Millions of people have successfully used this plan to become debt-free! But what is the debt snowball method? And how does...
2 Minute ReadTopic: debt
Katie and Tony went through life feeling like they had a good handle on their money. They each had their own pile of debt, but they believed it was benefitting them.
Through student loans and home purchases, Katie thought she was making her future better. “I was of the mind-set that debt was a tool,” she said.
As for Tony, he was in the habit of borrowing money and paying it off each month, only to repeat the process over and over again.
“I always felt like I was doing a good job with money . . . but I certainly wasn’t,” he said.
This Wisconsin couple began to think seriously about their money after they got engaged. They met with a financial advisor who told them the truth—they were not in good shape. They were searching for a plan for their future when Katie’s sister recommended reading The Total Money Makeover. Katie and Tony pored over the book and began taking steps to ditch their debt.
They made great progress at first, but they lost some of their intensity after welcoming a baby into the family. Their focus shifted, Katie decided to stay at home, and the progress they were making on their debt snowball started to stall.
Realizing they needed accountability to help stay the course, they enrolled in Financial Peace University (FPU). Going through the class gave them a built-in community to cheer them on and encourage their progress. Katie and Tony got on the same page and became committed to knocking out their debt once and for all. They made greater sacrifices—even selling Tony’s SUV!
“All of our life transitions have been impacted by our debt-free journey,” Tony said. “Life transitions are difficult, but the blow has been softened because we’ve been on this journey.”
Becoming debt-free enabled Katie and Tony to better handle the challenges of life that came their way.
Watch the video to find out more about Katie and Tony’s amazing story!
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