This week's video was about the Debt Snowball vs Debt Avalanche. These methods are some of the most commonly debated methods for debt pay off. There are always questions surrounding which method one should use, so we are breaking down the differences this week.
I started off using the Debt Avalanche Method because that was the method I was first introduced to. I also had a bonus and tax refund that I used to apply to my highest interest rate debts, so it made sense. But as time progressed and big chunks of money were a thing of the past, I moved to the snowball method and haven't looked back!
Here are examples of how each method works:
Check out the video and let me know if you have any questions.
As promised here is the debt snowball worksheet for you to use below.
Don't forget to give me topic suggestions!
#debtsnowball #debtfreejourney #debtavalanche #moneymanagement #budgeting101