Baby Step 2b: The reason your debt snowball isn't working part 2

 4. Your spouse isn’t on board 5. You aren’t consistent 6. You aren’t tracking your progress

Your spouse is not onboard. Finances are one of the biggest causes of divorce or even simply arguments in a relationship. Doing the debt snowball is a lifestyle change, a very big one. Your spouse might not be a huge, Dave Ramsey fan. The debt snowball may not seem like the perfect idea to solve your debt issues to them. This was the case with me. Renardo, is not a Dave Ramsey fan. Sometimes it takes patience and a lot of frank discussions in order to get your spouse onboard. One thing that worked for me in swaying him is walking him slowly through the process. I did the legwork in getting all of our bills, student loans, car notes, mortgages, and credit cards with their respective annual percentage rates (aprs), monthly payments, and remaining balances using the Dave Ramsey snapshot tool or the Debt Snowball Calculator. I approached him with this and after a few attempts was able to sway him into at least looking into using this tool. Remember change is a process. It takes time. It is not a single instant event. I say this, because you shouldn’t expect your debt issues to be solved overnight.

Having your spouse or partner on board is important. You can try to do the debt snowball on your own, but it will not be as effective as it would be if you did it together. Imagine as you pay off your $1,000 credit card debt, your spouse gets another credit card and runs up a bill of $1500. If you are both on board, there will only be forward progress. So, it is worth the extra time spent to convince them to do the debt snowball.

You aren’t consistent. This is the part that I struggle with. Paying a debt off in a consistent manner each month, I do that. What I struggle with is incurring more debt. I am getting better though. It’s been several months since I’ve made a charge to any card. I’ve been attacking the smallest debt and hope to have my second card paid off in the next two months or less. I’ve already paid off one. If what you struggle with is paying the debt off in a consistent manner, remember this. Pay the minimum balance off of all but the smallest debt. Use any extra cash to pay off the smallest debt. Get in the habit of doing this by setting up a schedule where you pay each bill. Perhaps it is all of the bills on the first when you get paid, or maybe you stagger the bills throughout the month if you get paid weekly. Just remember the bottom line or your motivator. Look at what your income would be like if you didn’t have any of this debt. You can do anything you want. Sacrifices now, will be beneficial in the future.

You aren’t tracking your progress. Don’t forget to track your progress. Looking back on what you have accomplished is a HUGE motivator to keep you going. It’s also bragging rights for you when you are finished. It gives you as sense of accomplishment.

By: Natricia A. Edwards

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