Debt Momentum

Paying off debt is a clear part of a healthy financial life, yet how to pay off debt is significantly less clear. There are plenty of ways and paths for paying off debt, but I’ve found there is one way that is the best way. The Momentum Method is the best way to pay off debt, while keeping your motivation high. Debt can take a long time to pay off, your motivation is what will keep you on the right path.

In this chart list each of your debts with your balance and minimum payment. The chart will automatically reorder each debt from smallest to largest balance. Once you’ve listed all your debts, identify how much extra money you can put towards your lowest balance debt each month. ONLY put extra money toward your lowest balance debt. This gives you intense focus and will help you pay off an entire debt faster. As soon as your lowest balance debt is paid off, you can redirect your focus to your next lowest balance debt.

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