THE CHEAPEST WAY TO PAY OFF DEBT USING THE DEBT AVALANCHE METHOD | DETAILED

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THE CHEAPEST WAY TO PAY OFF DEBT USING THE DEBT AVALANCHE METHOD | DETAILED
#debtfree #debtfreejourney
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Опубликовано:

17 июн 2024

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Комментарии : 81

@BudgetTreasures 26 дней назад

Let's talk about how we can save money on our debt free journey by using the debt avalanche method 💜 I am giving detailed information with an example

@user-io4ut5gn5b 26 дней назад

This was a good example and one of the methods I use as well. I know you will be talking about the others soon...so go and be great🥰

@Simply_Me_AND 26 дней назад

I did the avalanche method. It was rough, I was making $1000, 1,500, $700 payments until I paid all of them (5 cc). I had NO money for anything other than rent, car payment, insurance, gas, electricity, internet (I work from home 2 days a week ), cell phone and groceries. It was worth it to be debt free. But it’s not for the faint of heart.

@BudgetTreasures 26 дней назад

This method is tough. And it does pay off in the end.

@trinetteboonelangley8536 26 дней назад

How long did it take you to pay your credit cards off?

@layladefrancis2504 26 дней назад

Currently working on our debt with this method as well right now and it is tough. I think the bigger pill to swallow was seeing how much money we were spending each month. …never mind each month, each day. It’s like SOMETHING was going out each day. 😬😅

@so.many.obstacles 25 дней назад

I did that too and whew!

@timekabolden5309 23 дня назад

GEEEEEEEE! ONLY 2 DAYS?! WHAT'S THE NAME OF THAT COMPANY?!? 😮😮😮😮😮 😂... ✍🏾🤔

@lisadearing5960 25 дней назад

I work in accounting so I know that the avalanche method is the best as far as saving money in the long run. However, I am the type of person that needs to see faster progress, so the snowball method worked the best for me when I paid off my credit cards. I like to be able to cross things off of my list! That helps keep me motivated to pay off debt. Currently, I’m using the avalanche method to pay off my mortgage. I apply an additional $1400 per month to the principle. In 2 years when the house is paid off, I’ll start applying that $1400 towards my car payment.

@tytitaughtyou 25 дней назад

I’m very impressed! Good luck!

@BudgetTreasures 25 дней назад

I agree with you! You are doing well! Hats off to you working to pay off your mortgage! I can't wait to get there!

@timekabolden5309 23 дня назад

😲🔥🔥🔥

@so.many.obstacles 25 дней назад

Avalanche was best for me. I tried snowballing it and it was a no for me. I paid off my car and two loans a year early doing this method. I was windmilling in that debt. I have one more loan to pay off and it will be done by EOY and it will be paid off two years early. I’m ending 2024 months 100% debt free.

@BudgetTreasures 25 дней назад

This is a really good example of how the debt avalanche method can really work in ones favor 🩷

@blessthesecoins 24 дня назад

Let me tell you I have fallen completely off. I am so stressed and depressed because I was doing so good. Now I am restarting everything. I hate that I lost my progress but life has lifed the hell out of me

@margobudget1533 26 дней назад

Years ago i started off with the debt snowball method to gain momentum then i switched over to the debt avalanche method

@BudgetTreasures 26 дней назад

I like that idea.

@trinetteboonelangley8536 26 дней назад

I did this same thing! Started with the snowball method then switched to the avalanche method! Still on my journey.

@catherinekuntz8306 25 дней назад

I like the snowball. It has the lowest balance but the highest payment and will be a good payment to pay off my credit cards

@paulahunt414 24 дня назад

Could you please consider doing a video on **why paying extra on the principal reduce your debt and reduce your payoff date for loans, car payment and mortgage...

