How to Create a Plan to Pay Off Debt

In the beginning, paying off debt might seem impossible. Without a plan, it can be hard to know what step to take first.

In this video, I show you what tool I used to start my debt payoff journey.

It helped me decide which method I wanted to use, and it showed me the outcome for my decisions.

Need motivation? See how much interest you can save based on the method you choose, and how long it will take you to pay it all off.

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How to Start Using the Cash Envelope Method:

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[KenzieLorenz]

I only have $600 left and I will be debt free! I started with a little over $41, 000. Next Friday can’t come fast enough.

[VinnyEl]

I started with $35K in credit card debt on several cards, payments where near $1000 a month now I only have 3 cards left to pay off $5400 balance $160 a month now. It has taken some time but I see myself out of this by February 2022. Love the video and information.

[TheSimplecanadian]

I started with 40k line of credit and I am accelerating with my paying down my debt by being frugal and cutting costs anywhere I can. 18k left! Hoping to be debt free by 2020 at the latest. Started 1 year ago

[windiejade]

I have less than 10k in credit card thankfully but my journey is definitely underway..here's to 2019 👍🤗🙏

[sarav]

Miko, I don't know if you read these but this video changed my life! I became focused on using the template you shared here, and it took a few years but I am now debt free! I still remember watching this for the first time a few years back, and being horrified when I plugged in my own numbers and saw how much of an impact a few extra dollars a month could have in paying down my debt. Team Avalanche! I am a huge fan of yours, and can't thank you enough for sharing your system (and this excellent spreadsheet template) here, thank you for everything! If anyone is reading this and just getting started- YOU CAN DO IT!

[mt]

I got into a lot of debt a few years back when I was mentally unwell, I’ve been using this very calculator for a while and it’s doing amazing things for me. Summer next year and I’ll be debt free! Cannot wait!

[zoeseden]

A debt payoff journey isn’t just about paying debt….love this Miko!I ❤. Getting a hold of my budget, paying off debt, establishing cash envelopes and sinking funds is my new freedom!

[amypeters]

I am tired of paying credit card and medical bills every month - it is to the point I don't want to look at the balances I don't want to look at my credit score because I know I am going it is going to make me feel ill!!! But today I face it head on!! Today is the first paycheck of the year - I have our "by paycheck" budget set up - I know what I want to pull out in cash to start my envelopes....but now I am going to face the credit/debt balances and set up my avalanche method! THANK YOU MUCH for explaining in such a approachable way!!!

[Chappelear]

I have been using the snowball method to pay off debt, but I decided to start the avalanche method instead. I was so confused because when I plugged my numbers into the calculator, I kept getting the same interest and the same amount of time no matter which method I used. Then I realized that it was because my debts are already in order for both methods! My smallest debt has the highest interest rate, and so on. Too funny!

[biridianasanchez]

yasss! I’m so new to all of the budgeting and living a debt free journey, this was the most helpful video I could have seen by far 💖 thank you!

[andreagardner]

I LOVE that you said that self-confidence issues triggered your overspending. Same, girl. Same. The social media "highlight reel" did this to me as well as my own perception of self. I am working on this now, and you are a HUGE positive influence on me and my family. Starting in June 2019, we are committing to a debt-free lifestyle and using your BBP workbook to help us. You are awesome. Thank you.

[nikkkibudgets]

I have been binge watching ur videos...got paid today putting in the info inside ur new planner! Love it!

[opchick]

This is the best video I've seen on this subject. Thank you for being so honest.

[Carol_]

Omg this is a heaven sent. I’ve always wanted to start with my debt plan but didn’t know how to start. Thank you thank you for sharing.

[libbysworld]

I am so glad I found this video. Because I started watching you after you paid off your debt. I'm still paying off debt myself. Your videos are so helpful. Don't get me wrong. However, I hear you constantly saying, I'm debt free. It's important for me to see you in this stage of your life for me to be more relatable to you. When you constantly say Ryen has debt and you don't in your videos it somewhat feels like a dig, but I know it's really not. You have worked SO HARD and I appreciate your teachings so much. You are an inspiration. But I needed to see this side of your journey to see you from all angles.

[meadowthestray]

Videos like this helped me figure how to grab onto my life and get ahold of my spending and be more responsible with it. Im thankful for you to share these types of videos.

[PUA]

Wow! I absolutely love this spreadsheet!!! I created one with an estimate of my interest due because I just needed an idea and I was too lazy to figure it out. I am soooo using this!!! Mahalo nui loa no kou mana’o!!!

[activeindallas]

OMG! The website is a game changer!! Thank you!! I used it and realized you just saved me $2500 in interest by switching from snowball to avalanche.

[melissataulbee]

That never gets old watching. I revisit this video for motivation on a regular.

[jordanellico]

Oh my goodness. That Debt Calculator is INCREDIBLE. It really put everything into perspective for me!!