8 Ways to Boost Your Debt Snowball

I think I’m just going to start this off with, Debt Sucks. The position that it puts you in can be extremely overwhelming. It can cause depression and even anger, but there are plenty of methods to help you overcome it. So, take a deep breath and let’s look at some positive things to help you out.

One of the best feelings in the world is when you are climbing back up out of the debt hole that you dug yourself. I know what you are going to say here, you dug that hole yourself, so it’s kind of like beating your head against the wall for no other reason that it feels really good when you stop. Maybe the debt isn’t even your fault, or maybe it’s completely your fault. Either way, the feeling is the same.

My personal favorite payoff method is the “debt snowball” 

It’s where you build up bigger and bigger payments over time as you pay off smaller debt while working your way up to the larger debt. It works very well but sometimes you want a little boost to help jump start your debt payoff goals.

If you are looking to turbo charge your debt snowball, here are 8 great ways to get that snowball rolling!

Those who have ever heard of Dave Ramsey are probably familiar with his debt snowball payoff method. You start paying minimums on all your debts, putting any “extra” toward paying down your smallest debt first. Once your lowest debt is paid off, you roll the extra to your next smallest debt, and so on. This creates a “snowball effect,” helping you pay off debt fast.

If you have a lot of debt, the finish line of this turtle race seems like it’s far, far away. Staying motivated is key and that is one of the best features of the debt Snowball method, but sometimes you just need a little boost, for both your finances and your morale.

So how do you go about finding that little boost you crave? Well allow me to help you out with that.

Here are some solid actions you can take NOW to give your debt the boost you need and start your finances moving in the right direction!

1. Set Up a Solid Budget

If you’re working on paying off debt fast, the most important step is starting with a well-organized budget. You need to have a hard and fast plan to know where your money is going. Without a budget, it will be like trying to drive your car through the mud. You may make it to where you’re going, but it’s going to take a lot of extra time and energy.

If you haven’t written out your budget, you need to stop right here and do it right now.

Write out your expenses, your bills, and the debt you’re hoping to pay down, then calculate how much you earn each month. Subtract your debits from your income. The difference is the “extra” you’re going to put toward paying down your smallest debt. Once you’ve paid that off, move to your next lowest debt and so on until everything is paid off.

If you are looking for some cool budget templates, I have some available that I posted a while back and you can find them HERE.

If you already have your budget set-up and are working on your debt snowball, then you’re on the right track. Watch for areas where you can cut expenses. Check your bills and utilities for any possibilities of saving a buck or two. Food and entertainment are usually two great areas to find some savings. Eating at home more often and selecting meals that are inexpensive and maybe supply you with some leftovers for a second meal is a good idea to save some cash. Meal planning is key here. Find alternatives to going out and spending money. The goal is to identify flexible spots in your budget.

2. Put “Crazy Money” Toward Debt

In an effort to see real progress on your debt, you need to put any extra financial windfalls you get toward paying it down. Crazy Money is money that you didn’t expect or budget for. You can read more about Crazy Money HERE. When you get Crazy Money, no matter what it’s from, don’t look at it as “Yay! Extra money! Let’s party!” Instead, put it toward your debt snowball goals.

Money you may get from tax refunds, Christmas gifts, birthday gifts, and other sudden unexpected cash sources (Crazy Money) are great ways to boost payments, because this is how you’ll see huge progress fast! Each month you eliminate from your debt payoff plan is another step closer to your goals.

If you sell big items like a car or furniture or electronics, use that money toward your debt. Think of items you don’t need or don’t use often and sell that stuff. Not only will you make some extra cash but you’ll clean out your closets as well.

3. Ditch What You Don’t Need

You can earn plenty of money selling clothes and accessories. Consider selling clothing on consignment. You can check with your local shops, or even Craigslist and Facebook groups that allow you to sell clothes online.

The eBay is great and if your items are brand name you can earn decent money. Jeans, vintage t-shirts, boots and designer items have a strong market on eBay.

Go through your house and organize as thoroughly as possible. If there are items you don’t need any more, consider selling them. Clean out your cupboards, your garage and your kid’s old clothes and toys. Look at books, movies, videogames and media you don’t use too.

For large items, consider selling them on Craigslist or even posting them in a Facebook group or apps like Letgo and Offerup. Garage sales can be good but is quite a bit of work and you rarely get a high return. So you may want to look at other options first.

4. Earn Extra Money Online

Check out online options like Swagbucks and maybe Inbox Dollars. These sites will pay you for following tasks as simple as watching videos, taking surveys or searching the web. Take quizzes and complete other mini-tasks for money.

You will NEVER hear me say anything positive about them again.

Just a point about Inbox Dollars. They pulled some bogus crap on me by kicking me out and saying that I violated their rules. They wouldn’t be specific and instead gave me a small laundry list of things that I MAY have done. I tried chatting with them but those people couldn’t/wouldn’t help me with it. They had no access to what actually happened, only the same list of what may have happened. I didn’t violate rules, in fact I never even used them. I signed up, but never followed through. Either someone hacked my account or they are sorely mistaken. Either way, they are so arrogant that they chose not to communicate with me to even attempt to repair the relationship. So, travel that road at your own risk. I will not endorse them, ever.

