How to Pay Off $60,000 in 3 Years with the Debt Snowball

Reading personal finance blogs and one book is actually how I learned about the infamous debt payoff strategy called the “Debt Snowball.”

What is the debt snowball?

To quickly understand how the debt snowball works – just think of an actual snowball rolling down a hill. The more it rolls the bigger and faster it goes.

How do you start a debt snowball payoff?

You need to have a budget to really make the debt snowball effective and the reasoning behind this is that every dollar, every month is accounted for.

Step 1:

Open an excel sheet, write down all of your debt items in one column. In the next column, include monthly minimum payment amounts and in the third column interest rates.

Step 2:

Decide/figure out how much extra money each month you can contribute to your debt snowball.

Step 3:

Pay the extra as you get it. Online payments make it easy to allocate extra money to your debt.

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