Which Debt Repayment Plan Worked Best For You? 

Which Debt Repayment Plan Worked Best For You? 

Paying off debt is a huge win. Huge, but not easy. The key to making it work? Devising a strategy that works with your habits. We want to know which debt repayment strategy helped you most, and why.

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The Snowball Method and Stack Method are the two most basic debt payoff strategies. People often have strong opinions about which is best, but the truth is, the method that works best is the one that will actually work for you.

So tell us: which debt repayment plan worked best for you? How much did you pay off, and in what period of time? And, of course, don’t forget to elaborate on why you found that particular strategy to be most helpful.


  • Like many young people I found the biggest hurdle was improving cash flow to remove the need to use plastic. Paying off as much as possible on the smallest debt first and only pay the minimum off the larger debts then once small debt paid off move the next smallest debt. I found not looking at interest rates was the key as the first step is improving cash flow. Changing habits to withdrawing cash weekly/fortnightly and using that only has helped with budgeting.

  • I found that beginning to invest in the stockmarket with any cash that I had was the best strategy I took and still stand by. I was no good at saving because I felt like the money was ‘there’ so I could use it. So I started investing as a way to save money because it was in liquid assets; It was there if I really needed it but not readily accessible unless I sold them (3 day turnaround). So this allowed me to build savings and I would alternate putting some in the trading account from week to week with paying more cash off loans and cards.

    Also, I asked my employer to withhold an extra $50 a week ($100 a fortnight, 2600 a year). So this money would come back along with the tax return, which I could then whack on any debts.
    If I didn’t see the money then I wouldn’t miss it.
    Though I wouldn’t recommend a higher amount because you won’t earn interest on it. For most, $20 would be enough. That would be over $1k at tax time

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