Let’s be real debt can feel like a constant cloud hanging over your head. You pay a little here, a little there, and somehow, the total barely budges. It’s frustrating, exhausting, and honestly, a little demoralising. That’s where the Snowball Method comes in. It’s not just a math trick it’s a way to get motivated, see progress fast, and finally feel like you’re taking control of your money.
What the Snowball Method Actually Is
Think of a snowball rolling down a hill. Small at first, but as it rolls, it picks up speed and gets bigger. That’s the Snowball Method. You start by paying off your smallest debt first while keeping up with the minimum payments on everything else. Once that tiny debt is gone, you take what you were paying on it and roll it into the next smallest debt. Before you know it, those bigger debts feel way more manageable.
The beauty of this method isn’t just the math it’s the psychological win. Seeing a debt disappear is like crossing the first hill in a marathon. It’s motivating, and motivation is often what keeps people going.
How to Actually Do It
- List all your debts from smallest to largest
Ignore interest rates for now. The goal is to get some quick wins under your belt.
- Pay the minimum on everything else
This keeps you in good standing without adding stress.
- Attack the smallest debt
Throw every extra rand you can find at it. Maybe it’s skipping that extra coffee out, selling stuff gathering dust, or using your side hustle earnings.
- Move on to the next debt
Once that first debt is gone, roll the payment into the next smallest. Suddenly, paying off debt starts feeling like a game you can actually win.
- Repeat until you’re free
Every time a debt is cleared, give yourself a small reward. Even something as simple as a movie night or a nice dinner counts it’s about celebrating progress.
Why the Snowball Method Works
Here’s the thing: debt isn’t just numbers on a sheet it’s stress, guilt, and sometimes even shame. The Snowball Method gives you wins fast, and those wins build momentum. You’re not staring at a mountain of debt wondering how you’ll ever climb it you’re crossing peaks one by one, and that makes all the difference.
Tips for Sticking with It
- Track your wins visually: A chart on the fridge or a notes app can make progress real.
- Celebrate small victories: You don’t need a fancy gift just acknowledge it.
- Avoid adding new debt: The method works best if you don’t keep adding to the pile.
- Automate payments: Setting up direct debits makes life easier and stress free.
Snowball vs Avalanche
Some people swear by the Avalanche Method, which targets the highest interest debt first. It can save money on interest, yes but it doesn’t give you those quick wins that keep your morale high. If staying motivated is your biggest challenge, the Snowball Method usually wins hands down.
A Real-Life Example
Take Sarah, for instance. She had a small store card debt of R2,000, a personal loan of R10,000, and a credit card balance of R20,000. Using the Snowball Method, she focused on the R2,000 first. Just a couple of months later, it was gone. She rolled that payment into the R10,000 loan, and suddenly, paying off her credit card started to feel achievable rather than impossible. The progress kept her motivated to the end.
Why You Might Love This Method
If you’ve ever felt crushed by debt or overwhelmed by numbers, this approach is perfect. It’s simple, easy to follow, and designed to keep you motivated. Little wins add up, and before you know it, that backpack of debt feels a lot lighter.
FAQs About the Snowball Method
Can it save me money?
Maybe not as much as targeting high interest debt first but seeing progress keeps you consistent which often saves more in the long run.
Who should use it?
Anyone juggling multiple debts who wants fast wins and steady momentum.
How long until I’m debt free?
It depends on your total debt and how much extra you can pay each month, but many notice real results within a few months.
Can I mix it with other strategies?
Definitely. Some people combine Snowball for smaller debts and Avalanche for high interest ones it’s flexible.