The Money Mindset Podcast

#131 BBMU - How Much Does $100 Extra Make When Paying Off Debt?

March 15th, 2023

How much of an impact does an extra $100 per month have on paying off debt?

Listen to this episode to find out as Ashley delves into the topic of paying off debt and emphasizes the importance of making consistent payments to achieve financial freedom. She provides a clear breakdown of the numbers to demonstrate how an extra $100 per month can significantly impact debt pay off. Additionally, Ashley gives an example scenario to illustrate the importance of consistent payments towards debt.

Hosting Today:
Hey, I’m Ashley Patrick, a personal finance expert and founder of Budgets Made Easy. I help busy moms create systems to save money and pay off debt so they can reach their big dreams faster and easier.

I was able to pay off $45,000 in just 17 months including $25,000 in student loans in just 10 months. I’m a Master Financial Coach and have a bachelor's degree in psychology and will help you get to the root of your money problems.

Since my journey started I have been featured on Fox Business, Yahoo! Finance, Food Network, USA TODAY, MSN, CNBC, NerdWallet, and many others.

“When you are intentional and you are sending extra money to debt, which method you use does not make a difference. It might, if it's taking you a long, long time and you're starting and stopping and all of those things, it could make a difference. But when you are being really intentional about it, it doesn't make a difference. Like it really doesn't.”
- Ashley Patrick

03:35 - Introduction to the episode's topic
05:00 - Discussing the potential impact of making $100 towards debt each month
09:21 - Example scenario with three credit cards using the debt snowball method
13:34 - Comparison between the debt snowball and debt avalanche methods
19:43 - Celebrating wins
30:46 ­- Using tax refund to pay off credit card

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