Debt Repayment Recap #2 (June 2015)

HOW IN THE WORLD is 2015 halfway over? What is this madness? What is this nonsense? Moving on to the more important things. Like a recap of what I’ve been doing the past month in regards to debt repayment.

Debt Repayment Recap #2 // June 2015 // stephanieorefice.net

 

As of May 25, 2015, this is what those numbers look like

Car: $20,426
Dental Credit: $1,627
Credit Card: $1,668

Combined debt of $23,721

 

Here is where those numbers stand today:

Car: $20,074 (-1.72%)
Dental Credit: $1,368 (-15.91%)
Credit Card: $1,495 (-10.37%)

Combined debt of $22,937 (-3.3%)
IN JULY, I will FINALLY owe less than $20,000 on my car!! I’d considered paying an extra $75 so I could see that number sooner but I took that money and put it towards my dental credit… because there’s a huge difference between a 20% interest rate and a 3% one, haha.

 

Let’s look at my

JUNE GOALS:

$150 towards Dental Credit
Smashed this! After the interest charge I ended up putting $259 towards my dental credit. If I pay that much each month, then I’ll be free of that debt in less than 6 months. I still threw a lot of money towards my credit card, so next month I may pull back on that one to see how quickly I can pay off my Dental Credit!

Cash Only
Fail. Absolute fail. We went to Disneyland. I forgot to take money out. Game over.

Drop my overall debt by 1.5%
Smashed this. I was down 3.3%. BUT. I’d looked at May’s drop, which included an overlooked charge, and based June’s from there. If I’d only dropped by 1.5%… I wouldn’t have even paid my complete car payment, haha.

 

JULY GOALS

$260 towards Dental Credit
I did it last month… I can do it again!

Cash Only
Let’s try this again, shall we? No Disney trips on my horizon this time.

Drop my overall debt by 3.3%
Keeping up a good thing.

 

For some reason, this month was really hard for me. Even though I did a pretty good job of throwing money at my various accounts, I felt like I was constantly spending money. Something about traveling that will do that to you. The good news is that the other day I was trying to figure out how in the world I’d spent $70 in cash in a week without having any idea of where I’d spent it. Then I found $52 hidden in my wallet. So we’re good on that one.

You know what I keep doing? I keep thinking of all the things I could do if I had no debt. Nothing super crazy, but like… I could put a lot of money into savings, I could quickly earn a lot of Southwest Airlines Rapid Rewards points by taking short trips more often… not that I’d become some sort of ultra glamorous person, but I can’t get past the idea of FREEDOM.

 

Past posts on Debt Repayment:

17 Comments

  1. Travis
    June 30, 2015 / 7:08 am

    Way to go!!

    I’m sorry my reply to you last week about this was so emo. It was a bad day. I’ll email you later and tell you where we’re at on our debt and all of that.

    • July 3, 2015 / 10:37 pm

      i already texted you about it but again… NO WORRIES. that’s what friends are for. keep me updated. and e-mail me.

  2. June 30, 2015 / 7:43 am

    I love that you’re tracking by percentage and not dollars!

    • July 3, 2015 / 10:38 pm

      thanks! i figured that watching that percentage go up as the balance goes down would be more rewarding than watching similar numbers each month. 🙂

  3. June 30, 2015 / 9:04 am

    Is it weird that these posts fascinate me? I’m so interested! Haha! I’m pretty frugal and so excited for when my student loans are paid off (in like 10 more years…) and I try to pay down my credit card in big chunks (not just the minimum payment).

    • July 3, 2015 / 10:39 pm

      NO! they absolutely fascinate me too, which is why i started doing them! it would be so awesome to eventually do budget posts, but let’s be real… i’m not the best at budgeting. or income reports, if i were able to generate some sort of online income at any point in time haha. you should try to pay your student loans off faster!

  4. June 30, 2015 / 1:56 pm

    Good for you!! Look at that 15% on the dental bill. You are killing it.

    • July 3, 2015 / 10:40 pm

      awwww yeeeaaahhhh!!! that’s the one that feels like a beast. the minimum payment is $75/month, which would take me like FIVE FREAKING YEARS to pay off with the 20% interest. um, no thanks AT ALL. getting that one out of the way ASAP.

  5. July 1, 2015 / 3:30 am

    Awesome job! I’ve still got school loans I’m paying off so I know the feeling. But having a plan like yours is the way to go! Keep it up, high fives from afar!

    • July 3, 2015 / 10:41 pm

      THANKS KELS!!! <3
      keep going with yours. throw as much extra money towards it as possible… i'm looking forward to financial freedom!

  6. July 1, 2015 / 7:30 am

    you go girl!!!! also i have yet to get a credit card…i applied a few times before getting a full time job, and all the rejections make me want to wait even longer til i apply again (which is not logical. also i’m going to need a credit score at some point in my life. so. yeah.) 😛 congrats on making so much progress!!!

    • July 3, 2015 / 10:42 pm

      oh gosh… it took me YEARS to get a credit card. i actually bought my car to help improve my credit so i could get a credit card. when i finally got one i was like… PRAISE THE GOOD LORD!!! LET’S BUILD ME SOME CREDIT!!!! haha.

  7. July 2, 2015 / 12:37 pm

    Nicely done!!! This month was tight, so we didn’t get much paid toward our debt besides paying regular bills. I’m so impressed with you!

    • July 3, 2015 / 10:42 pm

      thanks!!!! dude. etsy store, i’m telling you. make some side hustle dollars to put towards your debt! small amounts matter!

      • July 4, 2015 / 5:14 pm

        What do you sell?

        • July 10, 2015 / 2:31 pm

          oh. i don’t. but you should ;D

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