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Does The Debt Snowball Method Really Work?

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Having debt can be overwhelming. Sometimes it may feel like a never ending abyss of bills upon bills. Working hard, earning money, yet at the end of the month there’s nothing left in your bank account. Did you know that 4 in 10 people live paycheck to paycheck? I was in the same position where I thought I could never get out of debt. My husband and I had $127,229 worth of debt, ridiculous, I know. We got serious about wanting to get debt free since September of 2018. We tried to find the best debt payoff strategy and came across the debt snowball method. You will find out if this method has worked for us or not.

What is the debt snowball method?

It’s a very simple and easy debt payoff method which targets the loans with smallest balances first while keeping up with minimum payments for all other debt besides the mortgage payment.

Over time, as each debt gets eliminated, your monthly payment applied towards the next debt item grows larger and larger.

Your “rollover” money essentially becomes a “snowball” as it grows into a larger payment being applied to your debt items.

How does the snowball method work?

The debt snowball method was so easy for us to implement into our debt repayment strategy. It didn’t require any special calculations or special programs. All you really need is a pen/paper/or computer.

Step 1

List ALL DEBT (excluding mortgage). Debt with the smallest balance should be listed on the top.

Debt Snowball Method-My Financial Hill- Free Debt Snowball Worksheet Printable

Step 2

Pay minimums on all debt to stay current

Step 3

Any extra money (after budgeting, extra income, savings, etc.) is applied to Debt #1 on the list.

Debt Snowball Method-My Financial Hill- Free Debt Snowball Worksheet Printable

Step 4

Once Debt #1 has been paid off, take the minimum amount for Debt #1 and apply it to the minimum amount for Debt #2.

After Debt #2 has been paid, take the *New minimum amount for Debt #2 and apply it to the minimum amount for Debt #3, and continue until you reach your DEBT FREE GOAL.

Debt Snowball Method-My Financial Hill- Free Debt Snowball Worksheet Printable

The debt snowball method worked extremely well for our debt payoff progress. We went from having $127,229 worth of debt down to $37,250. We’ve paid $89,979 worth of debt so far since September 2018.

September 2018

8 Credit Cards
1 Car Loan
2 Medical Loans
2 Student Loans
1 Personal Loan + 1 Personal Loan From Family
Credit Score Upper 600’s-Low 700’s
$127,229 Total Debt

June 2020

1 Student Loan
1 Personal Loan From Family
Credit Score Mid 800’s
$37,250 Total Debt Remaining

The snowball method helped pay off debt very fast. We paid down more than $50,000 within the first 10 months all thanks to implementing the debt snowball method. It was awesome going from 15 debt items to 2 now.

Try your own debt snowball method with the free printable below!

Does the debt snowball method really work?

Yes, it does! It’s definitely worked for our situation. We went from having 15 debt items down to the last two remaining.

It felt as if we were able to pay off debt very fast with the snowball method. We were able to pay off more than $50,000 in 10 months with savings, extra money earned, and also finding money saved in our budget.

The snowball method is also a very motivational way to help pay off debt. As we started seeing the small debts get knocked out, it definitely encouraged us to keep going.

There’s nothing better than to work at something and see results fast.

The snowball method definitely was so easy to apply while getting the results we needed to keep us motivated.

Give it a try with the free printable above. Let us know if this method has helped you to start knocking out debt.

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About the author

Hi everyone! I'm Jina the creator and founder of My Financial Hill. I was inspired to start this blog to help others reach FINANCIAL FREEDOM after our success in paying off over $100,000 in 24 months. I want to share everything I know about the debt paying process with you all because it doesn't take huge sacrifice, working 80+ hours a week, eating rice and beans, or never traveling. I'm here to show you how to find your own groove to become DEBT FREE !


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