I was in £53k of debt and paid it off in less than 2 years thanks to a simple method – now I have financial freedom
HANDS up if you're in debt and feel like you're never going to get out of the red?
Well, according to a money-saving whizz, who prides herself on 'helping achieve financial freedom with smart budgeting and debt strategies,' the 'snowball method' could just be the answer to your money worries.
Jillian praised the genius method for helping her to pay off a whopping £53k ($68k) debt in just 18 months.
Explaining what the 'snowball method' entails, she begins: "You list all your debts, smallest amount owed to biggest amount owed."
"You pay minimum payments on everything and anything you can squeeze out of your budget and from your additional jobs you put towards the principle of the small one."
In the clip posted to TikTok (@budget.crushing.mama), she continues: "Once you finish that, you roll both of those payments into the principal of the second one.
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"Once you finish the second one, you put both of those payments
into the principal of the 3rd one."
She then asks whether you can see the snowball effect yet.
"Average time to get out is 18 to 24 months if you are intentional with your money and your time," she adds.
Jillian captioned the post: "The debt snowball!!! My preference to the avalanche. Little wins, lead to big wins! £53k ($68K) paid off using this method."
The popular alternative method that some people favour over the 'snowball method' is the 'avalanche' method.
Fabulous previously told how a woman and her husband paid off over £51k debt in less than two years by following this technique.
Sharing her top money-saving tips, she says: “Debt avalanche = more money saved on interest in the long run! It’s the only way to go, in my opinion."
She then explains: “This is my favourite way to get out of debt fast.
“This is the exact method that my husband and I used to pay off over $65,000 [£51,000] in debt in less than two years.
“Now we’ve been able to spend the last year making our money go to work for us and watching it grow and grow and grow.
“This method is called the debt ‘avalanche’.
“You may have heard of the debt ‘snowball’, where you pay off your debts from smallest to largest.
“But there’s a big flaw in that method that no-one talks about."