The Debt-Snowball Method: Our First Month (November 2017 Repayment Report)

Nov 21, 2017 | Budgeting | 0 comments

november debt repayment, snowball debt repayment, the snowball debt repayment method, debt repayment report

The hubs and I just started to pay off our debt this month and we thought it’d be cool to track and share the method we use for our success.

Now, just to preface this,  Matt and I are 25 years old, and we are JUST now starting to pay off massive amounts of debt – and quickly.

But how are we paying down huge amounts of debt quickly?

Instead of the usual years it takes most people to pay back their debt?

You know the drill.

You pay as much more than the minimum amount due that you possibly can – because you want to pay it down more quickly.   But then its a year later and you feel like you haven’t made any progress.

It baffles me that it took us this long to discover the Debt-Snowball Method and so we’ve made it our mission to spread the word.

‘Cause it is seriously amazing.

The hubs and I just started to pay off our debt this month and we thought it’d be cool to track and share the method we use for our success.

Now, just to preface this,  Matt and I are 25 years old, and we are JUST now starting to pay off massive amounts of debt – and quickly.

But how are we paying down huge amounts of debt quickly?

Instead of the usual years it takes most people to pay back their debt?

You know the drill.

You pay as much more than the minimum amount due that you possibly can – because you want to pay it down more quickly.   But then its a year later and you feel like you haven’t made any progress.

It baffles me that it took us this long to discover the Debt-Snowball Method and so we’ve made it our mission to spread the word.

‘Cause it is seriously amazing.

november debt repayment, snowball debt repayment, the snowball debt repayment method, debt repayment report

Honestly, why isn’t this glorious knowledge called the Debt-Snowball Method taught to us in SCHOOL?!

Why?!!??

I mean, it is SO useful to know how to

  • a. not go into debt, but also,
  • b. get out of debt if you’ve gotten yourself into the predicament.

All I was ever taught was, “don’t use your credit card unless you have the cash for it.” (And I didn’t even learn this from school.  Thanks, Ma)

But, like, ok….great.  Great advice.  It really is.

But it’s only great advice if you’re one of the FEW people who is only using their credit cards to build credit, not because they literally NEED to fix their car.

Ya know?  Like, that advice doesn’t work for most people.  And then those people are screwed because they were never properly taught how to get out of debt.

I mean, 80% of Americans are in debt.

That is a shockingly high statistic.  And I really think its as simple as education…or the lack thereof.

Not enough people are educated on debt…and money in general.

I mean, I could have paid off this debt YEARS ago if I had simply been educated on the matter.

Yes, I know, I know.  I could have done the research myself years ago, but I was young and naive then – as most kids are when they get themselves into debt.

So, in my anger towards my lack of education, I’ve made it my mission to spread more awareness about this kickass repayment method.

Cause let’s face it, sometimes we can get ourselves into a yittle bit of a mess. 😉

WHAT IS THE DEBT-SNOWBALL METHOD?

So, the Debt-Snowball Method is pretty simple and can be broken down into four main parts:

  1. List out all your debt
  2. Pay the minimum payments on all debt except your least owed amount
  3. Pay all extra income towards least owed debt until it is paid off
  4. Repeat until all are paid off

And that’s it.

I know, right, we could have covered this in ten minutes at school, but noooooooooo we must learn calculus!!!!

So, Matt and I have started doing this to pay back our debt and we’re here to tell you how our first month went! (November 2017)

WE PAID OFF $150 IN DEBT IN ONE MONTH

One hundred and fifty dollars might not seem like a lot to some people, but for our lifestyle, we are very proud.

So, here’s how we did it.

First, we listed out all our credit card debt:

  1. $300
  2. $850
  3. $1,100
  4. $1,500
  5. $1,800

(I’m using averages because it makes me feel less sketchy about sharing my personal finances on the internet lol)

Second, we paid the minimums on all our credit cards except for the $300 one.

Next, we budgeted to put all our spare money towards our debt, which was $150 extra this month.

And per the last step in the method, we’ll be repeating this exact strategy next month.

We are so excited to see our debt decrease super quickly – our credit scores have already gone up by more than 100 points from one month of payments!

 

Do you have debt that needs to be repaid?  Use the Debt-Snowball Method and pay it down quicker than ever before.  Let us know how it goes in the comments below!

HAPPY DEBT REPAYING,

— MICHELLE

related biz:

How To Get Rid Of Credit Card Debt Fast And Cheap

budgeting needs to be stressful? hack your budget with our FREE 4-day Budget Boss Guide! Did ya know that 80% of Americans are in debt?  With a lot of that debt being primarily from credit cards. That's 260 MILLION people.  260,000,000. #shockedemoji Are you one of...

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