Posts Tagged ‘Debt Snowball’

Debt Snowball How-To

January 14th, 2009 1 comment

Mrs. Micah at Finance for a Freelance Life has a good explanation of a Debt Snowball, and also of Snowflaking; taking what you have left over in your budget and using it towards your snowball.  We haven’t done this yet, but my gas budget is accumulating a surplus, so I might try it instead of adjusting it downwards.

They advocate going for the highest interest first, instead of the smallest amount, but, “Your biggest goal here is to stick with it.”

Besides being well-written, I’m also a little envious that I didn’t think of the title Bring Out Your Debt myself.

“Don’t live in fear of your debt,” she says, which is very true.  We both used to agonize about our debt and how we would pay our bills.  Now that we know what is coming in and how it’s going out, it does not seem insurmountable anymore.

Getting Started on a Debt Snowball.