Talking Nerdy: Debt Snowball App

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As any of you who have been around the page for more than a minute know, we are here to help you get to a debt free lifestyle. This is covered more in depth in the budgeting webinars that are offered, but here’s a snapshot of what’s entailed. This is a method and an app that I personally use that’s explained in the webinars and it has helped us immensely. It’s considered part of Dave Ramsey’s method – the debt snowball.

We have tried to do it on paper, but with figuring interest rates, it’s too much, even for my math mind. I found the Debt Snowball App. There are a few, but this one worked best for me. I tried the free version and decided that the upgrade was worth the $1.99. This app is great because it does all the math for you. I entered ALL of our information – no account numbers, just names of debt accounts (credit cards, car, student loans, mortgage, medical bills, etc). It automatically put them in order of payoff. Each time I make a payment on an account I go into the app and note it. It calculates how long it will take me to pay off each bill and each time I do, it rolls that payment into the next bill that’s due, creating the snowball. A nice tidbit? We moved into this house last August on a 30 year mortgage. If we stick with the snowball, we’ll pay off our mortgage in 12 years. Pretty cool to know.

Check it out. I have it on my iPhone, but you can see if there is a similar app available on other phones.

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