Hey Dave,
Trying to find ways to reduce debt? Try the snowball strategy.
What’s the Snowball debt strategy?
The Snowball debt method is a debt-reduction strategy where you pay off debts in order of smallest to largest, while continuing minimum payments on all other debts. This approach helps you gain momentum as you knock out each remaining balance. When the smallest debt is paid in full, you roll the minimum payment you were making on that debt into the next-smallest debt payment.
How to implement it in Sequence:
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Direct your income source to a Port.
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Connect all the accounts you’re currently paying off a debt to. It can be a student loan, credit card debt, or even past-due medical bills.
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For the account with the smallest debt, set the maximum payment you can afford.
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To automatically pay off the debt from smallest to largest, create a condition that says “if A account equals $0, then set the maximum payment you can afford to B account.”
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Create this condition for the proceeding accounts.
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To make sure the rest of your debts are being paid, set a rule to automate the minimum payment for each one.
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All done: Sequence will pay the minimum amount due on all debts, using the remaining funds to pay off the debt with the lowest balance.
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