The Surprising Connection Between Debt and Snow
Wait, I know what you're thinking.
"How can snow possibly have anything to do with debt?"
Aside from the fact it can easily feel like it is piling up on us, snow gives us a unique solution to paying off debts quickly. I started using the snowball method to pay off my debts and it has transformed my mindset about how quickly I can pay off the every day expenses that seem to pile up.
Here's the snowball method.
1. Take your expenses and list them from smallest to largest.
Take a look at all your debts and arrange them from smallest to biggest. Then take a look at your budget and see where you have a little wiggle room. Instead of that $50 payment, maybe skip one dinner out a month and give an extra $25 to that payment to get it paid off faster.
2. Start by paying into the smallest debt as much as you can.
Focus on making the minimum payment on all other debts until you have paid off the first smallest debt. Then, after it is paid off keep pretending like you are still paying it off. You've already planned for that $75 expense every month, so roll it over to keep adding to paying off your next biggest expense. Continue this pattern until they are all paid off!
Seriously! The snowball method is the quickest way to start making traction on your debts and get you back to focusing on saving for your next adventure and dreams!