Swagbucks pays in points or “bucks” which you trade in toward gift cards and other items. The best way to earn on Swagbucks (with the least amount of effort) is to visit the site before you make online purchases, which will help you earn more points.

If you earn gift cards, use them to offset other purchases. For example, select a Walmart gift card and do your grocery shopping there and knock the gift card balance off your grocery budget. Don’t just use gift cards as a reason to shop MORE.

There are plenty of other ways to earn money online. 

I started a blog and for me it’s easy to do. Admittedly, I haven’t made a dime on it yet but the personal satisfaction that I get out of it is very rewarding. There are many people that made a crazy good living at blogging and one day I hope that I will too. It’s not a get rich quick scheme by any means but I encourage everyone to try their hand at blogging if you like to write and pass along information that can help others. You may find that it’s your niche.

Earning money online isn’t as hard as you think. There are many options depending on your level of interest, time and skillset, so check it out!

5. Make the Most of Events

If your town hosts a parade, offers concerts, fairs or even a high school football game, make the most of these events. Get your kids together, pack a cooler and sell water (or lemonade) to the crowds of people passing by.

You might think it sounds silly, but on a hot summer day, a $1/bottle of water can earn $20 on a $4 investment. Besides, people genuinely appreciate an ice-cold drink on a hot day. If you get really ambitious, you could sell frozen pops or other drinks, but the best return is on water. Just a word of advice here though. Check to see if your town requires a Vendor’s Permit before selling anything consumable. It may save you a bunch of hassle.

If your neighborhood hosts an event, it’s a great time to sell furniture and big items you don’t want to bother with on Craigslist. You can put them out on the curb with a sign, sit on your front lawn and hold an impromptu yard-sale. It’s much less stressful than a traditional, planned out garage or rummage sale, and during busy times, your odds are better to find someone willing to pay you to take stuff away that you no longer want.

6. Do Odd Jobs

If you’re working on your debt snowball, you can earn money by picking up odd jobs around town. Offer to do jobs you’re good at—fix a computer, help with yardwork or gardening, caring for pets or running errands. If you have a truck, that’s a gold mine right there. It seems everyone needs a truck at some point in their life and a lot of people just don’t own them when they need them.

Another option is to send out a “husband for hire,”. Often people don’t want to hire a contractor just to hang up pictures, fix a toilet or build IKEA furniture. These seemingly menial tasks for some are roadblocks for others. If you have the skills to pull them off, there is money to be made.

Make a flyer and offer to help neighbors with their lawn mowing, errands like grocery shopping, picking up dry cleaning and other services. If you’re great at organizing or cleaning, offer to help neighbors and friends who need assistance with chores. It’s a great way to get to know your neighbors and earn extra money on the side.

7. Use Your Talents

Do you have talents? What you may think are mundane skills are useful talents that other desire to learn. Are you a great singer, do you paint, do photography or crafts? Turn your talents into a class from your home or look for opportunities at your local senior, community or recreation center. They’re often desperate for skilled teachers and teaching isn’t as difficult as you might imagine! Once you’ve planned out a course, repeat the material over and over with new students. You can also consider teaching and sharing your lessons online via sites like Skillshare.

Piano lessons, sewing lessons and even dance lessons are fun too, especially with kids. If your students are kids or beginners you don’t need to be “expert level.” You can teach sewing basics or a small craft class from your home easily. You may even want to check with local elementary schools, libraries and even the local churches. They are often looking for assistants with skills to lead after-school clubs and community activities.

If you’re crafty….

Consider making items to sell online or even selling printables, patterns and instructions for others to recreate your designs. Artists can consider designing t-shirts and other items to sell online. There are companies such as Spreadshirt that will print your designs on nearly anything. You earn a profit each time they sell.

8. Flip It

For a while, before I started blogging I flipped items on eBay. It wasn’t the job for me BUT if you have the right skillset and area of expertise, I’ve known others who’ve made serious bank as eBay sellers.

One of the best ways to earn money on eBay is to pick a product you know very well. 

This might be a particular niche market like flying gear, graphing calculators or collectibles from a particular genre. For me, it would be motorcycles and anything related to them. It’s always been a passion of mine and what better thing to market than something that you not only already know so much about, but that you have a pure passion about as well.

His name is Flipper, Flipper, Flipper, faster than lightning….

There is an obvious market for flipping thrift store items. Flipping thrifted items means lots of trips to second-hand stores and the post office. You need a good eye. Report every detail of an item you’re selling, honestly (even flaws). Even if it lowers the value, it will keep your buyer’s trust. You want to keep your feedback positive and ensure your buyers are really satisfied. That will keep your score up and keep buyers coming back to you.

You can also flip items without eBay – like if you’re great at refurbishing furniture, for example, or you enjoy repairing small electronics. When you take one a project, ensure you follow through with it, otherwise you’ll end up spending money on broken electronics and beat up furniture, and never repairing it. Then I guess instead of being a flipper, you would just be a junk collector, and that’s not going to help financial situation at all.

There are tons of ways to generate extra cash

Whenever you do end up with extra dollars, use them to make progress on your debt snowball. The best thing about the debt snowball system is how quickly it works. You taste success quickly and it’s very motivating to keep going.

Keep your eye on the prize and focus on generating as much money to put toward your Debt Snowball as humanly possible. There is a bright shiny light at the end of that tunnel. Go get it.

Dave