Paying off debt can feel overwhelming, especially when you’re juggling multiple bills and high interest rates. If you need a plan that builds momentum but still saves you money, the Snowball Plus method might be your best fit. It’s a flexible, realistic strategy that blends motivation with smart decision-making.
What Is the Snowball Plus Method?
The Snowball Plus method is the next level of the classic debt Snowball. Just like the original, you focus your resources on the smallest balance, but add one key twist: Every three months, you pause to check your progress and re-rank your remaining debts based on cost and timeline.
Why This Hybrid Approach Works
The snowball method works because it gives you a quick win, but it also can leave you paying more in the long run if you ignore high interest.
Integrating a little customization through the snowball plus approach makes it easy to refocus your money towards what you deem your most pressing bills. That means you get both the motivation and the savings.
The Snowball Plus Process
Step 1: Build or Evaluate Your Emergency Fund
Before you dive into Snowball Plus, it helps to create a small emergency fund, or to dedicate some money in your current fund to this project. Even $200 to $300 can be a game-changer when emergencies hit.
Having this cushion means you’re less likely to add new charges to your cards, take out payday or personal loans or delay progress if something unexpected comes up.
Step 2: Pick a Debt Focus
Like the traditional snowball approach, pick the smallest debt to pay down first. But as you leapfrog forward, take the time to do the math on the cheapest way to pay off your balances in the short- and long-term, with special attention on your overall interest paid. Strategy is on your side in Snowball Plus, so do your homework on the smartest moves for you before picking a direction.
Step 3: Track Your Progress
Tracking is key to staying on course. It helps you see wins, even when progress feels slow. Don’t worry too much about investing in a fancy tracker either — the best approach is the one you actually use. That could be a:
Make a habit of checking in every month, and do a full reassessment every three months. It helps you reorder debts if needed and update your budget to your current income and spending habits. Plus, you’ll see those balances drop — and that’ll help you stay motivated to continue.
Budgeting Not Enough? Get Professional Help.
If you don’t have room in your budget to make the snowball work, you’re not alone: With the costs rising, finding space in your budget to pay down debt can feel impossible.
Sounds like your situation? Then it may be time to look into debt consolidation. Debt consolidation with Accredited Debt Relief can slash your eligible monthly debt payments by 40% or more and help you get debt-free in as little as 24-48 months.