When it comes to paying off debt the Debt Snowball method is by far my favourite way to do so, in fact research actually shows its the best way to tackle debt too!
The Debt Snowball is a debt reduction strategy where you pay off your debts smallest to largest (regardless of the interest rate), this may seem a bit counter-intuitive to some people but it’s about changing your attitude to money more than it’s about the math.
There are lots of resources online to help you work out your debt free date using the snowball method but with more and more people using their phone to do their day to day banking and their budgets a Debt Snowball App is much more helpful and fellow money blogger Steph from Debt Free Family has built just that!
If you go onto your app store and search Debt Snowball you’ll see this little guy pop up, its a free app so hit the download button and you’re ready to go!
It’s super easy to use and walks you through adding your debts. Once you’ve got them all added in the app will ordered them in snowball priority. It will track payments to your lowest debt and keeps tabs on the minimums paid on the others. Once your lowest debt is paid off it switches to the second lowest and you keep on going until you are done! There is also a handy extra tool in the drop down menu that lets you look at how your debt free date changes if you can pay extra to it each month which is excellent motivation.