Debt Snowball is an effective debt payoff strategy described in the best seller book Total Make Money Makeover by Dave Ramsey.
The very first baby step (step 1) in the Dave Ramsey’s Debt Snowfall program is building the initial emergency fund.
The snow ball process involves, making the minimum payments on all the debts except the smallest, and then throwing as much money as you can on that one debt.
Once that debt is paid off, take that payment and apply it to the next smallest debt. Repeat this process as you progress your way through all your debt. The more you pay off, the more your free money grows.
The larger the amount of free money you have, the faster you can payoff your remaining debts like a snowball rolling downhill.
Initially this approach may feel like a bit counter intuitive. Most financial gurus advocate paying off your debt, starting with the debt with the highest interest.
However, the Debt Snowball approach starts with the loan with the lowest balance. From an emotional perspective, the Debt Snowballing is a very effective process since it rewards with early wins. This is crucial for the person to keep them motivated enough to stay their course in continuing to pay off all their debts.
By focusing all their efforts on their smallest debt (even if it has a lower interest rate), the person can quickly accomplish their first victory in annihilating their first debt. This moral and emotional victory can more than offset the small advantage in paying off the loan with the highest interest rate.
Debt Snowball payoff progress charts
| # | Name of the Debt Payoff Chart | Chart Image | Printable PDF |
| 1 | Credit Card Loan Payoff Progress Tracking Chart |  Credit card payoff progress-chart |
 Download Debt snowball credit card payoff progress-chart in PDF format |
| 2 | Student Loan Payoff Progress Tracking Chart |  Student loan payoff progress tracking chart |
Download Debt snowball student loan payoff progress tracking chart in PDF format |
| 3 | Car or Truck Loan Payoff Progress Tracking Chart |  Car loan payoff progress tracking chart |
Download Debt snowball car loan payoff progress tracking chart in PDF format |
| 4 | Furniture Loan Payoff Progress Tracking Chart |  Furniture Loan Payoff Progress Tracking Chart |
Download Debt snowball Furniture loan payoff progress tracking chart in PDF format |