EP. 115 Paying Off Debt: Snowball vs. Avalanche

You’ve heard Sami say it a million times: “Personal finance is personal”. This philosophy applies at the very start of your debt free journey. Paying off debt is as personal as anything else in personal finance. It’s kind of obvious... because it’s in the name.

That’s why we’re breaking down The Debt Snowball Method v. The Avalanche Method and what method works best with different scenarios. We explain what these two methods are, why each could work for you and more!

IN THIS EPISODE, SAMI SHARES ABOUT:

The Debt Snowball Method

The Debt Avalanche Method

The positives and negatives of both methods

Why you may want to chose one or the other

The benefits of making debt payoff personal to your situation

Questions:

Do you need a quick win with a small balance debt gone?

Do you need to save money with the higher interest gone?

Do you need a certain debt gone simply because it causes you stress?

Do you owe family or the IRS?

Do you have a deadline? Are you having a baby, moving to a different state, or changing careers?

Play around with the timelines + the math. Then make out your own custom debt payoff plan.

RESOURCES MENTIONED:

Holiday Budget Guide *save 35%

[Freebie] My Goals Timeline

[Full Budgeting Worksheets] Digital Budgeting System

[Debt Calculator] Easy Budget

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WHO IS YOUR PODCAST HOST? Sami Womack is the brains behind A Sunny Side Up Life. Her weekly chart-topping podcast has been downloaded over 100,000 times. When she’s not downing caramel coffee and rocking a little girl on her hip (literally), she’s creating content, collaborating with finance/minimalist organizations, and inspiring women all over the world to live an intentional life.

She began this journey with her high school sweetheart, Daniel, and a debt price tag of $490,000. They both took control of their family’s finances by downsizing, budgeting, and changing habits. From this experience, A Sunny Side Up Life was born.

Today, Sami owns this business helping women get through dark times and experience the life-altering magic of intentional living.

She offers a jump start into money mindset with the FREE Magic + Money Course + a full budgeting experience with Your Sunny Money Method.