Snowball Calculator – using a debt snowball to get debt free 🎉

What IS a debt snowball?

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The debt snowball has gained massive popularity in recent years thanks to Dave Ramsey, a US TV personality who guides people through becoming debt free.

Alongside educating people about all things money, he uses this debt snowball method to allow them to clear their debts, fast.

How does a debt snowball work?

At it’s simplest, a debt snowball is a quick and motivating debt repayment strategy.

A snowball rolls from top to bottom right? It starts off small, gathers momentum and gets bigger as it rolls down the hill.

That’s how you organise your debts.

You start off small and get bigger.

So. Take your smallest debt and then put them in order until you get to the largest debt. We had nine. Yes, nine debts that we needed to pay off.

The smallest was for a few hundred pounds and the largest was, well, a lot more than that.

Bite the bullet and just do this. I know it’s not the best feeling, but the feeling of getting started and knowing you’re making inroads is good. Believe me. We have an app that can help you keep track of what you owe, who you’ve paid and how far you have to go. We also added in a debt freedom date for added motivation.

You can download our FREE debt snowball app here!

As a massive advocate of the debt snowball debt repayment method, I’m going to explain it in more depth.

It’s pretty straight forward and really won’t take you long to get the hang of.

What took me longer was getting my head around why it works so well, especially when you realise it’s not traditionally what we’re taught to do. It might even seem a bit ‘wrong’ to you. That’s okay.

So if you’ve ever got bored and felt like it took forever to pay off debt, this post is for you.

If you’ve ever felt like paying off those huge debts you have is so scary it’s not worth even starting, then this is for you.

I’ve been there and I’m not quite out of the woods yet. It’s terrifying. It fills your thoughts and it’s so much easier to not even think about it. But you’re here and you’re obviously looking for a way to pay off debt. This is a good way. I think it’s the best.

Hear me out, then ask me anything about it. I’ve got pretty good!

Why do debt snowballs work?

You’ve got the list you just made.

You know what you owe, from the smallest to the biggest debt. You’re going to keep making the minimum payments of all of them. If you’ve been trying to throw more money at some, stop.

Don’t pay a penny more than you absolutely need to to stay out of arrears with any lender, EXCEPT on the smallest debt.

You’re going to give everything you’ve got to the smallest debt.

Sell anything that’s not nailed down. Scale back. Do everything you can to make money. My post here will give you ideas on how to get some extra money coming in.

The idea behind this is that you get the first debt paid off super fast. In a few weeks time if you can, baring in mind it’s the smallest.

Once this debt is paid off, you’re free of the minimum repayment it had, and so you add this to the minimum payment of the second debt.

The reason behind paying the smallest first is that you very quickly have a ‘spare’ minimum payment to throw at the second debt.

And after that, your snowball gathers momentum.

Every time you finish paying your ‘current’ smallest debt, you take all the minimum payments you no longer have (because you’ve paid off the debts they were attached to) and add them to the payments of the debt your working on.

I think you’re going to be really surprised how fast your debts get paid off. I know I was.

All the while you’re doing this, don’t forget to be adding to your monthly income.

We have ideas you can use to boost your cash working from home, and put anything you make towards the debt you’re working on. Make sure you’ve gone though the basics of your budget to see where you can save money. Every penny counts.

It’s then a case of repeat repeat repeat until you’re all paid up. It’s motivating, quick and easy to stick to.

Use our Debt Snowball Calculator to see how much faster you can pay off your debt adding snowflake payments to your Snowball!

Your debt freedom date
If you pay your debts at the minimum only
you’ll be debt free in
13 years 5 months
If you use the Snowball Payoff Method,
you’ll be debt free in
5 years 9 months!
These are representations and should be used as a guide only*
Extra payments each month?
(add in approx. amount you can add extra each month)
Debt Snowball Payoff Calculator
Find your debt freedom date!
No accounts added.
Account Name
What is your current balance?
What is the interest rate?
What is the minimum repayment?

Like this post? Here’s more we think you might like!

How does a debt snowball work?

You order your debts smallest to largest. You pay off the smallest one first, as fast as you can, then move tho the next smallest debt. You ‘roll’ the minimum payments onto the bigger debts, hence the name, debt snowball.

Is a debt snowball the fastest way to pay off debt?

There are many strategies to pay off debt. Research suggests the debt snowball is successful due to the momentum you build up, making it more likely you succeed in paying off your debts, compared to other strategies.

How long does a debt snowball take?

With a debt snowball, you throw every spare penny at the debt you’re working on, meaning you overpay and clear your debts fast. The time frame is up to you!

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Debt Free Family Written With ❤️ In The UK
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