February 2015 Debt Repayment Update (+ My Birthday Gift to Myself)


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If you're just joining me for my side hustle income updates, here's a recap.

  • At the beginning of the year, (2015) I was $8,164.97 in debt.
  • After spending the entirety of 2014 trying to pay back debt from my home renovation and failing in every possible way, I decided to come clean about my struggle with credit card debt.
  • To keep myself accountable and motivated, I committed to my readers that I was going to pay off all of it by the end of Q1 2015. Yes, I committed to paying off in 90 days what I could not do in 365. 
  • To do this, I calculated that I need to pay off $1200 every two weeks, or $2400 a month.
  • If I was able to save $400 from each paycheck for debt ($800 each month) I only needed to come up with an additional $1600 in side hustle money to hit my goal.
  • January was an incredible month for me in terms of side hustle income and paying off debt. (Read the full update here.) All told I paid off 48% of my debt for a total of $3,451.89 extra toward my debt in January alone.

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So, how did I do in February?

  • I took home (after expenses/quarterly taxes) $2,928.92 in February.
  • And I put $2400 of that away for paying back credit cards after setting aside money to pay the accountant + for me to pay freelancer taxes. 
  • Total put toward debt in February $2400 or 29% of the original balance.

Based on numbers for March the question is no longer “if” I'm going to make the goal and deadline, but when.

This is really happening people, and I can't wait to hit publish on the final, final, final debt repayment update later this month.

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But Wait…That Isn't All.. Here's How my Debt Repayment Challenge Turned Into a Great Birthday Gift

Paying off debt hasn't been the only transformation in the last few months. Ramping up my side hustle has not only allowed me to pay down debt, but I've also been actively contributing to my emergency fund (for why you should build up an EF before you pay down debt, see here.)

Having an influx of work has made me see, once and for all, that I can take the leap, work for myself, and make a living as a full-time blogger. (For more on how to balance a full-time job while growing your side hustle, click here.)

Within this “debt journey” I've also been able to see the support of the community and feel the power of my own voice. I want to put more time and effort into building this blog into a force within the industry.

So with those things in mind, and my debt payoff target and emergency fund goals on the horizon, I did it.

I put in notice at my full-time job. I quit.

My friend Paula always advocates “Set a goal and then set a damn deadline.”

So I did,  and come mid-April I'll be mastering my own destiny and my own days. I can't wait to share aspects of that journey with you all as well.

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