Hey Besties! I got a video request from one of the Besties requesting that I show how to pay off debt using the snowball method. I hope that this video will be helpful and encourage you to start your journey or keep going ☺

I love the debt snowball method because i can actually see my debt reducing. It is for people like me who need to see that i am making progress.

@BudgetTreasures

Ай бұрын

I am you!

A few years ago my husband started receiving social security. He was still working full time so we took the majority of that money and paid it towards the principle on our mortgage. This past December, he retired so I had to start budgeting! We went from 3 streams of income to 2. It was scary to think about! I’m still paying extra towards our mortgage but not as much as I used to be able to. Had I started budgeting when we first started paying extra on our mortgage, our house would be almost paid off! Now we are on track to have done the end of 2026. I’ve made a lot of progress since December but I REALLY wish I would’ve started budgeting sooner!!!!! Take my advice, don’t wait! You will be so happy when you see the progress you make!

@BudgetTreasures

Ай бұрын

Thank you for sharing your story...This is something that I never thought that I would want to do but I am sure that I want to now...

Hey Jasmine, how do you gain that motivation and consistency back? I was so on fire and ready to tackle my debt in the beginning of my journey. Now I find myself struggling and being apathetic toward it, can anyone else relate? 😭😢

@deborahsimpson2732

Ай бұрын

Of course. All of us can probably relate to the feeling like we're struggling. Everyone is different but for us we have to take a deep breath and look at the entire debt recovery journey as a game, per se. It is not fun like a game, but it is strategic like a game can be. One step at a time and really get excited when each step toward debt reduction is taken. It does feel good. Also get others to help you by asking them to not coerce you into spending, i.e. no eating out, etc. But overall, don't stress. You are by no means alone on this adventure. Sorry for the long response. Blessings.

@phunt8551

Ай бұрын

It is hard because the devil is always there to slow you down. I would do the snowball method. Have a scripture and affirmation that you read everytime you do your budget. Don't focus on the debt just do it. Check where you are at every quarter. Remember you are trying to live a life without debt....

@BudgetTreasures

Ай бұрын

This is a great question. I have fallen in love with the process... I really like @deborahsimpson2732 answer. Make it like a game and maybe you can reward yourself along the way if you need to. That is contrary to what others may feel is okay but when you continue on the path of being motivated you will not stop. I would rather someone go slow then stopping because this process can be daunting...I would get some accountability partners and for sure continue to consume content where you see people paying off debt because that is definitely an encouragement. You got this...I know that you can do it...Be encouraged 💚

Good evening. You are so right. Debt can be very stressful.

@BudgetTreasures

Ай бұрын

It’s not fun

@keviasamira

Ай бұрын

Not at all. I am trying to pay off this car loan. Once I pay it off, I will keep it until the wheels fall off.

Keep on tackling your debt besties :) it can feel like a long road but it will feel great when it is all paid :D

@BudgetTreasures

Ай бұрын

‼‼

Don't get caught thinking you have more money because you don't! That little payment now gets thrown on the next biill with that bills regular payment also.

@BudgetTreasures

Ай бұрын

true

Yesss ive been using your debt payoff planner and i been crushing my debt im gald to be making progress with my income im so excited

@BudgetTreasures

Ай бұрын

I am excited with you! Doesn’t it feel GOOD!!’ Thank you for using my Debt Free Journey Workbook. It literally gives me LIFE!!!

@kimberlywinkfield876

Ай бұрын

Congratulations 🍾

Hey girl, I love the way your always giving advice and teaching us, Thank you for all you do, Blessings

@BudgetTreasures

Ай бұрын

Thank you!’ 🙏🏽🙏🏽 I love to share

I love your videos you are the reason how I got hooked on saving money… ❤

@BudgetTreasures

Ай бұрын

I love to hear this!!! 🫶🏾🫶🏾🫶🏾 Thank you for being here

Thank you for doing this one!! 💜 Really, really, appreciate it

Just give me a highlighter 😂

I have heard the snowball method explained a million times but the way you explained it made the most sense! I also love this notebook you are using.

Loved the video, thank you!

@BudgetTreasures

Ай бұрын

Thank you!!

Great video 💸💵

@BudgetTreasures

Ай бұрын

Thank you

Your videos keep me in check and remind me to keep going

@BudgetTreasures

Ай бұрын

💜🩷❤

Great video

@BudgetTreasures

Ай бұрын

Thank you!

I love how you explain things..you make it so easy to understand. Great video as always!!❤

@BudgetTreasures

Ай бұрын

Thank you Bestie!!

Thanks for the awesome video..I really appreciate it❤

@BudgetTreasures

Ай бұрын

Thank you!!

Your progress is so inspiring! I’m on a mission!

@BudgetTreasures

Ай бұрын

Mission drivin!

