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With a debt snowball, you knock out your smallest debt first, move on to the next smallest, and keep going until you’ve created the momentum of a snowball rolling downhill, eventually taking them all out. There are two advantages to this: you get the boost of seeing one of your debts disappear sooner, and a sense of progress that propels you towards eliminating the next one, and so forth.
Much about money depends on how we think about it, and getting on a roll with a debt snowball can really work for some people. Since some of your small debts may be to family or friends, paying them back early can benefit your relationships, too.
Webinar: Self-care starts here – How to save more money and boost your wellbeing
Webinar: Supercharge your savings – How to optimise your investing in KiwiSaver & beyond
Webinar: Here’s to a debt-free you – How to get rid of high-interest debt & mortgages sooner rather than later
Webinar: Enjoy the best, prepare for the worst – How to stay covered & protect your peace of mind
Webinar: Te Rito Hou – Kia Ora
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