6 Reasons Why Your Debt Snowball Isn't Working (2024)

Is your debt snowball refusing to roll? While the Debt Snowball Method is a great way to pay off debt, it sometimes fails. Find out why and how to fix it!

The Debt Snowball Method helped me pay off my insanely high debt balance of over $125,000.

There wasn’t one part of the journey that was easy.

Several times I felt like giving up.

Why was I struggling so much? I thought the Debt Snowball Method was this magic formula that was going to whisk away my debt.

Turns out, there is nothing magical about paying off debt.

Are you also struggling?

Don’t give up!

The Debt Snowball Method will help you become debt-free. BUT you have to make sure you aren’t setting yourself up for failure.

Here are a list of some reasons why your debt snowball isn’t working:

1. You’re not budgeting

You must be crazy! Did you actually think that you were going to pay off your debt without creating a budget?

There is NO WAY this is possible. You need to set a budget. Not once, not twice, but every single month. And you need to check in on your budget throughout the month. It’s not really a set-and-forget kind of thing…especially for those in debt.

Start your budget, like, right now. Sign up below for some free budget worksheets that will set you up for success in minutes.

2. You’re not 100% focusing on your lowest balance

Oh, you thought you’d trick me? You thought your Debt Snowball wouldn’t notice? Well, it does!

You have to put every last cent to your lowest balance debt. You can’t spread it around to all your other debt; you are messing with a tried-and-true system!

Pay your minimums on all your debts. Pay extra ONLY on your lowest balance debt. No exceptions.

3. Your income and expenses are remaining the same

Do you feel like your lowest balance debt is disappearing, but not quickly enough?

This is one of the most common feelings. And the reason why most people quit aggressively paying off debt with the Debt Snowball Method (oh, the horror!).

There are two ways you can fix this:

Make more money – Ask for overtime, get a second job, start a side-hustle…whatever you can to make more moolah.

Save more money – Cut every expense you can. Save money on groceries, cut the cable, start bicycling to work…save every dollar you can.

Every extra dollar earned and every extra dollar saved MUST go towards your debt. (Obviously, right? If it didn’t, then what’s the point?)

4. Your spouse isn’t on board

You are working your tail off. You are so determined to get rid of this debt. You are working extra hours and saving pennies.

But, it doesn’t matter. None of it matters. Why?

Because your spouse doesn’t want to pay off the debt. They aren’t helping with the budget. They aren’t encouraging. They just don’t care.

It almost seems like they are undoing every bit of progress you make.

This isn’t good. You need to be on the same page financially with your spouse.

5. You aren’t consistent

I was guilty of this.

You can’t do a couple months on and a couple months off. Your debt snowball always needs to be rolling.

It’s hard work. It’s hard to be consistent. There are so many temptations out there. But once you’re debt-free, you can do anything you freaken want. You can loosen the reigns. Trust me, the sacrifices now are worth it.

6. You aren’t tracking your progress

Paying off debt can seem like a never ending journey. Like you’re trapped in a tunnel that has no light at the end.

But eventually you will pay off your debt. It will happen as long as you keep your eyes on the road.

You need to stay motivated and the best way to do this is to track your progress.

Having a visual reminder of how far you come (how much debt you’ve paid off) will encourage you each and every day. You’ll be able to see that you are making a dent in your debt.

Tracking my debt payoff was the number one thing that prevented me from quitting the debt snowball and going on a shopping spree 🙂

To help you track your progress (and organize your debts and payments), I’ve created three awesome worksheets. Just sign up in the box below and you’ll get three worksheets over the course of three days. The second day has a motivation debt payoff tracker in the shape of a snowball.

Why do you think your debt snowball is failing? Or why is it succeeding?