Make the minimum payments to stay current on the other debts on the list.Īfter the smallest debt is paid, apply the payment you had been making on it, plus any additional money you have, toward paying off the next smallest debt. Exclude only your mortgage, which will be addressed in another step.Ģ) Each month, apply every extra dollar you have after basic expenses toward paying the smallest debt until it’s paid off. There are two steps:ġ) List your debts in order, from the one with the smallest balance to largest. The debt snowball method is the way to pay off debt. You need to get rid of debt to get control of your income and put it to work for you. When you get $1,000, stash it where it’s accessible in an emergency but not so easy to grab that you’ll be tempted to spend it for non-emergencies (for instance, by keeping it in your sock drawer). Most people can find the money in less than a month, but if you can’t, sell more or take on an extra job. Jacket.Do whatever you can to round up $1,000: cut your spending, work extra hours, or sell something (by having a yard sale, for example). What are you waiting for? The Total Money Makeover: Classic Edition - with timeless wisdom, fresh insights, and new back-of-the-book resources - is the one financial workout that guarantees everything will work out. In the 10 years since it first released, millions of ordinary people have experienced their own Total Money Makeover.

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