Thanks to a recent YouTube commenter asking if I had any videos about paying off debt and debt repayment strategies, I was inspired to make this video sharing the 3 most important debt repayment strategies that you (and everyone for that matter) needs to know about!
The 3 strategies include:
-Debt Avalanche
-Debt Snowball
-Debt Snowflake
As I explain in the video, the Debt Avalanche is the most well-known and usually the one most money experts say is the best. It's definitely the strategy that makes the most financial sense since it's all about paying off your most expensive debt first (the debt with the highest interest), then moving on to your second most expensive debt, and so on.
The Debt Snowball is actually my favourite though, because it helps you with motivation and seeing progress sooner. This strategy is all about paying off your smallest debt first, regardless of how much it's charging you in interest. Then pay off your second small debt, and so on until you're completely debt-free.
The Debt Snowflake is all about sprinkling any extra money onto your #1 priority debt. This extra money could be a work bonus, a financial windfall (inheritance, birthday or Christmas money), your tax refund, or if whatever money your earn in your second job or side hustle. This strategy works in conjunction with either the Debt Avalanche or Debt Snowflake strategy.
I mentioned in the video I'd share some helpful resources if you're tackling your debt, so here they are!
HELPFUL RESOURCES
➡️ Blog post I wrote on this topic: https://jessicamoorhouse.com/debt-avalance-debt-snowball-debt-snowflake/
➡️ Free debt repayment calculator: https://unbury.me/
➡️ Debt repayment spreadsheet: https://myalternatelife.com/debt-repayment-spreadsheet/
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ABOUT ME
I'm Jessica Moorhouse, a money expert, Accredited Financial Counsellor Canada, speaker, blogger, YouTuber, and host of the More Money Podcast. I'm based out of Toronto, ON, Canada and turned my personal finance blogging side hustle into my full-time business so I could spend all my time teaching others how they can take control of their lives by taking control of their money. To learn more, check out my website https://jessicamoorhouse.com
#debtavalanche #debtsnowball #debtfree
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The content I produce is for education and entertainment purposes only. Nothing on this YouTube channel, my website or affiliated channels should be considered financial, investment or legal advice, or an endorsement for any type of service, product, or brand. Some links in this description may be affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more: https://jessicamoorhouse.com/disclaimer/
