Welcome to day four of our 21 Day Personal Finance Challenge!
One of the most popular articles on my blog over the last 10 years has been my article on the debt snowball technique for paying off debt. Now that you have a draft of your family budget in place and a list of all your outstanding debts (mortgage, credit cards, student loans, car notes, etc.) from the first 3 days of our challenge, you should have everything you need to create a plan to start paying down your debt and building your net worth.
Everything you need to know about the debt snowball is covered in my step by step debt snowball article. During the 21 Day Personal Finance Challenge, I’m also offering my debt snowball calculator spreadsheet (for Excel) for only $10. But don’t worry, I also offer a FREE version of the program as well that allows you to enter up to 3 debts.
Click HERE to get started with your debt snowball repayment plan.
The best part about the debt snowball program is it generates a target date to when you’re projected to be debt free including accounting for interest and extra periodic payments. This is perhaps the single most important tool to help keep you motivated while you’re working to pay off your debt. The debt snowball technique is the same debt repayment plan that my wife and I used when we successfully paid off over $90,000 in just over two years.
21 Day Personal Finance Challenge Lessons by Day:
Day 3: Calculating Your “Net Worth”
Day 11: Personal Finance Motivation
Day 12: Selling Stuff You Don’t Need
Day 14: Reviewing Your Will
Day 15: Invest in Your Career
Day 16: College Savings Accounts
Day 18: Developing a Grocery Plan
Day 20: Ideas to Supplement Your Income
Too Much Debt? Download our free Trees Full of Money Debt Snowball Calculator and see how quickly you can pay off your debt.