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The debt snowball method is a debt reduction strategy where you pay off your debts in order from smallest to largest, regardless of interest rate, while making the minimum payments on all other debts. Once the smallest debt is paid off, you take the money you were paying on that debt and apply it to the next smallest debt. This process continues until all debts are paid off.

In the Philippine setting, the debt snowball method can be effective for several reasons:

1) Psychological motivation: The method provides quick wins by paying off smaller debts first, which can motivate individuals to continue their debt repayment journey. This sense of accomplishment can be particularly important in cultures where positive reinforcement is highly valued.

2) Cultural factors: In Filipino culture, the concept of “utang na loob” (debt of gratitude) and the desire to maintain social relationships can sometimes lead to individuals taking on more debt than they can handle. The debt snowball method offers a structured approach to managing debt that aligns with cultural values while still helping individuals become debt-free.

3) Simplicity: The debt snowball method is straightforward and easy to understand, making it accessible to a wide range of people, including those who may not have a strong background in personal finance.

4) Behavior modification: By focusing on one debt at a time, individuals are more likely to stay committed to their debt repayment plan and avoid becoming overwhelmed. This method encourages discipline and consistency in managing finances.

5) Financial empowerment: As individuals pay off their debts one by one, they gain a sense of control over their financial situation and build momentum toward achieving their financial goals. This empowerment can lead to long-term financial stability and improved overall well-being.

Overall, while the debt snowball method may not be the most cost-effective strategy in terms of minimizing interest payments, its effectiveness in providing psychological motivation and aligning with cultural and behavioral factors can make it a valuable tool for debt repayment for Filipinos.

If you have not yet heard of Bitcoins or Cryptocurrencies, you may have been stucked somewhere where there is no access to the internet in the last three or so years. Albeit cryptos are still in the a relative infantile stage, it has entered the main stream of consciousness by so many and it is now a multi-billion industry.

So what is cryptocurrency? Wikipedia says “A cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. Cryptocurrency does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to a central bank digital currency (CBDC). When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency. Since the release of bitcoin, many other cryptocurrencies have been created.”

Investopedia.com has a more in-depth definition about cryptos and you can read it HERE

Should you be investing in cryptocurrencies? Well the answer is yes and no. Yes if you believe that blockchains and the whole crypto ideas is the future and you have some extra funds that you are willing to lock in for at least a few years as I said earlier that the whole crypto scene is still relatively in the infantile stage. No if you are not sure about the future of blockchains and crypto and you are not used to wild volatilities in your investments — increase and decrease of 50 to 80% (or more) are not entirely uncommon in the crypto world. If you think you are ready, I highly recommend you study further.

One of the best videos I watched that will make you understand Cryptos better is from a guy named Arun on his Youtube channel:

I also recorded 2 videos about Crypto investing with TAP founder and Crypto advocate Tony Herbosa:

You may watch my in-depth discussions on personal finance at my Youtube channel. Please subscribe to my channel by clicking HERE.

Happy Investing!