Pause the Debt Snowball

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Dear Dave,

I’m going through a divorce that’s about to become final in two weeks. I moved in with my parents temporarily while I save up money to get my own place and start over. I make $30,000 a year, and it looks like I’ll have around $43,000 in debt when the divorce is finalized. Should I pause my debt snowball in order to financially get back on my feet again? — Adam

 

Dear Adam,

Yeah, that’s what I would do. There are reasons to pause the debt snowball, and one of those can be going through a divorce. Not only are there expenses, but you may end up with payments you don’t even expect.

I think the motivation and the heart behind the debt snowball is that you gain momentum and traction, and you do it quickly when you’re in a positive emotional position. You may not have that right now, so I think pressing pause and building up for expenses that may come — plus getting your own place — is a good idea.

Just rent the cheapest spot you can as soon as possible. Then, once you get in there and get your life in operational mode again, you’ll be ready to rock on! — Dave

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About Author

Dave Ramsey

America's trusted voice on money and business, Dave Ramsey is a personal money-management expert and extremely popular national radio personality. His four New York Times best-selling books—Financial Peace, More Than Enough, The Total Money Makeover, and EntreLeadership—have sold more than 7 million copies combined. His latest book, EntreLeadership: 20 Years of Practical Business Wisdom from the Trenches, debuted at number one on the New York Times best-selling list.

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