Debt Snowball Spreadsheet (2024)

Last week when I launched the 2018 Financial Planner– I also told you that along with the planner bundle I was including my Debt Snowball Spreadsheet. The spreadsheet I have been using for years – the tool that was the catalyst to lighting the fire under our butts to start paying off over 160,000 in debt (Student Loans)!

Today I am excited to walk you through the Debt Snowball Spreadsheet. I am excited to show you how it works, and why anyone and everyone who wants to pay off their debts should be using it!

Debt Snowball Spreadsheet (1)

Why is this spreadsheet so good?

It is good because it lays it all out for you! It is one thing knowing that you have debt. You make your monthly payments, and not really think about it. You feel like you have “extra” after your bills are paid, so why bother?

“Bother” because without this debt snowball spreadsheet you don’t realize that you will be paying off that 8,000 credit card balance (Making minimum payments) for the next 12 years! And, if we are honest with each other, you probably have more than one credit card, add onsome student loans, a car payment and who knows what else. Those 12+ years is now actually15, and you are throwing tens of thousands of dollars away in interest payments. PLUS – that is TWELVE years of your life, that you are making payments. That is 144 monthly payments that you had to make!

You don’t realize how long it will take you to become debt free until you really sit down and plan it out.

Before you start using the Debt Snowball Spreadsheet you need to know how much debt you have! You need to know your debt balances, interest rates, and minimum payments.

If you are using the2018 Financial Planner! then you already have this information right at your fingertips!

Debt Snowball Spreadsheet (2)

When you first open the debt snowball spreadsheet, the screen looks like what you see above. A pretty, color-coded screen just waiting for you to input your financial figures – so it can get to work crunching your numbers!

Step 1: Enter Your Balance Information

I want you to ignore the center section forjust a minute. Right now I want you to grab your 2018 Financial Planner (Because you are using that, right!?) and turn to yourDebt PriorityListpage. This page should be organized based on your payoff schedule. Many people choose to pay off their debts from the smallest to the largest balance. I suggest that UNLESS you have a special circ*mstance, and need to get rid of a specific debt right away. (Think: Wage garnish, IRS issues)

Going down your debt priority list – fill out your financial information. Starting on the left side of the spreadsheet, and work your way to the right.

For the purpose of this post, we are going to use the following numbers WHICH ARE BASED ON THE 2017 NATIONAL DEBT STATISTICS!

  • Debt: Bank of America(Credit Card)
  • Balance: $16,048
  • Minimum Payment: 374.45
  • Interest Rate: 15.59%

Debt Snowball Spreadsheet (3)

As you fill in your numbers, the debt snowball spreadsheet automatically begins calculating how long it will take to pay off your debts. Just for this single Bank Of America credit card, it will take them over 5 years! Continue movings to the left, untilALL of your debts are entered into the sheet.

Debt Snowball Spreadsheet (4)

Step 2: Determine your Plan

Are you ready to start today? How much are youreally going to put toward paying off your debts every month? Do you have a little extra that you can toss towards eliminating your debts right now? *A one-time payment?*

When you open the debt snowball spreadsheet, The start date is entered as the first of the year. You can change this. The Monthly Extra and One-Time Start-up is blank.

Start Date- The date you are going to officially start your debt payoff journey

Debt Free Date- DO NOT CHANGE THIS. This box automatically calculates for you. This is the date that if you stick to your plan, and make your payments that you will become DEBT FREE!

Monthly Extra-The amount of money that you can afford to add to your debt every month.

One-Time Start-up- A single large or small payment at the beginning of your debt free journey. This is a lump sum that you apply to your 1st debt.

Below is the difference in the debt-free date for the Bank of America Credit Card (in the example above), based on different Monthly Extra and Start-up scenarios.

With $250 extra a month you can have the debt paid off in 2 years.

Debt Snowball Spreadsheet (5)

With $500 extra a month and a one-time start-up payment of 200, you can be debt free before Christmas 2019!

Debt Snowball Spreadsheet (6)

With $750.00 and a one-time startup of 500, you can be debt free by the spring of 2019!

Debt Snowball Spreadsheet (7)

The best part of the debt snowball spreadsheet is that in an instant it shows you how quickly you can become debt free with some hard work and sacrifice.

It is also very beneficial to see how much (or sometimes, how little) $25.00 a month can make. Sometimes that $25.00 is better suited being put towards your monthly grocery bill. – But really only you and your family can determine that. The Debt Snowball Spreadsheet just does the calculating for you.

Related Posts:

  • Bill Pay Workbook
  • 2018 Financial Planner
  • Weekly MaintenanceMeetings
  • Best apps to save money on groceries!
  • Why a $1,000 Emergency Fund is NOT Enough!

Step 3-Examine and stick to your plan!

Now that you have all of your debts inserted into the debt snowball spreadsheet, you also put your Monthly Extra and Startup figures in. Work the plan. Make the payments! Try and make even larger payments.

Every 4-6 months depending on how many times you made MORE than the extra monthly payment, start a new spreadsheet.

I like to copy and paste the entire spreadsheet onto a second sheet (Within the same document) – and update your balances. With larger than planned monthly extra payments, your debt free date is going to get closer and closer. I like knowing the date, and trying to reach it earlier than anticipated!