@ronniica 17 дней назад

I hate the idea of cleaning out my savings account to pay off a CC but at the same time I’m happy it’ll be more money I can keep from my paychecks

@miterca 18 дней назад

Ty for this vid! I used this method to pay off my debt. Made the most sense to me and money saved in the long run!

@budgetingwithcammie-ob1pp 25 дней назад

Great video ,I actually did the snowball method .When it came to high interest I did balance transfer.Bank of America had a 20 month interest free. I definitely save on interest. 2 years later I’m debt free 😊 I would say anyone that wants to use snowball method ,call around to different banks and see which one will offer the lowest on transfer fee also the longest on interest free Happy budgeting 😊

@_shannons 22 дня назад

In addition to the snowball and the avalanche methods, I think it's wise to consider the terms of the loan, in case there are any clauses that would accelerate the loan requirements (ie. does the 401k loan stipulate what happens if you leave or lose the job that manages that 401k plan).

@Allocatingmindset 25 дней назад

Wow! First time hearing about the avalanche method and ohh😅 Might do this 🤔

@BudgetTreasures 25 дней назад

Yayyy!!! exciting!

@chanteewk6079 25 дней назад

Both ways work but to see your monthly outgoing cost go down sooner the snowball method works best for me. I not only wrote out all my debts in total but also what I pay monthly. I looked at the highest outgoing payments and I did a combo snowball where I tackled a large monthly payment debt while also tackling smallest debt to reduce my overall monthly cost. I haven't become debt free yet but I will!!!

@BudgetTreasures 25 дней назад

I agree with you...I did the same thing..I was paying over $800 a month in debt...whewwww. that was a lot...I am with you..Soon we will be debt free!!!

@lekeshahill2477 21 день назад

I like the debt snowball method because I like seeing immediate results.

@BudgetTreasures 21 день назад

Me too!

@jenniferrosenthal7731 26 дней назад

I loved the snowball method because I needed that momentum but I understand this method works well for others.

@BudgetTreasures 26 дней назад

This is true…

@50plus71 22 дня назад

I have just kicked off my journey, looking forward to following yours.

@BudgetTreasures 22 дня назад

Nice! Happy debt free journey!!!

@deepick8345 23 дня назад

It’s def needed to move the debt and see what you spending good video

@paulahunt414 26 дней назад

OMG, thank you for doing 2 separate video on the methods. I would have been confused. This video was awesome. I could not do this method. I need to see success. Snowball method is for me.

@BudgetTreasures 25 дней назад

🩷🩷🩷

@papyrojae8033 26 дней назад

Thank you I learned a lot.

@BudgetTreasures 26 дней назад

You're welcome

@_shannons 22 дня назад

Usually balance transfers come with fees, so watch out for those (ie. 4% of the debt balance).

@SunnnySkies 17 дней назад

It’s better to pay 4% once than 28% monthly.

@conniekelly-hl5qr 26 дней назад

My Daughter is doing this Method, Now i understand it more thank you for explaining it.

@BudgetTreasures 26 дней назад

You're welcome 🩷

@rebeccahubbard3817 25 дней назад

Great video!!! 🥰

@BudgetTreasures 25 дней назад

Thank you Bestie!! 🩷

@chanellyon6671 11 дней назад

I put internet under utilities

@Devie-tx8ri 26 дней назад

Can you imagine how much money is made in interest charges, along with all other charges, taxes collected, etc etc. Surprised we the people have any money left from total amount. And it only keeps going up in percentage as the years go on. That’s why we need the percentages lowered and everyone do their part with basic simple easy to follow guidelines. Look at how much tax money we would make if there was easy process at low percentage. 30-50% per our spendings goes to tax purposes. (People didn’t want to pay it when it was 3%, now it’s 10% in sales tax alone)

@Devie-tx8ri 26 дней назад

Hitting goals and increasing profits, beating last years numbers. Now we’re broke with non educated financial knowledge, on top of all of that.

