Moo-lah Madness: Should I Pay Off My Smallest Debt First?


Dear Cupcake,

I have several debts, and I’m wondering if I should start by paying off my smallest debt first. What do you think?

Sincerely, 

Debt Dilemma in Denver

Dear Debt Dilemma,

Oh, honey, you’ve come to the right place for some utterly unqualified financial advice! So, you’re pondering whether to pay off that teeny-tiny debt first, huh? Well, let me tell you, this question takes me back to my lunch lady days when I had to decide whether to serve the macaroni or the mystery meat first. Decisions, decisions!

Now, conventional wisdom, or as I like to call it, "the boring people’s way," suggests that paying off the smallest debt first can give you a quick win and motivate you to tackle bigger debts. But here at Moo-lah Madness, we don’t do things the conventional way!

Here’s my rock 'n' roll approach to debt: Pay off your biggest debt first. Why? Because go big or go home, right? Imagine you’re at a heavy metal concert, and the headliner comes on stage. Do you want them to play their greatest hit first or start with some obscure song? You want the big hit! Paying off the biggest debt is like shredding on the guitar—intense, exhilarating, and it makes you feel like a rock star!

Plus, paying off that big debt first will give you the ultimate bragging rights. Picture this: "Oh, you paid off your $200 credit card bill? That’s cute. I just annihilated a $20,000 student loan like a beast!" It’s like headbanging in the front row while everyone else is just swaying in the back.

Of course, if you prefer the feeling of small victories and actually seeing progress (yawn), you can go the other route and pay off the smallest debt first. It’s kind of like starting with the opening act before the main event. But where’s the fun in that?

Remember, personal finance is all about what makes you feel good. And if what makes you feel good is channeling your inner rock star and tackling that big debt with all the ferocity of a heavy metal solo, then you do you!

Now, if you’ll excuse me, Mrs. Fluffypuss and I are off to headbang to some classic Metallica while we count our lottery winnings.

Stay Grazing and Amazing,

Cupcake

Do you have a financial question for Cupcake to try and answer? Email us your suggestion at beastlybanterblog@gmail.com

About the Author



A retired lunch lady and lottery winner, Cupcake brings her love for heavy metal and financial 'wisdom' to Moo-lah Madness. Every Friday, she offers hilariously terrible financial advice, all while caring for her cat, Mrs. Fluffypuss.

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