Fight Your Debt With A Snowball

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Fight Your Debt With A Snowball

By: Terry Burgess, Founder and Men’s Mid-life Coach, Upward MC

Are you one of the individuals who are in their prime mid-life years and still in debt?   Do you wish you had an effective and proven plan to help you eliminate your debt?  You may think I am crazy, but I am going to show you how a “snowball” fight will get you out of debt.

I first heard about the “Snowball Method” of debt elimination nearly 25 years ago when a relatively unknown radio host by the name of Dave Ramsey was hosting his show on 99.5 FM in Nashville.   This was way before he became ultra-popular and went global with his financial wisdom and wizardry.  Since then he has helped thousands of people to eliminate debt and become wise about their finances.


Let’s go back to your childhood and review the process of making a snowball for a snowball fight. If you remember when you first make the snowball you must take the snow in your hands and form the ball.  You then take the small ball and roll it in the snow to have the snow on the ground adhere to the small ball to make it larger and larger until you have a large enough ball to throw at your opponent.

The analogy above is the premise of Dave Ramsey’s Debt Elimination process. Here are the steps he tells people to take.

Step 1: First you need to have at least a $1000 starter emergency fund.  If you do not currently have this fund you must create it to start your total money makeover.

Step 2: List ALL your debts from smallest to largest (This includes your large ticket items such as your house, car, student loans, medical debt)

Step 3: Make the monthly payments on all the debts except for the smallest debt.

Step 4: Pay as much as possible on your smallest debt on the list.

Step 5: Repeat steps 3 and 4 until you have paid off all your debt.

This method works because of the power of multiplicity.  This is because as you pay off your smallest debt the money that you were using to pay this off is added to minimum payment of your next smaller debt, pay off your next debt, repeat the process. You will soon be creating momentum that will allow you to pay off your debt sooner than you believe you can.

If you really want to accelerate your debt snowball use one or more of the following suggestions I have for you to try.

The first suggestion is to try to sell off items you no longer need or use such as clothes, electronics, housewares, tools, furniture, collectables, vehicles, exercise equipment, scrap metal, or anything else of value.  Take those funds and apply to your lowest debt.

My second suggestion is to do odd jobs or take a second part-time job and apply that income to your lowest debt at that time.

My third suggestion is a unique one but is a way for others to help you lower your debt.  Tell those individuals who wish to give you a gift for Christmas, Birthday, or other events to give you cash so you can apply it to your “Snowball Payment”.

I hope you have fun using your snowball to eliminate your debt in the coming year!  Not only will you remove your debt, you will also see your credit score rise!

Please feel free to contact me for a complimentary 45-minute coaching session.  I can help you develop a simple starting point plan to help you get on the road from your “mid-life crisis or challenges” to your “mid-life rediscovery and renovation” for your life.  You can visit to schedule you complimentary coaching session!

 Terry is a Personal Leadership and Mid-life Coach for Men with Upward MC in Benton, Kentucky.  He can be contacted via e-mail at  or by phone at 270-493-0967. His website can be found at


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