@Devie-tx8ri 26 дней назад

Avalanche Method. Wouldn’t it be nice to know pay in lump sum. Small chunks are the only option I’ve ever had.

@BudgetTreasures 26 дней назад

It all works!

@debraclark8754 25 дней назад

Am I'm understanding this right. So what you are saying pay them on at a time of the most expensive interest rate one first?

@smilesnluvd6526 25 дней назад

Pay all minimums. Any extra goes to the sent with the highest interest rate first. Then, once that debt is paid off, roll that whole amount into the bill with the next highest interest rate. Keep doing that until they're all paid off.

@angelam.1984 23 дня назад

👍

@timekabolden5309 23 дня назад

7:14 😮😮😮😮😮 Balance transfer?

@Devie-tx8ri 26 дней назад

Intro APR: if goal is not achieved, do another balance transfer until goal is achieved.

@chanellyon6671 11 дней назад

Yep. My husband and I are privileged enough to have enough credit cards with a high enough line to do this ... and split it up so neither of us have the entirety of the balance. Keep them interest rates at or near 0 as long as possible.

@ayesarodriguez7652 24 дня назад

Thank you for this video, what would be your advice to me, I have around 15k in my savings account but all my debt is interest free, should I pay it off with my savings?

@specialk8927 24 дня назад

Isn’t that the same as the snowball

@timekabolden5309 23 дня назад

8:03 wait? So how are u gonna stop paying one when u already started paying the other?! 😂😂😂😂 😩🤷🏾‍♀️

@lorettastreet1192 26 дней назад

👍🏽

@BudgetTreasures 26 дней назад

Thank u for watching

@christmasgirl8 25 дней назад

It’s hard for me to use any of these methods because everything I’m currently paying off I have to pay on every pay period.

@BudgetTreasures 25 дней назад

You will always pay on the minimums while uber focusing on 1 debt at a time to pay off...

@SunnnySkies 17 дней назад

When u have a $500 and a $20,000 credit card, I will pay off the $500 first every single time. The avalanche takes way too long and is depressing

@aliciamcgilloway3707 25 дней назад

What if the zero apr doesnt have enough available credit to do a balance transfer of that high amount to transfer? I thonk all my cards are very close in interest rate. Now i have to check. I was debt free but now im in debt for 7500 on all my cards. Im on a fixed income and dont have much to pay after paying all my bills.

@BudgetTreasures 25 дней назад

It really all depends honestly. For me, it would depend on how much I would have remaining on the card that does not have the 0 apr. If it is an amount that I know that i can pay right off, then yes I would still do the transfer. If it is an amount that I am not able to pay right off and it would take time, no I would not do the transfer. I hope that helps

@aliciamcgilloway3707 25 дней назад

@BudgetTreasures thank you. I just checked all my credit cards and the internet rates on them and they're all pretty similar so doing that doesn't work. So I guess I'll have to do the snowball method. Do you have a video on the s owball method? I mean it seems pretty straightforward but I'm just curious. I have a long road ahead of me and my balances are actually higher than I thought by almost $1000 so I'm around 8350 or so. I was debt free about a year ago. I can't believe I'm in this much in a year.

@BudgetTreasures 25 дней назад

@@aliciamcgilloway3707 You're welcome. Yes I did a video about the snowball method a couple of days ago...Here's the video ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-AJe9x-GbNDw.htmlsi=Uin_EfZpf5hHaiPm I also have a Debt Free Journey Playlist showing how I am paying off debt and I used the snowball method beginning. Here's the playlist ru-vid.com/group/PL8NJVIuAvic2unJQh4-nFBMz0dj9qkl_m&si=rQ8HwUMgctroA9Sb Don't beat yourself up about getting back into debt...It happens to the best of us...The best thing is to forgive yourself and move forward with enthusiasm! You got this!

@aliciamcgilloway3707 25 дней назад

@@BudgetTreasures thank you so much for taking the time to reply and send me those links. I'll definitely watch them.