Your next step to paying down debt - snowball, snowball, snowball.
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  1. #1
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    Exclamation Your next step to paying down debt - snowball, snowball, snowball.

    I'm not talking a snowball fight here although they can be fun.

    You've now wrote down your debts, taken ownership of them and focused on one debt only. You've paid off the one debt, now its time to snowball.

    When it comes to snowballing, it's quite easy. You take the amount you've been paying on your first debt (remember it's now paid off) and put it with the payment you're making on your second debt you've decided to focus on. Example: if your second debt's payment is $50 and your first payment's debt was $20, you will now be making $70.00 a month payments on your second debt. Do not take those extra dollars from your first debt and spend it - snowball it

    Don't forget though any extra $$ you're making will also be added to that $70.00 now.

    Once the second debt is paid off, you'll take that $70.00 and add it to the next debt along with the regular payment and continue on until all your debt is paid off.


    more to follow...

  2. #2
    Margery Bob canadian gardener's Avatar
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    this is my top number 1 favourite method of paying down debt. It works faster than you think possible LOL ALMOST AS FAST as I can get into trouble with a credit card even!

    seriously if a person is struggling with debt this technique is really and truly worth it's weight in gold.

  3. #3
    Registered User missmollymayhem's Avatar
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    My snowball chart has me out of debt in a year- music to my ears! I just sent my last payment to Debt #1 2 days ago, so I'm already seeing the rewards

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    Are you keeping a set amount for all other debt in the process or do you pay the min. payment on everything except the one your focused on?
    I'm leaning toward paying only bare min. on everythng except the one and throwing everything I can at that.

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    Master Dollar Stretcher guest32's Avatar
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    Dh's truck gets paid off next month (two years early ) and then we are down to just mortgage debt! The truck payment then goes to extra principal on that. YAY!!!

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    We just paid off two cc's and will now be snowballing those payments into the rest of our debt. My goal is to be debt free, aside from the mortgage by the end of the year...

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    Registered User Ashlncle's Avatar
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    Originally posted by missmollymayhem
    My snowball chart has me out of debt in a year- music to my ears! I just sent my last payment to Debt #1 2 days ago, so I'm already seeing the rewards
    What do you mean a snowball chart? I am trying to find a way to organize it all but I just cannot think of anything...Would you mind sharing your chart with me?

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    Registered User chatterweb's Avatar
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    Where is the snowball chart???

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    Master Dollar Stretcher madhen's Avatar
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    Originally posted by JaneP
    Are you keeping a set amount for all other debt in the process or do you pay the min. payment on everything except the one your focused on?
    I'm leaning toward paying only bare min. on everythng except the one and throwing everything I can at that.
    The general wisdom is to pay minimum on all other cards, and to hit just one with everything you've got. Once you've got that one paid off, you can attack the next card.
    DH aka Mad Hen
    (http://mad-hen-creations.blogspot.com/)

    Every time you spend money, you're casting a vote for the kind of world you want. Anna Lappe

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    Registered User LadybugDreams's Avatar
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    here is the snowball chart I use....hope this helps! Must have excel !

    Courtesy of Lloyd from spam! It is better fried than typedspam! It is better fried than typedspam! It is better fried than typedspam! It is better fried than typedspam! It is better fried than typed
    and Jim's page: http://mysite.verizon.net/resqh9rf/o...site/id12.html

    Debt snowball spreadsheet: http://mysite.verizon.net/resqh9rf/s...btsnowball.xls

  11. #11
    Registered User dolphin's Avatar
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    Sue, those links are locked. Do you or anyone else have a snowball chart you would like to share?

  12. #12
    Registered User chisgran's Avatar
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    Dolphin,

    Am I glad you posted, I thought it was my computer & I just couldn't access them. I'm really wanting to start a budget & know that Jim's page has loads of good stuff but it's locked.

  13. #13
    Registered User LadybugDreams's Avatar
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    Here is his new site...with many excel spreadsheets....http://www.jimnkim.net/

  14. #14
    Registered User LadybugDreams's Avatar
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    Registered User sahfrugaldad's Avatar
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    this is great thanks!

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