How We Paid Off 30K Of Debt In One Year Using The Debt Snowball
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Chances are, since you clicked on this post, you might feel like you’re drowning from the weight of the debt you have; you want to improve your finances…
…You may also have heard of the debt snowball but have no idea what it is or how to begin using it to change your life and finances for the better.
I get it. I do. My husband used to feel the same way.
In fact, we knew about (+ believed in) the debt snowball for years, but we were not ready for the changes it would make in our lives at the time.
But since coming to grips with our poor spending habits and having to look at the grim reality that our home was officially in pre-foreclosure, my husband and I have been able to pay off over 30K in debt in less than one year!
All thanks to us facing reality and dealing with it head-on AND the debt snowball.
In this post, we’re going to go over all the details, including:
- What Is The Snowball Method?
- How We Paid Off 30K In Less Than One Year With The Debt Snowball (+ You Can Too!)
- How It Feels To Be Debt-Free
- + How To Get Started Today!
Plus! I have created the Beginner’s Budget Blueprint course that goes into more depth over budgeting and improving your finances so that you can really fuel your debt snowball to help pay off your debt!
BEGINNER'S BUDGET BLUEPRINT
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What Is The Snowball Method?
The debt snowball method was highly popularized by Dave Ramsey and his Baby Step program that teaches people to save money, pay off debt, and build wealth; this is the program my husband and I follow and why we use the debt snowball method!
To learn more about Dave Ramsey and the Baby Steps, read my post here:
With the debt snowball method, you initially list all your debts from smallest to largest balance, regardless of the interest rates.
You then make minimum payments on all your debts except for the smallest one.
With that smallest debt, you put all your extra money in your budget towards attacking it and paying it off.
When you pay off the first debt, you move onto the second with that same strategy; however, you roll the minimum payment from the first debt over to the second debt, making the minimum payment, or “shovel” on that debt larger.
This payoff method was CRUCIAL for my husband and I’s success.
With those small wins in the beginning, paying off our larger debts seemed possible for the first time ever, and our debt snowball helped pay them off quicker than we could ever have imagined!
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How We Paid Off 30K In Less Than One Year With The Debt Snowball (+ You Can Too!)
I go over our story more in this post:
…so I will spare you our entire journey up to this point, but if you want to learn more– definitely check it out after this!
However, if we can go from pre-foreclosure and poor spending habits to debt-free in less than one year (minus our home), SO. CAN. YOU!
When we began our journey last year, my husband and I created a very “bare-bones” budget to get caught up on bills and change our ways.
Eventually, we were able to live on my husband’s income and use my income to pay off debt!
Because of this, we were paying off a few debts a month in the beginning of our debt snowball journey.
The debt snowball is successful because of the small wins it produces. The feeling of knocking off a debt, no matter how small, has an incredible impact.
How It Feels To Be Debt-Free
As of writing this, since we have been budgeting, we have become debt-free and have paid off over 30K in debt in less than ONE year!
I never would have imagined we could have completely changed our lives like we have in this past year, but it happened for us, and it can happen for you!
The peace and contentment that comes with having your bills on autopay, knowing you can afford minor emergencies that arise, and knowing you are making a lasting change in your life is unmatched.
It’s freeing. And I want you to feel that way too!
Because I believe in this budgeting method SO much and want to help others get out of debt, build wealth, and create the lives of their dreams, I have launched my course, the Beginner’s Budget Blueprint, to dive deeper into budgeting to help you do just that!
In this course, I take you step-by-step through overcoming your false money beliefs, setting your financial goals, organizing your finances, creating your budget, staying consistent with budgeting, and SO. MUCH. MORE!
If you’re ready to improve your finances, learn how to budget, get out of debt, and create your dream life, you need my Beginner’s Budget Blueprint course!
