March as a three paycheck month? Are you excited about what you’re going to be able to do with it?

 

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 running total 2377]

Current Debt-Free Date: November 2018.

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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.