I like the snowball method because, in addition to giving you "quick wins," it reduces the number of bills you have to pay every month -- which means fewer opportunities to forget to pay it and get charged with a late fee and a credit score ding.
I started getting renter's insurance last year. I haven't had to use it yet, but I'm glad it's there! I got it through my car insurance company and it's only $25 for me and my husband and our giant piles of DVDs and electronics. It also covers you if someone gets hurt in your house, like if your dog bites them.