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My Debt Snowball

I started listening to Dave Ramsey a few months ago, back when I was flirting with the idea of getting out of debt (will do a full post on him in a future post).

One of Dave's Baby Steps, is creating a Debt Snowball and eliminating all of your debt (duh). This is a method for listing your debts smallest to largest, and then attacking the first one. Once you attack the first one and pay it off, you use those payments for the second debt. And so on. Of course you continue to pay minimum payments towards all of the debts during this process.

How to Debt Snowball from Dave Ramsey: https://www.everydollar.com/blog/how-the-debt-snowball-method-works


In short, you’ll pay your debts from smallest to largest regardless of interest rate. That’s it. Easy enough, right?
  1. Start by grabbing a sheet of paper or opening Google docs and listing all of your nonmortgage debts from smallest to largest. Remember, we’re not worried about interest rates and we’re not worried about your home loan. 
  2. Make minimum payments on every debt except the smallest one, which should be at the top of your list and your top priority for now.
  3. Now attack the smallest debt with a vengeance. Give it everything you’ve got. You might take on a second job, start a business on the side, or sell your stuff in order to earn more money. Do whatever it takes to kick the first debt on your list to the curb.
  4. Once you pay off the smallest debt, add the freed-up money from paying off the first debt to the minimum payment of the next to get that snowball rolling! Now you have even more money to throw at the next debt!
  5. Work hard on your second debt while continuing to pay minimum payments on all other debts.
  6. As soon as you say goodbye to the second debt, do what you do best: send all that money to the next debt on your list. Keep at it until you’ve crossed off every single item and you are debt-free!
Seem's simple right? So without further ado, this is my snowball (with account names removed for my personal protection). It is scary. But having something I can physically cross off with a permanent marker each month, helps me see progress.

The Debt Duchess Snowball


Let's do this!!!!!!!!!

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