Apple Podcasts
Google Podcasts
Spotify
StitcherWhen we talk about debt payoff, a win is a win. Because anything that gets us to pay them off is good. It is just a matter of how we use these strategies as fast and healthy as we can. Today, we’re breaking down which one fits your money personality, and show how to customize either using values-based spending so you don’t burn out before you’re debt-free.
The best debt strategy is the one you’ll actually stick to.
Debt Avalanche vs. Debt Snowball
Debt Avalanche is a strategy where you pay off debts with the highest interest rate first. Because when the high interest is gone, the less money you are going to pay on the overall loan. Mathematically, Jill affirms this is the fastest and the strategy that will save you most money over time. It may just feel slower and harder to stay motivated.
Debt Snowball, however, is where you knock out the loan with the lowest amount regardless of the interest and then move on to the next one. This gives you a psychological small win which builds momentum and confidence. However, Jen says this costs more in interest in the long term.
Which One is Best For You
From Jen’s experience, they actually did the secret third thing—a hybrid. Since Jen had the higher-interest, higher-balance debt and Travis had smaller, lower-interest loans, they focused on paying off Jen’s first while doing a mini-snowball on Travis’s smaller ones.
Ultimately, they emphasize the importance of focusing on one thing at a time and the motivation and consistency over time. For a quick cheat sheet: they suggest using Snowball if you struggle with consistency as this helps build momentum and it has a better follow through. Meanwhile, if you are disciplined and goal-oriented, Avalanche will maximize savings.
What keeps you going when progress feels slow?
Jen believes in sticking with it for at least 3 months first because the third month’s a charm and where you will see something change. While Jill creates her own wins when it feels slow.
✨ Join the 90-Day Debt Free Fast Track!
From Jan 1–Mar 31, join Jen & Jill for 4 live classes, 3 challenges, 2 books, and 1 shared goal — $100,000 of debt paid down in our community!
Live coaching, community accountability, and instant access to The Financial Reset (a $297 bonus course!).
🎁 Early Bird $149 (Dec 5–16)
💸 Regular $199 (Dec 17–Jan 7)
🎉 Surprise goodies for first-week enrollees!
Bill of The Week
Thanks Kate for sharing your bill about calling for a discount on a mag
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews and we especially loved this one from:
✰✰✰✰✰
Just like the podcast, I’m giving this book FIVE stars!
In this book, the Frugal Friends have taken the super complex world of finance and simplified it! Literally. There’s a whole chapter on simplification!
Jen and Jill have done the hard work of deep diving into the psychology of our spending, our values, and how the world wants us to spend, and then have given us the lightning round and action steps to help us take control of how we spend. This is not just another book that will tell you not to buy coffee- this book will make you figure out if you even WANT the coffee. 😂 Buy What You Love helps you to take full advantage of the income you already have without pressuring you to completely cut out the things that bring you joy or taking on 5 side hustles.
I’ve been a listener of the podcast for quite a while, and I’m so happy I got this book. It’s the podcast in paper form. Except, now I’m thinking I will need the audiobook, since I’m so used to hearing Jen and Jill’s voices! So get this book, do your 90 day transaction summary, a little decluttering (mentally and physically), and you will be on your way to better financial and mental health!
If you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.
Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