Saturday, May 12, 2018

Snow Ball!!!!!!!

Well maybe, not THAT kind  of snowball, but I am finally committing to a snowball, a debt snowball.  If you aren't familiar with the concept, it is where you pay the minimum on your debts, except one.  On the one you have chosen to "snowball" you pay as much as possible over the minimum every month to pay it off as soon as you are able.  When that is paid off you pick another debt to tackle and put the amount your were paying toward your first snowball towards your new target and in essence you develop this debt snowball of paying off your debts.  It is probably better explained here:

"The debt snowball method is a debt reduction strategy where you pay off debts in order of smallest to largest, gaining momentum as each balance is paid off. When the smallest debt is paid in full, you roll the money you were paying on that debt into the next smallest balance."

When I was married we often talked about doing this but never seemed to actually stick to it.  So, I know the concept...but haven't actually seen it work.  I have heard and read about great successes and so it seems like something I can handle. I have started this month and it takes a little fear out of figuring out how to make progress and get a start on working through the scary mountain of debt in front of me!  Wish me luck!!!


No comments:

Post a Comment

Thank you for stopping by...leave a little of your sparkle before you go!