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November 2017 Debt Repayment

November 24, 2017
AUTHOR: Emilie
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Welcome to November’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 took me a while, I did successfully start budgeting 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. Just real, no fluff or BS here.

November 2017
October November Change Percent Change
Car Loan (USAA) 13545.29 13281.09 264.20 1.95%
ECSI 7336.66 4989.71 2346.95 31.99%
Combined Debt  20881.95 18270.80 2611.15 12.50%
Retirement
Traditional IRA 1674.65 1674.30 -0.35 2.56%
Roth IRA 8740.82 8789.97 +49.15 2.45%
Combined Retirement  10415.47 10464.27 +48.80 0.47%
Not-an-accurate-net-worth  -10466.48  -7806.53 +2659.95 25.41%
Car Value 13999 13807 -192 1.37%
Still-not-an-accurate-net-worth  3532.51 6000.47 2467.96 69.86%

Debt

Happy Car-aversary!!

Have you ever seen Parks & Rec? Do you know how Leslie Knope celebrates all of the anniversaries for nothing? I am also one of those people. I celebrate “first pizza date anniversary”, “first snow date anniversary,” and my boots-aversary, among a lot more Emilie-holidays. This month was my Car-aversary, the one year anniversary of me buying my 2015 Honda Civic with just under 15K miles on it.

The Night I Bought It

I remember feeling so good to have this beautiful car as I drove home from the dealership. I felt like I had just accomplished something.

Then I remember sitting down having “write debt update” on my to-do list and feeling SO incredibly guilty about it because How could I say I was working to pay down my debt when I just doubled it by taking out a car loan? I’m such a hypocrite. 

A year later, I’ve now realized that while what I did was not “ideal”, it was okay, and it’s fine.

I did, though, think that this would be a great opportunity to remind ourselves of the PItA that is interest.

I bought the car in November 2017. The loan would grow to 16130.48 before I made the first payment at some point in January. This month’s balance was 13281.09 for a total difference of 2849.39. I have been making payments of $288 for the last 11 months, for a total of $3168. That’s $318 that I threw away in interest. On the other hand, I’ve spend $0 on repairs this year.

Actually:

  • I’ve gotten the oil changed 4-5 times.
  • I once left my lights on and AAA had to come give me a jump.

That’s the only issues I’ve had with my car all year and piece of mind is worth paying for.

That being said, I still can’t wait to own this car.

This was a big month for paying off my student loan. I know it *feels* like a stretch, but I would really like to magically find 5K to get that student loan gone by the end of the year. If not, January.

via GIPHY

Retirement

Not a good growth month. Not sure what happened here.

Not-My-Net-Worth

The almost 3K swing here is mostly from that progress on the student loan this month. What gets me most excited here is the effect this has on my cumulative net worth. To think that I’ve got a roughly 6K positive worth is very exciting. I don’t know how to articulate this, but this number indicates that my worth is growing. It’s not just my debt going down, but also my investments growing. This is the closest I share to the whole picture, and it is exciting.

Looking Forward

Even though I told myself repeatedly that I wasn’t going to be traveling ever again, this month was a flop. For one weekend in November, I headed out to Boston to be there for my cousin’s surprise 30th birthday! We spent the rest of the month savoring being home. My dad even came to visit for Thanksgiving.

December is also shaping up to be a a pretty quiet month because we’re not going to be able to travel for the holidays. We do have a wedding to go to in South Carolina, though.

Lots of end of year craziness to get ready for ❤

How did you money do 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.