Emotional wins by paying off the smallest debt first
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Following the debt snowball allows you to have some quick wins as you can pay off the smallest debt very quickly.
Not only will you have the great feeling of accomplishment that you actually paid off one debt in a short amount of time, but you will have more hope that you can pay off all of your debt.
There’s traction and you are making progress!
This motivation will go a long ways to helping you become debt free very quickly.
Dave Ramsey's Complete Guide To MoneyThe Financial Peace Planner: A Step-by-Step Guide to Restoring Your Family's Financial HealthMore than Enough: The Ten Keys to Changing Your Financial Destiny
The debt starts to disappear right before your very eyes and now you are doing everything you possibly can to cut expenses and/or bring in more income to get rid of the debt even faster.
Thousands of other people, just like you, who have been struggling with debt, have managed to pay it off all their debt really quickly by paying the smallest debt off first and then tackling the next one in order.
Don’t you want to get rid of all your debt super fast? Tell me what you are doing in the comments to get rid of debt fast!
I’m here cheering you on every step of the way! Let’s do this!
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- Paying off Debt Series
Hi! I’m Charissa. I’m on a mission to help hardworking women overcome money struggles and gain financial peace with a Biblical perspective so they can have the freedom to impact their families and communities. Ready to make some changes that will impact your finances in 2020? Click here to get a free worksheet to help you make it happen!
Fiona says
Just one question, are you including normal bills as part of the debt ? Or is it car loans and credit cards .
Thanks Fiona
Charissa says
Hi Fiona, your normal, regular expenses you use to survive are just monthly bills. If you get a bill from the doctor, but you can pay it that month, then I would lump it in with your monthly bills, however if it goes overdue then it becomes a debt. I’m talking about any debt that can be paid off, car loans, student loans, medical debt, etc etc. However, if for an example you owe on a mortgage, I would not include that in your debt snowball. I follow Dave Ramsey’s baby steps, paying off all your other debt comes first before paying the mortgage. Thanks for stopping by!