Mortgage Loan

HOW WE PAID $8,112 in 3 MONTHS || Debt Avalanche || Minimalism & Money Part 3 || Pay Off Debt





Check out how we paid $8,112 towards debt in 3 months! The Debt Avalanche method is working for us so far, and in this video I share an update on the debt avalanche method. I also detail ways we saved money in our budget to save enough money to pay the credit card and pay off one of our cars.

Using the debt avalanche vs the debt snowball enables us to pay the debt off faster and with less money. However, the debt snowball provides psychological wins that spark motivation to keep on paying off debt.

We have credit card debt, consumer loan debt, car loans, and a mortgage. We had a good jump start to the year and positioned to start paying off debt quickly. Paying off debt fast is so motivating!

This is part 3 in the Minimalism and Money Series:

#debt #avalanche #minimalism

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HOW WE PAID $8,112 in 3 MONTHS || Debt Avalanche || Minimalism and Money Part 3
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Subscribe to this channel:
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Part 1: How do I get rid of this debt?

Part 2: Sinking Funds || How to save money like a minimalist:

Minimalist Living Room Ideas for Simple Living:

4 Things I Wish I Knew as a New Minimalist:

Minimalist Life 3 Month Update:

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37 comments

  1. Love that what you tracked is actually doable for the average person! I’ve watched SO many budget videos where people were spending $500 a month on subscriptions that they weren’t aware of then had some massive snowball. Yeah….nope. These are actually things I can track! I’ve done a lot of them but never thought of tracking it. Love that idea!

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  2. Try turning down the heat in the winter at night. I heat the house to 68 during the day but drop it to 64 at night to sleep. Saves a significant amount of money on the heating bill.

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  3. This is so awesome to see! You will get this paid off!!!

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  4. I don't know if you guys us USAA but if you don't you should! As a military family, you should have as many accounts with them as possible as they often have great rates (including intrest free credit card offers to can transfer balance to. Another option they have are low interest rate personal loan to consolidate credit card debt. Pull as much as you can out of that high rate card and pay off what's left aggressively.

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  5. Boycott Chick Fil A

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  6. Way to go!! Great job!!

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  7. I called discover and they gave me 0% for a year and my sams club card gave me 0% for entire balance and I made my last payment this month!! I’m going to add that to another bill and keep it going! Always ask what they can do. I also coupon for everything I can.

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  8. ”Sοkinzοt Tdα” (Google it) is a trendy money-making approach you can lookup on Google. It was a week ago ever since I learned all about it and I really think it is amazing! It details the technique to get all the resources you will ever require to be generating 352 dollars every day. So what are you awaiting? Try this one out today! .

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  9. Another super video! I will be following your example again! Thanks for the inspiration. My clutter is getting cut continuously and now maybe I’ll focus on financial planning more.

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  10. Gotta love the tax return windfall to put a major dent in debt! I was on track to completely pay off my consumer debt in July, but with the tax return and the small bonus I got from work, I'll be finished 2 months sooner! It almost doesn't feel real… My partner and I will have to discuss what to do after that. So far, I figure I could roll my snowball in with his to help him pay off his car sooner (he's tracking to have it paid off next October) or I could start investing. What would you do with an extra $1300 a month and no debt?

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  11. wooohoo!!! Great job!! You are making so many AMAZING life changes and I am loving this series! Thanks for sharing!

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  12. That stinks they won't come down on that interest rate at all! Can you transfer it to another card with lower interest?

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  13. Great job, Erica!

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  14. great job! Good topic, keep them coming. I can always learn something new as well. Your ideas and take on the debt snowball vs avalanche was an eye-opener for me. Thanks!

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  15. I made small changes for big improvements in our budget this year. I cut our dine outs down to $50 or less a month. I then decided to skimp on our wardrobes saving about $800 overall buying less but more quality pieces. It is working great for all three of us to have a capsule wardrobe and the items don't wear out as fast. I suggest this for anyone. We use less paper products being mindful of all that were wasted in the past as well. Our total savings a month comes to about $300 and we are thrilled! I think perhaps many people have holes like ours in their budget that could be plugged like this and a savings account could be accomplished if you choose to use the extra saved for this purpose! God bless and thanks. I am so loving your channel!!!

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  16. If I could just get hubby on board. We don’t have ANY house payment, credit cards or car payments. Hence, he thinks all his income is expendable! 🤨

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  17. Food budget areas can be the hardest thing in the world to manage! It’s always so eye opening to me to go back and track spending on it.
    How freeing to know your car is now completely paid off!!! 😍

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  18. Omgosh, Erica you are doing an amazing job with everything! 👏👍 I'm just so, so happy for you and your family! 😉 You've come so far in such a short time! One thing that I'm curious about and obviously if you'd rather not discuss it I would completely understand so no worries here if you rather not, but I was just wondering how your relationships have changed with your children and your spouse at this point? Hope you're having a great weekend, take care now. 😊

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  19. This is so awesome Erica! I'm seriously so proud of you!!! Keep up the great work!

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  20. Well done, Erica! Your journey is so inspiring! ❤

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  21. I don’t know if you can do this in the same way in the US, but you might want to consider combining all your debts together , and adding to the mortgage. In most circumstances the interest rate % is significantly less then the credit cards. It comes with RISKS, so please speak to a financial advisor. I did this , but also overpaid my mortgage every month. I just felt better that the interest rate was fixed on my mortgage at the time. It felt like my goal was to pay off my mortgage as fast as I can. ( Just sharing my experience , hope this helps) . I really enjoy watching your journey. Keep it coming 🙂 Jay

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  22. You go girl! Keep up the good work!

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  23. Great job!

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  24. I feel like we could do a lot better with eating out and the grocery bill too.

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  25. I would cut your boys hair. It's pretty simple. Lots of You Tube videos you can look at. You'll get better as you go along and the boys don't care. It saves a lot over time.

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  26. Great work! We want to pay off our truck

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  27. I feel the drive-through with kids. I just started following the budget mom monthly challenges to work on saving and putting money toward our debt.

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  28. I know it’s hard … but find a way … to feed your kids with eating out ! It will make a difference and you will feel better about it too.

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  29. When I paid off my car it made all the difference. However, we need a new van desperately.

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  30. Well done! $8k in 3 months is shocking, wonderful and something to be proud of! PS, I love Excel charts. People really are visual. They are probably helping, more than you realize, cuz then you can see the $ go towards your specific goals, not just "discretionary" or misc.

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  31. Love when you can cut out things to pay down a debt!! keep it up girl!

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  32. Loved this. And kudos for sticking to the avalanche, which I've tried numerous times but failed. I'm apparently a Snowball kinda person. 🙂 I am really enjoying your updates, pls keep them coming!

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  33. Good job. Once you are out of credit card debt learn how to use those cards to make money. Free cash rewards credit cards are great. You use but keep track of what you spend and you pay in full when the bill comes. Take the rewards and pour back to pay any other credit card.

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  34. We stopped eating out for a long time and saved money. Even fast food is extremely expensive compared to cooking basic groceries at home.

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  35. I have been wanting to follow Dave Ramsey for years! Now with my student loan rolling around I think I might take a dive thanks for the inspiration! Great job!

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  36. Good job! I admire your energy and determination!

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  37. I'm a young adult, just got my first full-time job and got a personal loan of over $20,000 in June to buy my first car. I've already paid off $5,000 (yay!) I'm trying to have a better relationship with money and how to save and spend wisely so these videos are the best. You're doing so well, Erica. Also love the decluttering videos to ❤️

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