Debt Snowball Explained for Beginners | How to Pay Off Debt | Debt Payoff | Budget for Beginners

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  • Опубліковано 21 сер 2024

КОМЕНТАРІ • 220

  • @xaimara13
    @xaimara13 3 роки тому +138

    This is the best explanation I’ve seen to the snowball method, I actually didn’t understand why they call it snowball until today. Thanks for making this video!

    • @MonetsMoney
      @MonetsMoney  2 роки тому +2

      AwwThank you so much ❤️🤗

  • @Basic_Barbie23
    @Basic_Barbie23 2 роки тому +35

    Just sat down and wrote down all my credit card debt! I’m ready to take control and build my wealth. Thanks for the video!!

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      Congrats on completing the first step! Happy that you want to take control and that I could help ❤️ wishing you success and good luck on your journey

  • @Whisper-fz5qb
    @Whisper-fz5qb Рік тому +6

    The snowball actually works. I’ve paid off about $1,500 of my $6,000 in debts in the last couple months

  • @astronomical13
    @astronomical13 2 роки тому +10

    My smallest debts carry the highest interest rates so my snowball happens to be an avalanche.

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      That’s also a good way to pay off your debt 🤗

  • @skoopqueen
    @skoopqueen Рік тому +27

    I

    • @eadad4371
      @eadad4371 Рік тому

      Not quite long I started investing. I'm very curious and need help on how to enhance and increase my returns. Any good investment tips would be appreciated

    • @skoopqueen
      @skoopqueen Рік тому

      @@eadad4371 Alright so generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (REGINA LOUISE COLLARO) an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She is quite popular for her services so you might have heard of her.
      She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy...So I’ll advise you do get a good Investment advisor for yourself.

    • @eadad4371
      @eadad4371 Рік тому

      @@skoopqueen That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?

    • @skoopqueen.
      @skoopqueen. Рік тому

      @@eadad4371 look her up on the internet and leave her a message she's quite popular for her services as she was recently featured on cnn. She can work with anyone irrespective of where their located

    • @emeldcentor1474
      @emeldcentor1474 Рік тому

      @@skoopqueen. I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .

  • @ericacalanoc
    @ericacalanoc 9 місяців тому +4

    I thought I already knew the meaning of it until you explain it even more through an example. Thank you!

  • @alysha.24
    @alysha.24 7 місяців тому +3

    This was the greatest visual representation to break down the snowball method, while also being so supportive! I loved this, and I’ll definitely be coming back to it when I need a little extra motivation!

  • @danb8606
    @danb8606 Рік тому +10

    Awesome breakdown. I would also mention that it's usually good for people to have Dave Ramsey's baby step 1: Save $1000 fast. That way people have a safety cushion, while they're going aggro on their debt snowball. I always felt vulnerable when not having some savings, while getting aggressive on the debt per month. Was scared to over-extend.

  • @krazyangel83
    @krazyangel83 2 роки тому +9

    Thank you for the video! I am going to start this immediately! I've been struggling and this explained so much!

  • @GiselleSantosBeauty
    @GiselleSantosBeauty Рік тому +23

    This was THE BEST breakdown on this! Thank you so much for taking the time to teach us 🥰

    • @MonetsMoney
      @MonetsMoney  Рік тому

      Thank you 🤗 Glad the video was helpful

  • @aneshaelizabeth
    @aneshaelizabeth 2 роки тому +17

    Thank you for this video! I was aggressively paying off debt two years ago, but life happened and I got into debt further. I’m currently working on digging myself out this hole and I just needed a refresher on the snowball method.

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      I understand life happening. Glad to see you trying again and I’m happy this video was helpful to you!

  • @esbi1124
    @esbi1124 Рік тому +7

    Hello Monet, thank you for the video. Crystal clear explanation + high quality. Respect.

  • @sueallen558
    @sueallen558 2 роки тому +9

    You answer so many questions I have when you do these videos. Including medical bills in debt snowball was one of them. 💵 thank you!

