How to Be Successful with Money during and after Divorce — The Debt Snowball

I have written previously about how to be successful with money after divorce. Now, I’m not going to lie: divorce is a tough thing financially. But tough only means it will be that much sweeter when you succeed.

The key to winning with money during and after divorce is having a plan. If you don’t have a plan, your money will disappear into a magical land called “some other dude’s pocket.”

One of the most successful plans I have found for paying off debt is called “the debt snowball.”

The process behind the debt snowball is you inventory your debts — every single debt — and list them from smallest to largest. Then, you start paying them off in the same order: smallest to largest.

Hopefully, you can see how this system is like a snowball. As a snowball gains momentum rolling down hill, so do you gain momentum paying off your debts in quick succession.

Of course, an integral part of any debt snowball is a written budget. Without a written budget, you’re chance of paying off debt greatly decreases. Just as a written blueprint is necessary to build a skyscraper, a home, or a bungalow, so to is a written blueprint necessary to build a debt-free life.

(My family and I use everydollar.com to create our written budget.)

Once you take charge of your money, consistently create and follow a written monthly budget, and work on your debt snowball, you’ll be amazed at how quickly you can pay off debt.

Commit today that, no matter where you are in your divorce, you will start your debt snowball. If you can only commit $50 per month, do it. Eventually, that $50 will become $100, $200, $500, and more.

Remember: you will succeed with money during and after your divorce.

(Props to Dave Ramsey for the debt snowball principle.)

Protect Your Money And Your Family

We remove fear associated with divorce, protect your money & maximize time with your kids!

We're here to help. Let's determine your best options.

Call Us 24//7 at 801-685-9999 to Speak with a Live Representative

Utah Divorce FAQs
Top 100 Divorce Blog
What Clients Are Saying…
BrownLaw icon
Excellent
Brown Family Law
4.8
Based on 930 reviews
I absolutely believe that Brown Family Law is the best divorce attorney law firm in Utah. Attorney Ray Hingson did a fantastic job for me in a complicated divorce. He was there to guide me through the entire process. Ray touched base with me every week AND every time I called with worries or concerns. He handled things confidently and professionally. He took time to meet with me and explain everything so I could understand it. I felt like he really cared and wanted to do his best for me. His paralegal, Carren Leavitt, was also extremely helpful. All I had to do was pick up the phone and call her and she arranged a time for Ray to call me right back. She was always prompt and caring. I couldn't be happier!
Anne and Josh are Fantastic!!
I couldn’t have done it without Nathaniel Garrabrandt and the Brown Family Law truly the best experience and people to work with thank you!!
Brown Family Law is likely the most outstanding Family Law office in Utah. They care deeply about each client, responds quickly to every client question and concerns. If anyone is in a situation of divorce and/or child custody, I highly recommend this office to assist you with your rights. They stand firmly behind their clients.
Response from the owner:Thank you, Craig.
I can’t say enough good things about Clay Randle and Katrina Redd. They were both incredibly professional, responsive, and knowledgeable throughout my case. Their experience and advice were invaluable, and I truly appreciated their support every step of the way.
Daniel was patient, efficient, professional, and kind. Brown Family Law was easy to work with and very competent. Highly recommend.
Muchas gracias, professionales. Me ayudaron con mi caso, gracias.
Leilani Whitmer was my attorney for mediation day at the provo 4th district court on May 9th and absolutely knocked it out of the park. She made the process so smooth and easy I'd recommend her for any family law issue you could possibly fathom.
Clay Randle is absolutely amazing, well educated, knowledgeable lawyer. He’s approached, always makes sure you’re on the top of the situation and very helpful. I’ve had a pleasure working with him and I recommend him as your top notch attorney.
Brown Family Law has been wonderful to work with! Extremely knowledgeable and professional. Clay went the extra effort in everything he did for us. Couldn’t be more pleased!! I highly recommend their services.
yH5BAEAAAAALAAAAAABAAEAAAIBRAA7

Categories

Related Posts