You are here because you are looking for ways to fix your finances and eliminate your debt.
You are in luck because this Debt Snowball Printable Kit is not only free but will guide you while eliminating your debt.
Why do many people prefer to start eliminating their debt using a snowball method?
For the psychological reasons and guess what it works.
Does the debt snowball method work?
Yes, the debt snowball method of eliminating debt works. It is a great way to start attacking your debt if you are beginning your journey.
First, you are going to list all your debts, starting from the smallest to the most substantial balance.
On a sheet of paper or on the Debt Snowball Worksheet write down:
The debt, for example, Chase visa card.
- The balance
- The interest rate
- Minimum Payment
- Snowball Payment
Again The Debt Snowball Worksheet is what you can use to list all your debt from the smallest balance to highest.
Next, pay the minimum payment for all your debts except for the smallest one. Put any extra dollar amount into your smallest debt until it is paid off.
Write down the amount you pay under Snowball Payment column.
When you finished paying the smallest balance debt, you will continue to the next lowest balance and so on until you eliminate all your debt.
Why do people enjoy the Debt Snowball method?
When you start eliminating lowe balance debt such as small balanced credit cards and loans, you will get more motivated.
When I first began paying my debt off, I used this method, and truthfully it worked.
Once I eliminated two credit cards, I just kept going. Seeing my debt being reduced gave me such motivation to continue on this journey.
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Is the snowball or avalanche method better?
The truth is that both methods of eliminating debt work. They both required:
- A list of all debt
- Minimum payment required
- Pay extra on one debt
The avalanche method, instead of concentrating on your lower balance debt, you begin paying more money on your high-interest rate debt.
How to download the free Debt Snowball Printable kit
The Debt Snowball Printable kit is a 3-page pdf design to help you plan and guide you through this method.
The free pdf contains:
- Debt Snowball Worksheet
- Debt Snowball Payment
- Debt Snowball Tracker
You can print these sheets as many times as you want. You can even use them with our 2020 Budget Binder.
How do I get my Free Debt Snowball Printables?
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Our latest Debt Snowball Tracker printable there.
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