    • @MonetsMoney
      @MonetsMoney  2 роки тому

      So happy the videos are helpful ❤️ thank you for watching and glad you enjoy 🤗

  • @paulac4071
    @paulac4071 2 роки тому +4

    This was awesome excellent video. Finally someone gets it and shows it in a simply format. You should be teaching

  • @BudgetwithDragons
    @BudgetwithDragons 3 роки тому +6

    NOTIFICATION GANG SIS 🙌🏽🙌🏽🙌🏽As always an amazing tutorial video sis!!🤗

  • @LaurenOliviArt
    @LaurenOliviArt 2 роки тому +3

    You’re so nice. Thank you I was really starting to think bad thoughts and you made me feel a lot better

    • @MonetsMoney
      @MonetsMoney  2 роки тому

      I’m happy I can give you some peace and company ❤️❤️

  • @ChelleBee166
    @ChelleBee166 2 роки тому +15

    I love these videos so much! You lay it out so simply so it makes so much sense. I used your video on how to create a cash budget by essentially "saving" from each paycheck for a bill and it has changed our finances! Thank you!!

    • @MonetsMoney
      @MonetsMoney  2 роки тому

      Thank you so much. I’m very happy to hear that the videos are helpful. ❤️

  • @Paula09.16
    @Paula09.16 3 роки тому +29

    So proud of you Monet! Love how you're handling your debt, learning as you go & teaching others along the way.

    • @MonetsMoney
      @MonetsMoney  2 роки тому +2

      Thank you so much ❤️🤗

  • @BeaFindsJoy
    @BeaFindsJoy 2 роки тому +20

    Yes!!! You are such a great teacher when it comes to budgeting. So very detailed and organized. Thanks for helping others that wants to get started. ☺️

    • @MonetsMoney
      @MonetsMoney  2 роки тому

      Thank you so much ❤️ appreciate the teaching compliment 🤗

  • @relaxvideos8742
    @relaxvideos8742 2 роки тому +2

    I enjoy your videos Monet and I'm working on paying off my debt and saving money as well to also help to pay of my debt faster

  • @michellepadgett6537
    @michellepadgett6537 3 роки тому +6

    Love it. So easy to understand. Thank you 🦋

  • @graceartsgifts
    @graceartsgifts 2 роки тому +3

    Love this! Really helped me pay off my debts! Thanks, Peace and Prosperity!

  • @MouridEnglish
    @MouridEnglish 2 роки тому +1

    Now I understand what the snowball method means. Thanx a lot. Blessings.

  • @choosetoshine2610
    @choosetoshine2610 2 роки тому +3

    Excellent content and delivery! Your explanation was thorough. New subscriber.

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      Thank you so much ❤️ welcome to the family

  • @a2zbudgets101
    @a2zbudgets101 2 роки тому +2

    Hi Monet! I just started a cash stuffing channel. I'm going to start this method soon. Paying credit cards each month can be a hand full. This was a very good video... I just subscribed.. Love it!🥰🥰

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      Congrats on starting your channel and welcome to the family. taking the step to tackle your debt is a challenge on its own and I’m rooting you on ❤️🤗

    • @a2zbudgets101
      @a2zbudgets101 2 роки тому

      @@MonetsMoney Thank you 😊 🙏

  • @awrecklessvirgo
    @awrecklessvirgo Рік тому

    My name is Mone't, and I wanted to know more about the snowball method to become debt free. The way God works this is the first video I clicked on, and your name is Monet!!!! with a channel called Monet's Money!!!!. Lol God is outchea and he's very clear and always right on time. Thanks love, from one Monet to another!!!!

    • @MonetsMoney
      @MonetsMoney  Рік тому

      Loving meeting another Monet. Glad I was here at the right moment ❤️🤗

  • @katresealexander1311
    @katresealexander1311 3 роки тому +3

    I love your teachings for the beginners.

  • @michellewilliams9195
    @michellewilliams9195 2 роки тому +6

    I really appreciate your simple explanation. It's very helpful and I'll be sure to check out your other videos. Thanks for sharing!

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      Thank you so much for watching ❤️

  • @misseyespy1
    @misseyespy1 3 місяці тому

    Can’t wait to watch I am paying highest first lots to learn from you thank you !

  • @MrChevy7
    @MrChevy7 Рік тому +1

    Your hands are so very expressive!, I love it :D

  • @itskia2586
    @itskia2586 3 роки тому +1

    You did a great job explaining this Monet. I will share this video to everyone who needs to learn this method.

