3 Ways to Jumpstart your Debt Snowball
I find it humorous to be writing about the debt snowball today considering in the last week we in the mitten state were dumped with snow and yesterday freezing rain. Spring, please come soon and fast! #iwantmyshorts
I am working hard to kick my school loans to the curb, and while there have been some hiccups along the way, I am making progress. By the end of summer, the plan is to have knocked down another $6,000 and staring to make a dent in the 3 big ones left.
The whole concept of the debt snowball is a primary principle of Mr. Dave Ramsey. All extra money goes into paying down the smallest debt, and then when that debt is paid it rolls over into the next highest debt; therefore creating a snowball effect.
When I first got started with following Dave's plan, it was hard to get traction in making a dent with debt. And now with life changes and income cuts, it makes me a little nervous wondering how everything will play out. But there have been several things that have and continue to be helpful as I plug along making progress in my debt snowball.
1. Sell stuff!
I purged through a lot appliances, furniture, and clothes. Yes, I even hit up a pawn store with my brother. That was an interesting adventure to say the least...
If you are able, pull together a yard sale, hit up Craigslist, or even look on Facebook for online garage sale groups in your local community!
2. Any extra money, throw at the snowball!
I have been pretty good about this, most of the time ;) If I do any speaking or am able to earn some extra money, I throw it at my snowball. Of course it isn't always regular extra income, but it happens I want to make sure it goes where I need it most.
3. Start a side hustle!
I am really considering this one right now. This blog has a lot of good idea's I am looking at for extra ways to earn some money. This will take more research and careful planning, but good to know its out there as an option.
Do you use the debt snowball model? If you have debt, what helps you kick it to the curb?
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These are all great ideas! We thankfully don't have to pay off a huge chunk of debt imminently and have been able to send a good amount of my husband's monthly income towards what we need to pay off. Still, as we hope to put down a payment on a house within a year or so (since for us, it would be more worthwhile to make house payments instead of apartment payments), this post is really helpful! I've looked into stuff like mystery shopping and surveys before; I've just struggled to actually get going on anything. I'll find a survey company that looks pretty good, but then I'll start to read tons of bad reviews, so I get fed up with things and lose my motivation. The links you provided look pretty good, and I'll probably give a survey company a try-it can't hurt anything!
ReplyDeleteThank you for sharing such valuable and helpful information, tips and knowledge. This gives me more insights on this. I would love to see more updates from you.
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