New sub here. I think you did a great job explaining the snowball method

@BudgetTreasures

Ай бұрын

Thank you Bestie!! Welcome to the community! I appreciate you for being here!

Thank you..Awesome video..!!love it. I would have love to see an example of how to record or list it on the paycheck budget sheet. I am a visual person..

@BudgetTreasures

Ай бұрын

Okay. Gotcha. I will show an example

I agree the best time to start the debt free journey is now. Even if it’s starting by just writing down all your debt on a piece of paper that’s a step in the right direction. ❤. Love your videos thanks for all the information you provide

@BudgetTreasures

Ай бұрын

💜🩷

Hey Bestie!! I use snowball method and you explain it so well. It helped with some confusion I had. Thanks 👍🏽😃

@BudgetTreasures

Ай бұрын

🩷🩷💜

Hey Besties! Thanks for the video I needed it. I have been ill for the last 3 months and my budgeting has been failing badly. It seems so hard to get back to that place where I was excited to do everything and for my future, I still haven't recovered yet , so keep me your prayers. This video was very helpful ❤❤

@BudgetTreasures

Ай бұрын

I am praying that God restores your health and your strength. I pray that He gives you your spark back and your enthusiasm to manage your money and pay off debt. We praise God because if He did it before, He will do it again! Be encouraged 🫶🏾 In Jesus Name! In due time Bestie!

1 Personal Taxes 2 401 K Loan 2 3 401 Loan 1 4 Supplemental Taxes Pay off plan.

I always preferred the Avalanche because the interest can get really stupid ridiculous like a dang car payment lol but since my hours have changed our income has gotten smaller so I think it would take waaaay too long to get rid of the higher interest card and it will most definitely taking a toll on me mentally 😅 anyways thanks for sharing all of this ❤

@BudgetTreasures

Ай бұрын

Absolutely!

Do you have any recommendations when the only debt you have is your home and all others bills are monthly utilities. How do you work your budget? Since I don’t have debts, I’ve tossed any extra money on my utilities and have credits every month. But I continue to pay what would be a normal monthly minimum payment.

@BudgetTreasures

19 күн бұрын

At this point I would work on paying off my mortgage and even look into investments

Debt Overview: Transfer largest debt amount you can to another credit account with zero apr, so you can be applying the total interest charges to the lower amounts your paying off the fastest.

@Devie-tx8ri

Ай бұрын

And continue current debt overview process, meeting deadlines and quotas to pay off the new zero apr cc

Thank you for sharing this. I am going to do this. I have a question. So I have money saved up towards my highest debt. But I have smaller ones too. Do you think that I should pay off the smallest debt first from the cash I have saved and start from there? Example; I have $300 in cash for my $2,000 credit card. I have another card that's $300. Should I use that cash and pay it off whole and start the snowball there? Thanks Jaz

@BudgetTreasures

Ай бұрын

If you would like to use the snowball method, yes pay off the smaller balances first and go in order by smallest balance as you pay off debt...Happy Debt Free Journey!!

@lulushondast.

Ай бұрын

@@BudgetTreasures Okay, thanks 😊 🙏🏾

the work book 19.99 is it put together as the book we see here in the video, or is it a printable put together yourself

@BudgetTreasures

Ай бұрын

It is a digital version ☺

What if you have a settlement offer on the debt ?

@BudgetTreasures

4 күн бұрын

If it’s not removed, your score will increase as time goes on.

Sis .. once you paid off your debt how long did it take to come off your credit ? When did your score increase ?

@BudgetTreasures

4 күн бұрын

It takes about 30 days. My credit score gradually increased every couple of months. It does take time.

Do u pay towards your principal? Idk if I should pay towards my principal for my personal loan or just add a little more to the minimum payment balance

@BudgetTreasures

Ай бұрын

I just pay towards the balance because I’m cutting down at the interest anyway by throwing a lot more to the debt and my debts are being paid off pretty quickly

@--ebradmin3009

Ай бұрын

Always direct any extra payments to the PRINCIPLE. That helps reduce the overall debt including the interest amount. Mark the payment as "PRINCIPLE ONLY" when sending it to your account/lender.

@phunt8551

Ай бұрын

.if it is a car payment or a loan or a mortgage then you pay extra on the principal that will reduce your debt faster. If it is a credit card then just pay extra on the balance....

@candicemay

Ай бұрын

@@--ebradmin3009 ok thanks. Unfortunately my loan company makes u go through a bunch of crap just to send them a principal payment but a regular payment I just pay online so I feel they make it difficult for a reason lol

The entire everything might just be fraudulent

Love your videos but the debt snowball in it's purest form (paying the lowest debt regardless of interest rate) is a scam by rich people. People should be using the avalanche method which pays off the most expensive to you debt. It will save you the most money so it is the fastest and most effective way to pay down debt

@wryterzblock

Ай бұрын

Everyone is wired differently. For many, including myself, knocking out smaller debts first is motivation to keep going.