Other Important Facts:

Along the left side of the spreadsheet you’ll see the dates (That is calculated based on your Start Date) – If you scroll down, you will be able to line up your debt free date for every single debt that you have. Set-up micro goals and challenges, to reach each debt free date and not just theBig date whereeverything is paid off. Don’t forget to celebrate every single one of your debts paid off.

Debt Snowball Spreadsheet (8)

So now it is your chance. If you are ready to eliminate your debt and want a clear picture of when it can happen for you. Grab your Debt Snowball Spreadsheet – OR Get the full bundle for just $15.00 and really kick your debt to the curb!

Debt Snowball Spreadsheet (9)

Debt Snowball Spreadsheet (2024)

FAQs

Does Excel have a debt snowball template? ›

The debt snowball calculator is a simple spreadsheet available for Microsoft Excel® and Google Sheets that helps you come up with a plan. It uses the debt roll-up approach, also known as the debt snowball, to create a payment schedule that shows how you can most effectively pay off your debts.

How long will it take to pay off $30,000 in debt? ›

It will take 41 months to pay off $30,000 with payments of $1,000 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.

How do I track my snowball debt? ›

Here's how the debt snowball works:
  1. Step 1: List your debts from smallest to largest regardless of interest rate.
  2. Step 2: Make minimum payments on all your debts except the smallest.
  3. Step 3: Pay as much as possible on your smallest debt.
  4. Step 4: Repeat until each debt is paid in full.

Does the debt snowball really work? ›

With the debt snowball method, you start with your smallest debts and work your way up to the largest ones. While it may not save you as much in interest as other repayment methods, the debt snowball method can keep you motivated to continue paring down your debt.

How to pay off $9,000 in debt fast? ›

To pay off $9,000 in credit card debt within 36 months, you will need to pay $326 per month, assuming an APR of 18%. You would incur $2,735 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

How to pay off $6,000 in debt fast? ›

Pay off your debt and save on interest by paying more than the minimum every month. The key is to make extra payments consistently so you can pay off your loan more quickly. Some lenders allow you to make an extra payment each month specifying that each extra payment goes toward the principal.

Is debt snowball or avalanche better? ›

If you're motivated by saving as much money as possible down to the last penny, you'll probably prefer the “avalanche” method. On the other hand, if getting a quick win right off the bat encourages you to keep moving forward, then the “snowball” method will likely motivate you the most.

Which debt payoff method is best? ›

In terms of saving money, a debt avalanche is better because it saves you money in interest by targeting your highest interest debt first. However, some people find the debt snowball method better because it can be more motivating to see a smaller debt paid off more quickly.

What is the David Ramsey method? ›

The Snowball Method refers to paying the smallest debt first, then the next smallest – and on and on until you are living debt free. Ramsey suggests lining up debts “by balance, smallest to largest,” then paying as much of the smallest debt as possible while making minimum payments on the rest.

What are the cons of debt snowball? ›

Each time you pay a debt off, you reallocate the money you spent on that bill to pay off the next-smallest debt.
  • How the debt snowball method works. ...
  • Pro: Quick wins. ...
  • Pro: Helps build momentum. ...
  • Pro: Improve money-management skills. ...
  • Con: Ignores interest costs. ...
  • Con: Wipes out cash reserves. ...
  • Con: Extended repayment period:
Dec 6, 2023

What is the Dave Ramsey debt plan? ›

The debt snowball method is a debt-reduction strategy where you pay off debt in order of smallest balance to largest balance, gaining momentum as you knock out each 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.

What is the debt stacking method? ›

With debt stacking, you line up your debt, most effectively from highest interest rate to lowest, then target one account to pay off, while still making payments on the others. Once the targeted account's balance is zero, you target the next one. Repeat the process until you are debt free.

Does Excel have financial templates? ›

Free personal budgeting templates for managing your money

Easily customize any of these budget templates in Microsoft Excel—feel free to change the font, graphics, and more to make your budget feel more personal. Once you've added the finishing touches to your budget template, save it to your devices or print it out.

How do I get snowflake data in Excel? ›

In Excel, open the Data tab and choose Get Data -> From Other Sources -> From Microsoft Query. Choose the Snowflake DSN. Select the option to use Query Wizard to create/edit queries. In the Query Wizard, expand the node for the table you would like to import into your spreadsheet.

Does Excel have accounting templates? ›

For example, Excel has an inbuilt profit and loss statement template, business expenses budget template, budget planner template, and more.

Does Microsoft Excel have a budget template? ›

DIY with the Personal budget template

Prefer to do things yourself? This Excel template can help you track your monthly budget by income and expenses. Input your costs and income, and any difference is calculated automatically so you can avoid shortfalls or make plans for any projected surpluses.

Top Articles
Latest Posts
Article information

Author: Velia Krajcik

Last Updated:

Views: 6385

Rating: 4.3 / 5 (74 voted)

Reviews: 81% of readers found this page helpful

Author information

Name: Velia Krajcik

Birthday: 1996-07-27

Address: 520 Balistreri Mount, South Armand, OR 60528

Phone: +466880739437

Job: Future Retail Associate

Hobby: Polo, Scouting, Worldbuilding, Cosplaying, