How to do the debt snowball on a low income

You don't need a big extra payment for the snowball to work. Paying off the smallest debt first frees up its minimum, and that payment rolls onto the next debt. Even $25 extra a month starts the cycle.

  1. Keep a small buffer ($300 to $500) so a surprise bill doesn't go on a card.
  2. List debts smallest to largest and put any extra on the first one.
  3. Find $25 to $75: renegotiate your phone plan, cancel one subscription, sell one unused item a month.
  4. When a debt is gone, never take its payment back.

Try it above with "Snowball" selected and a small extra amount.

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Not financial advice. These tools are for planning only. Numbers are illustrative; your lender's statements control.