The debt snowball method is a way to pay off debt by focusing on your smallest balances first. Once you pay off one account, you apply that payment to the next smallest. Over time, your payments “snowball,” growing larger with each step.
This method doesn’t aim to save the most on interest—it’s about staying motivated by seeing progress quickly. If you’re looking for tools to support this strategy, there are several that can help you stay organized and on track.
These tools aren’t endorsed or affiliated with SmartSpending—but they’re examples of what’s available if you want to track your progress or organize your debt payoff plan. Each one offers something a little different, so review the features to see what fits your needs.
1. Undebt.it
Undebt.it is a free, web-based tool that supports multiple debt repayment strategies, including the snowball and avalanche methods. Users can input their debts, select a repayment plan, and visualize their progress through detailed charts and timelines.
The platform also offers “debt snowflakes,” allowing for one-time extra payments to accelerate debt reduction. For those seeking advanced features like bill tracking, calendar syncing, and integration with budgeting tools like You Need a Budget (YNAB), Undebt.it+ is available as a premium option.
2. Debt Payoff Planner
Available on both iOS and Android, Debt Payoff Planner assists users in creating customized debt repayment plans. By entering loan details, users receive a step-by-step payoff schedule, complete with visualizations of their debt-free timeline. The app supports various strategies, including snowball and avalanche methods. While the basic version is free, a Pro version offers additional features such as multiple payoff strategies, unlimited debts, and payment reminders.
3. Bright Money
Bright Money utilizes artificial intelligence to analyze spending habits and automate debt payments, aiming to help users reduce high-interest credit card debt efficiently. The app creates a personalized financial plan, automates payments, and offers features like credit score monitoring and bill tracking. Bright Money requires users to link their bank accounts to facilitate these services. While it offers a range of tools, users should be aware of the subscription costs and evaluate if the app aligns with their financial goals.
4. Ramsey Snowball Calculator
Offered by Ramsey Solutions, the Debt Snowball Calculator is a free online tool that helps users create a debt repayment plan using the snowball method. By listing debts from smallest to largest, the calculator provides a step-by-step payoff plan and estimates the time needed to become debt-free. It’s a straightforward tool designed to motivate users by focusing on quick wins.
5. You Need a Budget (YNAB)
YNAB is a zero-based budgeting app that helps users plan every dollar with purpose, including debt payments. You can apply the snowball method by targeting your smallest debts first and allocating extra funds as you go. YNAB offers real-time bank syncing, spending insights, and goal tracking. It doesn’t have a free version, but there’s a 34-day free trial.
Helpful Tips for Staying on Track
Using the debt snowball method can help you build momentum, but staying consistent takes effort. Here are a few tips that may help:
- Stick to your payment schedule: Always make at least the minimum payments on all your debts. If possible, pay more toward the smallest balance.
- Use extra money wisely: Bonuses, tax refunds, or side income can go toward your current target debt to speed things up.
- Avoid taking on new debt: Try not to add new balances while working through your plan—it can undo your progress.
- Celebrate progress: Even small wins count. Mark milestones to stay motivated.
Wrapping Up
The debt snowball method can be a powerful way to stay motivated as you work toward becoming debt-free. Whether you prefer a hands-on spreadsheet or an automated app, the right tool may help you stay organized and focused.
There’s no one best app for the debt snowball method—just the one that fits your habits, goals, and budget.
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