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      Appreciate that ❤️ thank you so much

  • @shanzaabananzaa1725
    @shanzaabananzaa1725 2 роки тому +2

    You have honestly changed my financial situation for 2022!! These beginner videos have made things so easy to understand!! You are a godsend!!! Xx

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      I’m so glad to hear that! Happy to know these videos are helpful and understandable. Wishing you success for your finances in 2022 ❤️

  • @relaxvideos8742
    @relaxvideos8742 2 роки тому +1

    Hi I'm using this method to eliminate my debt thanks for the motovation

    • @MonetsMoney
      @MonetsMoney  2 роки тому

      Glad it was helpful 🤗

    • @relaxvideos8742
      @relaxvideos8742 2 роки тому

      @@MonetsMoney and I'm building my savings as well your challenge motivated me as well

    • @relaxvideos8742
      @relaxvideos8742 2 роки тому

      @@MonetsMoney me too and I'm starting to also put money away for savings

  • @k1netic1
    @k1netic1 3 роки тому +4

    This is such a thorough explanation of debt snowball. Great vid!

  • @TheWealthElevator
    @TheWealthElevator 5 місяців тому

    The debt snowball method is effective, yet investing in assets such as rental properties or syndications might be a more strategic use of available funds than debt repayment. Targus primarily targets individuals with lower net worth who are burdened by debt. However, for those with a net worth exceeding $1 million, it's often more advantageous to focus on wealth accumulation rather than debt elimination. Repaying debt is not necessarily synonymous with achieving financial freedom.

  • @sueannheadley5384
    @sueannheadley5384 2 роки тому +1

    enjoyed your explanation and I am going to educate my kids with your method

  • @Ahmed-Crane
    @Ahmed-Crane 7 місяців тому

    Thank you so so much for this video! I think the Debt Avalanche will be more suitable for me, but I definitely made note of everything for future reference. I love your presentation style!

  • @darlener.8225
    @darlener.8225 Рік тому +2

    You explained this so well!!! Thank you so much

  • @Musicizmyremedy
    @Musicizmyremedy 6 місяців тому +1

    I just dropped $2500 on debt today it hurts my pockets but it feels great lol

  • @ZoeysMusings
    @ZoeysMusings 2 роки тому +5

    You're such a great teacher. I'm so glad you're on UA-cam educating people about subjects like this. Loved the breakdown 👏🏽

  • @lilianamartinez4958
    @lilianamartinez4958 2 роки тому

    I think you are such a smart young lady just wanted to say good job. Just found you and watching all your videos

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      Aww 🥺 thank you so much ❤️ I truly appreciated this

  • @theelifeofhoneyy
    @theelifeofhoneyy Місяць тому

    Awesome Video! Thank you so much 💕

  • @chiacollins7057
    @chiacollins7057 11 місяців тому

    This is one of the best video I have seen on snowball the video is really inspiring me I love thanks

  • @NikkiSapien
    @NikkiSapien Рік тому +2

    These are great, fresh examples of the snowball method. Where/when do these financial debt fall into your envelope method?

    • @MonetsMoney
      @MonetsMoney  Рік тому

      Thank you! I sent aside money for debt each time I cash stuff and put part of that income towards debt snowball payments.

  • @Sugar_So_Spicy
    @Sugar_So_Spicy Рік тому

    Took a while for the video to actually get going but it was well worth it sis!😊

  • @thishijabibudgets353
    @thishijabibudgets353 2 роки тому +4

    This was so good! Definitely provided some fire to my desire to become debt free! Thank you!

    • @MonetsMoney
      @MonetsMoney  2 роки тому

      So happy to hear that ❤️ thank you for watching and good luck 🤗

  • @KreesBudgetJourney
    @KreesBudgetJourney 3 роки тому +4

    You’re so great at breaking things down !❤️

  • @matovujulius9643
    @matovujulius9643 Рік тому

    This is what I needed to understand and you have nailed the last nail in the coffin. Thank you so much

    • @MonetsMoney
      @MonetsMoney  Рік тому

      Glad the video was helpful. Thank you for watching 🤗

  • @Diestarlyt
    @Diestarlyt Рік тому

    This is so beautiful idk how I'm gonna do that with a child and with 20 credit cards lol I'm gonna try though. On the two lowest debts.

  • @LindiKhoza
    @LindiKhoza Місяць тому

    Thank you. I'm inspired.

  • @renisha_th
    @renisha_th 2 роки тому

    This was perfect explanation I am
    struggling with my bills

    • @MonetsMoney
      @MonetsMoney  2 роки тому

      Happy to know it was helpful ❤️ thank you

  • @LuisVillanueva45
    @LuisVillanueva45 Рік тому

    Loved your video. Thanks for sharing!

