DEBT SNOWBALL vs DEBT AVALANCHE - The Two Easiest Ways To Pay Off Debt

Today I'm breaking down two of the most popular debt repayment strategies and how they can work for you.

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Freedom In A Budget

[AvaElizabeth]

I always love your advice and motivation Kelly! I paid my largest balance first because it was an emotional thing for me (the money was owed to my parents and I wanted that debt out of my life ASAP). Now all I have left is my student loans and I’m doing the snowball for those quick wins to keep me motivated! Having a clear plan and focusing all my energy on attacking the debt has been the most important thing for me.

[BradFinn]

Kelly thank you so much for the great ideas.. "As long as youre sticking to one".. just like anything.. consistency is best! Thank you for your content!

[NicAngels]

We are doing the debt snowball and it’s been amazing! In 6 months we have paid off 7 credit card, a car loan, and a misc loan! It sort of worked out though the higher interest cards had lower balances. Our goal 2019 is to be credit card debt free, which is our next 3 debts!

[TheBudgetingWife]

Thanks for sharing, Kelly!! We used the debt avalanche while paying off debt so we could save more money. Our debts were also right around the same amount so we felt like we were still making psychological progress.

[jjbuckner]

Love both methods and also agree with you on just picking one and sticking to it. 💪

[sarahcb]

We paid off our credit card debt in a combo of both methods. First we attacked a credit card that had an APR almost 3x the other cards, it had to go! The monthly interest on that card was ridiculous and we were motivated to do anything to get rid of that big pain of a card. After that card was gone we went full snowball squashing smaller debts and rolling them into the next biggest debt. This is how we became free of credit cards at the end of 2018. Currently we splitting the snowball to conquer the student loans but also put more into being able to move and adopt.

[QuesttoFIRE]

Well tbh I’m doing what you said not to do and jumping ships between the methods about halfway through! I have two more debts to pay off with the snowball, then I’m switching to the avalanche for my last two debts to save money! 😅🤷🏻‍♀️🔥🔥

[healthygirl]

I am going to try the first method and see how it goes! I think that if I can get rid of the lower debts, then I can focus on the bigger ones. :) Thank you so much for doing this video! :)

[HomewithCheryl]

I like the debt snowball as I would like to see some quick wins on getting some debt gone.

[LauraTwoPointO]

We are doing the snowball method. I need that payoff or I will definitely get discouraged.

[stephanielitz]

Debt snowball! Love seeing results quicker.

[angelamylife]

I am focused on the cross on the wall but I can't tell what it says...any chance to get a better look! haha

BTW great video as always.

[CatOnPoint]

Great video Kelly! I prefer the snowball 😄👍💕

[lynmorris]

Once I actually get my emergency fund funded with a starter amount, I'm planning to use the snowball method. I know myself well enough to know that I need the quicker wins. Undebt.it says there is only 1 month difference between snowball and avalanche with my debt anyway.
That said, The Barefoot Investor by Scott Pape (I've often seen him described as the Australian version of Dave Ramsey) is next on my reading list so my plan may change once I know what he means by dominoing your debts. <-- I started reading the ebook via my local library but then the loan expired before I was finished. I now own a copy so that won't happen again.

[melodiev]

I started with the debt snowball and then I switched to the debt avalanche. I can't take seeing how much interest I am paying.

[alykatbuttercup]

Can you do the debt snowball and save money for sinking funds?

[cassiemccarty]

I need your help. Please. How can I speak with you or talk to you?

[chitchatpaddiwack]

Kelly this is always so interesting for me to listen to because as you well know it’s Greek to me but do you know that I’ve never ever had a credit card? Never. I mean I have my debit card to my bank account for the market but yeah we don’t use credit cards. Maybe I’m not as bad as I think with money. OK yes I am LOL ha ha Ha ha ha

[theresareibestein]

I have a simple question, but it is confusing me to no end. This month I started using Every Dollar and I am not sure how to tell it that I have fully funded the $1000 emergency fund. I am not getting how the fund account works between income and expense, planned, spent, and remaining. From what I am reading you put it in planned column and it automatically decides the money has been deposited? How can I finish the month without $1000 left over in my remaining column? Please help.