How To Pay Off Debt/Credit Cards Using Snowball Method!
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- Опубликовано: 7 фев 2025
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DISCLAIMER:
I am NOT a financial expert, accountant, or anything of the sort. I am in no way qualified or certified to give financial advice. However, I am here to share my love of planning and also share what my family is doing to get out of debt and be better with money. If you are looking for financial advice, I would recommend seeking advice from an expert.
Link to my coordinating blog post about using snowball method:
shaybudgets.com/2018/08/how-to-pay-off-debt-credit-cards-using-snowball-method/
I loved your original “snowball method explained” video! It wasn’t a hot mess. lol. I felt like that video was easier to understand too. Anyway, i still use plain binder paper to get myself organized. haha. Hey, it works and thanks to you I’ve gotten my finances under control throughout the year! Keep up the great work.
This is definitely how I understood it! Thanks for explaining why though. I ordered my total money makeover book and it literally got delivered about 30 minutes ago!
Thank you for the knowledge of snowball. I have been always wondering how to do snowball since I have car loan, student loan and credit card as well. I always watch your videos and see your success planning. Keep up the fabulous work!!!! :)
I have a much better understanding of the snowball method. Thank You!!!
Just another observation your hand writing skills are off the charts.
Thanks shay. Law school is coming up and I'm saving up now but it's always helping to know different methods to eliminate debt.
So needed this. I'm on a journey to become debt free. Dynamite!
go over the numbers girl.. its difficult to not spend BUT one advantage of covid is not goin anywhere and saving money!! PAY OFF YOUR DEBTS WHILE COVID IS HERE!! i recommend paying off your highest interest credit card first!!!!
Hi! So if I can’t pay the full amount what’s a good amount to put towards a payment focusing on one card only.
Thanks for explaining that in detail and writing it all down. I am a visual learner so that helped me to understand a lot better. I am starting this method with first check in August and plan to continue from there on. I was blessed to have my mortgage paid up for a year so now the money that I would pay my mortgage I am not splitting it up to pay off credit cards and doctor bills. I am a single mom of one teenage daughter who keeps me busy with braces, honors band, cheerleading, and track. It is definitely ruff but I have faith that I can do it and I just don't want any more credit cards.
Hey Shay!!!!! So I just actually got my EC Deluxe Planner in the mail yesterday and I can up with a Snowballanche method of paying... lol per my situation... I need to free up as much money as possible. So I started with a few small debts just like the snowball method... and then started attacking loans and credit cards that I like to call one and done (meaning what’s they are done they are either closed... matured... or need to be closed because they charge an annual fee) and then I kinda went back to the snowball method! Lol.. of course I’m gonna do a video explaining how that works... but I appreciate this video so much! You explained this perfectly! 😍
BrownBeauty And Brains Interesting concept are u going to post a video on it.
Ms. Brown I am! I’m probably going to film it this weekend 🤗
Nice okay I'll keep an eye out for it thank u for responding as well.
No problem!!!!! I get your notifications so I can definitely let you know when it’s posted. I have been posting beauty videos as of lately... but... I have been getting a lot of questions on budgeting and finance. So I will come back and let you know when it’s uploaded or you can subscribe to see when it pops up 🤗 I look forward to your feedback
BrownBeauty And Brains I've subscribed I'll be looking out for them
thank you for sharing this and how it worked for you guys!
Can I still use the snowball effect for credit cards that are in collections?
Maisha Williams yes
Pay Off Small Debts FIRST 👍👍
Thank you so much Shay for sharing this knowledge.
This was SO helpful!! Thank you a million times!
Thanks im in the midst of this right now
This was fantastic!! Thanks for the information!!
Thank you so much for explaining this information.
thank you for this video. What kind of pen are you using?
If we are here in bs2.. hoq do uou do sinking funds. It confuses me. I gave up on sinking funds. I figured id do that after bs2. Your thoughts?
Valerie Colin sinking funds annoyed me too. We tried to start sinking funds a couple of months into our journey but eventually wiped that account clean to pay off the car loan. I think we just had way too much in those different funds so I would recommend just starting out with smaller amounts. Of course if you don’t have any terribly large expenses that you need to save up for, you probably really don’t need sinking funds.
Shay Budgets thanks so much for your reply. maybe I'll just do for Xmas since I have 3 kids and also for their competitive sports. Just 2 sets of sinking funds. Xmas and sports.
Did you just let the cards close? I’ve heard that it’s bad to let that happen and that you should always keep at least a very small balance to keep your credit up 🤷🏻♀️
Called and closed two immediately. Allowed one to auto close. Still have one with no balance.
Shay Budgets thanks! I was wondering what to do with them. Ideally, I’d want them gone, but trying to buy a house and they keep harping on keeping them open lol
Really enjoyed this video the knowledge is so helpful.
Thanks for sharing ! I only have one card it seems so hard to get it down ! 3500 never again tho# it this was your card !How much will your payment be 9.5 Interest, I added a extra 25.00 recently
I have credits cards, payday koans, stdent loans, AND a car loan. MY income is 2100.00 pet month. How can I work a miracle with my situation?
Ms. Zaneta start off with the smallest card or loan first !
Congratulations on becoming debt free!!! 💰💰
You’re just the bomb boo
We just paid it off.....if you have the money to do that and not starve your not in debt ....
That's great
You talk about when the due dates were for your credit cards and how you grouped them together for like 5 minutes - extremely repetitive
Ok
Hot mess express! LMAO!