Plan debt payoff with avalanche or snowball method
Avalanche method prioritizes debts by interest rate—pay minimum on all debts, put extra money toward the highest-rate debt first. This minimizes total interest paid and is mathematically optimal.
Snowball method prioritizes debts by balance—pay off smallest debts first regardless of interest rate. Quick wins provide psychological motivation. While not optimal for interest savings, many find it easier to stick with.
Avalanche saves more money; snowball provides faster wins. Choose avalanche if you're disciplined, snowball if you need motivation from quick victories. The best method is whichever one you'll actually follow through on.
List all debts with balances, interest rates, and minimum payments. Choose avalanche or snowball method. Create a budget to find extra money for debt payments. Automate payments to stay consistent. Track progress monthly.
First build a small emergency fund (₹25,000-50,000), then aggressively pay debt. Without emergency savings, unexpected expenses force more borrowing. Once high-interest debt is paid, balance saving and investing.
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