Struggling With Debt? Start The Debt Snowball Method To Get Out Fast!
Debt can feel heavy, but you don’t have to carry it forever.
With the Debt Snowball Method, you can start small, build unstoppable momentum, and finally see real progress toward a debt-free life. Every small win adds up—and before you know it, you’re crushing balances left and right.
Ready to take charge of your money and your future? Grab your free debt snowball worksheet and let’s start rolling toward financial freedom today!
How the Debt Snowball Method Works
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1. List your debts from smallest balance to largest balance, ignoring the interest rates.
2. Attack the smallest debt with any extra money you can find (side hustle, cutting expenses, selling stuff, etc.).
Make minimum payments on all your debts except the smallest one.
3. Celebrate when it’s paid off! These small wins are where you gain momentum.
4. Take the amount you were paying on that first debt and add it to the minimum payment of the next-smallest debt.
5. Repeat the process. Like a snowball rolling downhill, your payments get bigger and bigger as you knock out each debt.
- Credit Card 1: $400
- Credit Card 2: $1,200
- Car Loan: $6,000
- Student Loan: $20,000
In this scenario, you pay off the $400 first (while making minimum payments on the others).
Once that’s gone, you’d throw everything you were paying on that $400 card plus the minimum payment onto the $1,200 debt—and so on.
Why It WORKS
The momentum builds fast. And psychologically, it helps you stay motivated because you see quick wins early.
Is The Debt Snowball Better Than The Debt Avalanche?
Both methods are effective for paying off debt, but they use different strategies. The Debt Avalanche has you paying your highest interest rate loans first, ignoring the balances. This is smart in terms of paying less interest. But it’s harder to follow through on psychologically. And in the end, what you follow through on is what matters.
Debt Snowball Method
| Pros | Cons |
| Fast wins = huge motivation – this means you’ll stick to it, instead of quitting out of frustration. | Could cost more in interest. Because you’re not paying off the highest-interest debt first, you might pay a little extra overall. |
Debt Avalanche Method
| Pros | Cons |
| Saves the most money in the long run because you tackle the debts costing you the most. It could also mean you pay off your loan faster overall. | Takes longer to see results which means that more people quit this method. |
Either one you choose, you’re paying off debt — and that’s the real win.
Free Printable Debt Snowball Worksheet
How to Use the Free Worksheet
On the first page, list your debts, just like in step one above.
On the second page, track your progress on the loan you are paying extra on.
5 Quick Wins to Find More Money to Pay Down Debt
1. Sell Unused Stuff Around Your House:
Most people have hundreds of dollars just sitting in closets, garages, or basements.
List items on Facebook Marketplace, Poshmark, or host a garage sale.
Bonus: You declutter and make money at the same time!
2. Pause Subscriptions You’re Not Using
Small subscriptions add up! Scan your bank statements for automatic charges and cancel anything you don’t truly need right now.
3. Meal Plan for One Week (and Actually Stick to It)
Planning meals cuts impulse grocery runs and takeout spending dramatically. So, create a simple 5-7 day meal plan using mostly what’s already in your pantry or freezer.
4. Pick Up a Weekend Side Hustle
Even working one or two weekends a month can add hundreds to your debt payments. Look for quick gigs like pet sitting, tutoring, freelance work, or local event help.
5. Use a “No-Spend” Weekend Challenge
Being intentional for just 2–3 days shows how much money you normally leak out the door without thinking. So, commit to spending nothing outside of true essentials (no coffee runs, no shopping, no extras) for one weekend and throw the saved money at your smallest debt.
See more at 15 ideas for no spend weekend >>
More Free Debt Trackers
Looking for a more visual tracker? Check out these free debt trackers for your credit card, home loan, and more.
What’s Next?
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Don’t forget to save the free debt snowball tracker to Pinterest for later!
