Debt Snowball vs. Avalanche: Which One is Better?

Debt Snowball vs. Debt Avalanche ... which debt paydown strategy is better? We dive into each method to help you choose what's right for you!

CHAPTERS

00:00 - Intro - Achieve Family Financial Independence
01:39 - The Debt Snowball vs. Debt Avalanche Methods
02:29 - The First Step to Tackling Debt
03:40 - Get a Clearer Picture of Your Debt
05:02 - What is the Debt Snowball Method?
06:54 - How does the Debt Avalanche Method Work?
09:28 - Final Thoughts - Achieve Family Financial Independence

#debtsnowball #debtfree #debtfreejourney #FamilyFinance #PersonalFinance

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MARRIAGE KIDS AND MONEY:

This award-winning blog, podcast and YouTube channel are dedicated to helping young families build wealth and thrive.

Each week, Andy Hill interviews personal finance experts, shares the best fintech tools and even discusses his own journey with family financial independence.

BIO - ANDY HILL:

Andy Hill is the award-winning family finance coach behind Marriage Kids and Money - a platform dedicated to helping young families build wealth and happiness.

Andy's advice and personal finance experience have been featured in major media outlets like CNBC, Forbes, MarketWatch, Kiplinger’s Personal Finance and NBC News. With millions of podcast downloads and video views, Andy’s message of family financial empowerment has resonated with listeners, readers and viewers across the world.

When he's not "talking money", Andy enjoys being a Soccer Dad, singing karaoke with his wife and relaxing in his hammock.

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DISCLAIMER

This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products. Opinions are the creators alone, and this content has not been provided by, reviewed, approved or endorsed by any advertiser. Information shared on this channel is for entertainment purposes only and should not be considered as professional advice.


CREDITS

Research & Writing: Andy Hill
Thumbnails: Ardi, The Thumbnail Wiz
Channel Management: Nev Maraj

[MarriageKidsandMoney]

Which do you prefer? Debt snowball or debt avalanche?

[shar]

I pay off what is my biggest monthly payment. Which is my car. Once I pay my car off.I'll have more money to pay off other debts.

[Neji]

Im doing the debt squeeze

Paying off the highest and lowest

[jared_does_hardmoney]

These questions are interesting because personal finance is an empiracle field - meaning there is always a mathematically correct answer. Paying off your highest interest debts first is the 'best' way mathematically to tackle debt. However, the emotional aspect of turning small wins into bigger wins is SUPER important. I think is a total case by case type of question as it will vary based on someone's financial position and their emotional relationship with money and debt

[trippin]

Debt snowball unless similar balances and a big difference in interest rate. Debt snowball simplifies your life and is easier to stick to.