  • @elishajorden4457
    @elishajorden4457 2 роки тому +1

    Love this video thank you ! 🖤

  • @THETAYAJ
    @THETAYAJ 3 роки тому

    This is great Monet!!! Thank you for sharing

  • @tamikajones6970
    @tamikajones6970 3 роки тому +1

    Great explanation Monet!

  • @catherine4339
    @catherine4339 3 роки тому +1

    Brilliant as always 😊

  • @nikkirodriguez8207
    @nikkirodriguez8207 Рік тому

    Thank you for the video! Very helpful to understand.

  • @lashayjeinkins8629
    @lashayjeinkins8629 Рік тому

    Thanks love I’m going to try this method !

  • @sofondadavis5028
    @sofondadavis5028 Рік тому

    I would also suggest that you calculate the months till pay off.

  • @quanzaaustin1915
    @quanzaaustin1915 Рік тому

    Very simple thank you so much. I will try this in my homeland currency.

    • @MonetsMoney
      @MonetsMoney  Рік тому

      Glad the video was helpful ☺️ hope it works for you

  • @reemalsaffar9503
    @reemalsaffar9503 3 роки тому

    Thank you for the video ❤️ great video 😍 simple and easy to understand 😍 All the best ❤️

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      That’s always the goal ❤️ thank you

  • @relaxvideos8742
    @relaxvideos8742 2 роки тому

    I'm Michael Ayers and I'm using the debt snowball method to pay off my debt

  • @UlikeTammy
    @UlikeTammy 2 роки тому

    I love your channel so much! You explain things very well easy to understand

    • @MonetsMoney
      @MonetsMoney  2 роки тому

      I always want to make things clear and understandable so I’m happy to hear that ❤️ thank you

  • @YossiLavy
    @YossiLavy 10 місяців тому

    Very well explained and articulated Thank you

  • @petronellamdletshe9740
    @petronellamdletshe9740 4 місяці тому

    That was very nice and simple I'm going to try it

    • @MonetsMoney
      @MonetsMoney  4 місяці тому

      Hope it works out for you!

  • @elisa000
    @elisa000 2 роки тому

    God bless you I am going to try this immediately!

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      Hope it works out for you! ❤️ thanks for watching

  • @linneafristoe3277
    @linneafristoe3277 3 роки тому

    Another great video! Thank you!

  • @MoneywithGab
    @MoneywithGab 2 роки тому +5

    Monet!! Girl I love this! You are so great at explaining things! I'm full steam into my debt snowball but this was still very helpful!

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      Yes! You are killing your debt snowball but I’m happy to hear this was still useful ❤️ thank you

  • @redbone3951
    @redbone3951 2 роки тому +1

    Wonderfully explain💕💕💕

  • @mattncrys7742
    @mattncrys7742 2 роки тому +1

    Thank you for making this so simple to understand. I am now ready to tackle my debt.

    • @MonetsMoney
      @MonetsMoney  2 роки тому

      Happy to help, glad it was understandable ❤️ Wishing you luck on your journey, you got this 🤗

  • @JoeNerdShow
    @JoeNerdShow Рік тому

    how many times you addding to this video everytime i watch it? lol.. Good vid.. Keep it up

  • @Itsjustmaria43
    @Itsjustmaria43 2 роки тому

    I'm late but enjoyed the video!! 🥰 thank you monet

    • @MonetsMoney
      @MonetsMoney  2 роки тому

      Never too late, thank you for watching ❤️

  • @MAGROD28
    @MAGROD28 2 роки тому

    Thanks for that amazing explanation!

  • @pasoapaso6323
    @pasoapaso6323 3 роки тому +2

    As always clear, concise and useful. Great vid!

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      Thank you so much 🤗❤️

  • @SunflowerSoul11572
    @SunflowerSoul11572 7 місяців тому

    This is amazing! Would this method if things are in collections and such? I've made mistakes, and I'm finally at a point where I realize I need to stick to the changes that I attempt to make.

  • @jeanieguillet1239
    @jeanieguillet1239 2 роки тому

    Great video very well explained, love it.

