Tired of debt always looming over your shoulder, but don’t know how to start making a dent? Are you feeling like you’re drowning in monthly payments, without seeing any progress? Paying off debt takes a lot of work – but there’s a proven way to finally make some headway.
Whether you’ve got a few thousand to pay off or you’re hundreds of thousands of dollars in debt, you can find financial freedom with this ONE method: the debt snowball.
What is the debt snowball?
Imagine you’re standing at the top of a hill with a small snowball in your hand. You start rolling it down the hill, and snow begins sticking to the sides, making your snowball bigger and bigger, gaining momentum as you keep pushing. By the time you’ve reached the bottom of the hill, you’ve got a HUGE snowball on your hands.
The idea behind the debt snowball is the same. Instead of haphazardly trying to pay off all your debt at the same time, you pay off your debts from smallest to largest, focusing on one debt at a time.
How does it work?
- List your debts from smallest to largest (Don’t worry about interest rates – all we care about is the size!)
- Make minimum payments on all your debts except the smallest.
- Pay off as much as you can on the smallest debt in your list.
- Keep the cycle going until all debts are paid off!
Does the debt snowball method actually work?
Yes! We’ve seen the debt snowball work with over a thousand clients. Here’s why: paying off your debt is all about changing your mindset. Instead of trying to make a dent in debts with big interest rates or high principals, you create a plan that helps you stay motivated and actually see your progress. Once you finally start seeing the debt melt away, you’ll be even more motivated to find ways to make tradeoffs and knock out those larger debts.
Have an extra $50 from an odd job you did for a neighbor? Instead of using it to go out to eat, put it towards your smallest debt. Want some extra cash to keep up your momentum? Take on an extra part time job on your evenings or weekends! While you’re making sacrifices now, you’ll ultimately reap the rewards later – and nothing will feel better than having the weight of debt lifted off your shoulders!
Don’t wait another day to take your first step. Schedule your FREE session today, and learn how you can get out of debt and pursue financial freedom!
