How to Payoff Debt Using the Debt Snowball Method | FAQ | Beginner Budgeting Tips
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- Опубликовано: 24 сен 2022
- Welcome to the FAQ Playlist where all of your budgeting questions will be answered. Todays episode is:
How to Payoff Debt Using the Debt Snowball Method | FAQ | Beginner Budgeting Tips
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How to Payoff Debt Using the Debt Snowball Method | FAQ | Beginner Budgeting Tips
#cash #budgeting #envelopestuffing #budget #finances
I'm Jaz, a 30 year old single entrepreneur. I am working hard to pay off my student loans, a few credit cards, a couple of medical bills and I’m in the process of repairing my credit. Phew!
My channel is ideal for those of you getting started on your budgeting journey. Come along and watch me as I navigate this process toward financial freedom!
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Disclaimer: I am NOT a financial advisor. This is my personal journey and I am choosing to share it with the world. 
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Thank you for that explanation. I always hear the term debt snowball but no explanation
Love that first pic, Jaz 🥰Great explanation. This series is gold. You're a great teacher. Thanks for your hard work!
I do my snowball a little different. I go off the lowest balance first. Either way is awesome as long as something is being done and working!
Hey Jasmine I hope you don’t mind me saying but I’ve always been taught debt snowball is start with the smallest and work smallest to largest.
If you think of a snowball it starts small and you roll it and roll it till it’s bigger (smallest to bigger debt)
What you explained with largest interest to smallest I have been taught is Debt Avalanche.
I’m in the UK though so maybe it’s different.
I love these videos such a great idea you have such a relatable way of explaining things to others
Yes. That true. I try to showcase various options as that doesn’t work for everyone
Thanks for explaining. I’m currently working on paying off my credit cards and then I plan on moving to pay off my car payment debt 😱. I really enjoy your videos baddie ❤️
Thank you for this!! I was just saying I needed a really explanation of the snowball debt method and here you were!! THANK YOU!!
Great video!! Lots of information for beginners! I have been throwing everything at my debt to lower my credit card utilization and therefore Boosting my credit score too. Take care!
Thank you for the breakdown! ♥️
Yes tackling this currently! I’m doing the smallest amount first❤
Great explanation! Keep it up. We all need a refresher and the newbies don’t know what they don’t know!!!
Loving all the little classes 😘
Thanks for explaining!!!
I now understand what this method is all about haha loving this song too btw
These was very much needed ❤
Love this videos ❤️❤️❤️
I won't lie, the new song vibes with personal growth and the growth of that ✨️ bag✨️❤️
Good Job.
Thank you for explaining how to get out of credit card debt
Thank you
Does a credit report usually show all the debt you have? If not, where can we find all the things we owe to companies if we’ve never kept track before? Like medical bills and stuff.
What’s the song at the end
Does this minimum amount apply to cc cards only? Is there some for car payments and such as well?
Do you re-write that entire list every month in order to keep track of the totals that you're paying down? What if I don't have enough to pay minimums?
So after you pay off all the debt, is it ok to close the cards? Or just leave them locked up and do not use them.
I still use them
In my experience, it is a case by case basis.
Having them open doesn't hurt if you can prevent yourself from using them and they don't accrue charges on their own.
If you close them, they may negatively affect your credit score because it may shorten your credit history, and might negatively affect your debt-to-credit ratio.
One of the best things that I did before buying a car (several months before, not immediately!!), was to open, use once, pay off, and shred a credit card. It increased my credit amount without adding to my debt, and helped bump up my score.
This is not good advice if you might be tempted to use it.
Also, closed accounts can't be stolen, so if your information is secure...
Make the right choice for you, good luck getting debt free!
Just wanted to let you know you have been looking really loving cute lately
Love the videos but I’m not watching after you’re done until the end- suggest maybe throw some old Tik toks in there- sorry ❤
That’s okay. You don’t have to lol. I just had to make it 8 minutes so I could monetize it
@@Baddiesandbudgets ahhhhh 😂💵💶💷💴 Go get is Sis!