How to quickly get out of debt using the debt snowball method

How to quickly get out of debt using the debt snowball method - Life of Stones

I’m so excited to share this post today!  To me, this is the coolest part about getting your finances in order and getting out of debt and I’m so pumped to get into it that I’m not even adding any intro-fluff here…we are going to get right down to it today because the quicker you learn how to use this amazing tool the quicker you can put it into action and pay off all that dang debt that’s been dragging you down for years!

So grab your financial inventory worksheet and get comfy…



| How it works |


The Debt Snowball system is taught by many a financial guru under many different pseudonyms yet the concept remains the same!  Here’s how ya do it…


1)  Take all your debts except for your mortgage and list them largest to smallest, with #1 being the smallest.

2)  Pay minimum payments on debt #2 and up.

3)  Take every extra cent in your budget and put it towards debt #1 until it’s paid off.

4)  Do: Give yourself a high-five.  Don’t: Buy yourself a reward.

5)  Make minimum payments on debt #3 and up.

6)  Take every extra cent in your budget PLUS all the money you were putting towards debt #1 and put it towards debt #2 until it’s paid off.

7)  Rinse and repeat until ALL debts are paid off.

8)  #TreatYoSelf


| this post may contain affiliate links |

How to quickly get out of debt using the debt snowball method - Life of Stones



| Interest rate vs. balance amount |


This is where the debt snowball system gets a little tricky.  Common sense and some middle school math skills tell us that when busting out butts to get out of debt we should pay off the debt with the highest interest rate first. This, however,  is not the case.

The reason this method works so well is actually more mental and less financial.  While paying off the debt with the highest interest rate first would save money, it doesn’t exactly boost morale.  If the debt with the highest interest rate also happens to be the debt with the highest balance it can take foreverrrrr to gain any traction.

We live in an instant gratification society!  I find something on Amazon, click “place order” and immediately go sit on my front porch demanding to know why the hell the UPS man is taking too long!


If you watch what you eat and run one full mile and get on the scale you should see a substantial weight drop, right? (asking for a friend)….

We want immediate results and when we don’t get them we quickly enough we lose interest.  When you begin by paying off the smallest debt first you’re giving yourself an easy win.  You’re giving yourself some instant results! Paying off the first debt (even if it is only a few bucks) gets you pumped!  You can cross that one off your list with a big fat line and move on to the next one!

If you’re a visual person be sure to keep your list of debts somewhere you will see often, this helps keep you motivated and excited to cross the next debt off your list!  I can’t explain the feeling you get when you pull those little thorns out of your side one by one!

Re-ordering the debts to pay off by largest interest rate first usually doesn’t save all THAT much money anyway. Some, yes, but trust me, the momentum you will gain by paying off the smaller ones faster will help you remain so incredibly focused on your goal of becoming debt-free that I believe you will work harder and faster to knock those debts off your list and therefore still save money because it will allow you to become debt-free in a shorter amount of time!


If you have two debts that are the same or very close in amount, then yes, definitely pay off the one with the lower interest rate first.  Otherwise, don’t let yourself get hung up on those minor details.  Keep your eyes on the prize and the prize is an amazing, fulfilling, peaceful life where you do not owe anyone your hard earned money!

If you have any other questions on the debt snowball method feel free to reach out to me at  I write this blog because I want you to see how great life can be when you take back control and I want to help!

Lastly, I really want to encourage you to make a commitment to utilize this system and get yourself out of debt.  If you have read this far then you likely are in debt yourself and I challenge you to take action today — right this minute. Because you deserve it!

Take one actionable step before you leave your computer or put your phone down.  Taking immediate action makes you far more likely to follow through.  Download my free financial inventory form here and print it out.  If you don’t have time to fill it out right now then leave it out on your counter or your desk to do ASAP!  Don’t wait one more day. Now that we are almost debt-free I wish more than anything we would have started sooner.  Take a stand and don’t allow debt to control your life for even one more day!


xo kristin



This post may contain affiliate links. Purchasing a product using that link will not change your purchase price, but I may be paid a commission on your purchase as a referral fee. I never refer products that I wouldn’t use myself.

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  1. Great article! You have a way of explaining the set-up steps very well. The debt snowball method is so effective and is great for reducing stress around money too!

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