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Dave Ramsey Wants You To Throw Snowballs at Your Debt (and More Advice From Our Experts)

August 29, 2025

4 min Read

Written by GOBankingRates Staff

Edited by Chris Cluff

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GOBankingRates recently published its annual list of the Top 100 Money Experts. This year, we asked the experts to answer burning questions from Americans about their finances.

In this roundup, we pulled some of the experts’ replies on paying off debt and building your net worth. See what Dave Ramsey and other experts had to say.

Ramsey’s Way To Pay Off Debt: Have a Ball

It seems a little apropos that the two main methods for paying off debt revolve around the darkest time of year: winter. The avalanche approach involves paying off the highest interest first. The snowball method is one where you pay off the smallest debt first — the thinking goes that this will enable you to gain momentum, like a rolling snowball.

Dave Ramsey, a popular financial advisor who is annually one of the top experts on GOBankingRates’ list, favors the snowball method.

“You should always start with the smallest debt first, regardless of the interest rate,” Ramsey told GOBankingRates. “The Debt Snowball Method works because personal finance is 80% behavior and only 20% head knowledge.”

See more about how to pay down your debt, according to Ramsey.

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What If You Cannot Pay All of Your Bills?

If you are unable to make your ends meet, there are ways to handle the dilemma beyond merely panicking.

Prince Dykes, founder of the Royal Financial Investment Group and the Global Children Financial Literacy Foundation, has some good advice: “Calculate the precise shortfall. This gives you a clear picture of what you’re working with instead of operating on fear or assumptions. Knowledge is power in financial crises. Cut any unnecessary bills and consider downsizing them. Work out a payment plan for the bills you are behind on.”

See more about how to handle your bills when you seemingly can’t afford to.

Why Does Your Net Worth Matter?

Net worth is not just a term for the wealthy. Even your everyday middle-class earner needs to know this number. Why?

Dr. Preston D. Cherry, founder of Concurrent Wealth Management and author of “Wealth in the Key of Life,” said tracking your worth can help you reach your financial goals.

“It tells you where you stand, how far you’ve come, and your aspirational future,” Cherry said.

See more about how knowing your net worth can help you measure the progress of your financial journey and accomplish your life goals.

How To Save Hundreds Every Month

Your net worth can grow only if you (a) pay off your debt and (b) save and invest every month.

Michelle Schroeder-Gardner knows firsthand how to follow that script. The Making Sense of Cents founder paid off nearly $40,000 in student loans in seven months by making adjustments to her spending habits.

“One of the best ways I’ve found to save money on everyday purchases is by being intentional,” Schroeder-Gardner said. “That means making a list before you go to the grocery store, planning your meals to avoid food waste and comparing prices before buying.”

See her three key strategies for saving hundreds of dollars each month and still living a fulfilling life.

This article is part of GOBankingRates’ Top 100 Money Experts series, where we spotlight expert answers to the biggest financial questions Americans are asking. Got a question of your own? You could win $500 just for asking — learn more at GOBankingRates.com.

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