Episode Summary
Today’s episode is about two different ways to pay off debt the quickest: the Debt Avalanche and the Debt Snowball methods.
If you’ve been tackling your debt without a specific strategy, don’t worry – you’re still doing great! But if you’re looking to maximize your savings on interest and pay off your debt as efficiently as possible, then this episode is for you. We’ll discuss the pros and cons of each method and how they can help you achieve your debt-free goals.
If you have heard of either one of these before, you may be wondering which one is best. Even though there is not a right or wrong method, I will be walking you through what each method is, explaining how they work, and let you know which one I followed to pay off $53,000 worth of debt in twelve months
In this episode I share:
- What is the difference between the Debt Avalanche and the Debt Snowball methods?
- Some pros and cons between the two methods
- How do choose which method is best for you and your financial situation
- The method I used to get out of debt in one year
Resources:
- Ditch the 9-5 and Go Debt-Free
- Finances as a Freelancer: How to pay yourself monthly
- Free Budget Template
- Free Training: How to Start Your Freelancing Business to go Debt-Free
- Passion to Profit and On to Debt-Free Workbook
Don’t Miss Last Week’s Post:
Connect with Megan:
- Follow on Instagram @meganmendez__
- Website – meganmendez.com
- Join The Debt-Free CEO FB Community – The Debt-Free CEO Community
- Email – info@meganmendez.com
More About The Debt-Free CEO Podcast
Are you tired of getting yourself further into debt month after month? Does your mindset around money play a factor in your family’s spending? Do you struggle with knowing which debt to pay off first and how to keep yourself from going further into debt? Maybe you’re a freelancer who struggles with how much to pay yourself each month making it difficult to create a working budget.
In this podcast, you will learn ways to manage your finances to set you on the path to debt-free and on to financial freedom.
I’m Megan Mendez, and I was a tired teacher needing to get out of debt to leave the classroom for good. In 2021, paid off $53,000 worth of debt in 12 months and started my freelancing business shortly after. I’ve been able to successfully pay myself as a business owner and continue on the path to financial freedom and now I want to help YOU do the same!
My hope is that this podcast gives you tactical tips to help you improve your finances and set you and your family’s future up for success. I hope you’ll join me as we journey to financial freedom together.
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