  • @meganbudgets8037
    @meganbudgets8037 2 роки тому

    New subscriber, I like how well this was explained 👌 ❤

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      Glad it was helpful ❤️ welcome to the family

  • @gemamelendez6322
    @gemamelendez6322 2 роки тому +1

    Thanks Monet!!! I loved this video and it was so easy to understand you really explained so much better 🤩

    • @MonetsMoney
      @MonetsMoney  2 роки тому

      Thank you so much ❤️ glad it was helpful

  • @Lavendari-sv6vy
    @Lavendari-sv6vy 10 місяців тому

    This was so good! Thank you 🙏🏻 would you include taxes owned to IRS and state taxes in the snowball method ?

    • @MonetsMoney
      @MonetsMoney  9 місяців тому

      Thank you! Yes I would include that for debt

  • @dachsymom5232
    @dachsymom5232 2 роки тому

    Great video. No one does these explanation budget videos better! ❤

  • @alinaaguilera3411
    @alinaaguilera3411 Рік тому

    Great video!!

  • @thatwinninggirl942
    @thatwinninggirl942 8 місяців тому

    Great Stuff 🎉

    • @MonetsMoney
      @MonetsMoney  8 місяців тому

      Glad you enjoyed it! ❤️

  • @JoyJoy-th6fp
    @JoyJoy-th6fp 4 місяці тому

    great explanation

  • @Tony-xt9fm
    @Tony-xt9fm Рік тому

    Thanks you for this!

  • @mansmooth255
    @mansmooth255 Рік тому

    Great job🎉

  • @oliviagray6061
    @oliviagray6061 Рік тому

    Thank you so much for this, this is literally the first time I actually understand this. Very simple explanation.

  • @bornsinet2758
    @bornsinet2758 Рік тому

    That's a great share. Thanks

  • @nurfaridah6675
    @nurfaridah6675 2 роки тому

    Thank u, it’s so helpfull 🙏

  • @antoinettesmith8371
    @antoinettesmith8371 2 роки тому

    Oh my Thank You so much Awesome

  • @yailener123
    @yailener123 2 роки тому

    These videos helped me so much!! I literally could not understand where to start!! Thank you 💕

    • @MonetsMoney
      @MonetsMoney  2 роки тому

      Happy I can help ❤️ thanks for watching

  • @thecurvywatts8082
    @thecurvywatts8082 Рік тому

    I’m definitely going to try ty

    • @MonetsMoney
      @MonetsMoney  Рік тому +1

      I hope it works out for you! 🤗

  • @imanichanell7243
    @imanichanell7243 2 роки тому

    i love this!

  • @_SusanSantiago
    @_SusanSantiago 2 роки тому

    Well explained 👏🏼

  • @YOUonlyLive01once
    @YOUonlyLive01once 8 місяців тому

    Hi. From the Philippines

  • @georgesingletary2860
    @georgesingletary2860 8 місяців тому

    Why I felt flexed on at 8:58

  • @TheBlueExiles
    @TheBlueExiles 3 місяці тому

    Very inspirational

  • @lisasavarno2636
    @lisasavarno2636 3 роки тому +1

    🌻🎃Thank You for sharing your journey and this great video. You did fantastic job explaining. Have a great day 🎃🌻

  • @johnfernandez2060
    @johnfernandez2060 4 місяці тому +1

    Im about to be hit with over 1500$ worth of interest on 2 of my cards. 😢do I still start with my other couple of Lower amount credit cards or do I go for these big ones with no interest until August ?

  • @EmilyGloeggler7984
    @EmilyGloeggler7984 Рік тому

    As a homeless disabled woman dying from end stage non-alcoholic liver disease/cirrhosis and suffering from hepatic encephalopathy, I won’t be able to work much longer because of our situation and still increasing in medical debt and yet whose husband already is working three jobs and who both families have kicked us out after we went to them for help after losing our home. Note we did look into shelters and so called “churches” and we don’t qualify and we’re abused by them. So those are no-go and yes we did move to less expensive states to try to find cheaper living and still homeless. Any advice for someone in this particular situation - we’d be grateful.

    • @asmrmaroxa
      @asmrmaroxa 10 місяців тому

      Hi just.want to know how are you doing now? Let me know!

  • @BudgetWithJeanette
    @BudgetWithJeanette 3 роки тому

    Awesome video like always Monét 💜. The cash to debts added to the video 💵. Very well done 👏🏽

    • @MonetsMoney
      @MonetsMoney  2 роки тому +1

      Thank you so much 🤗❤️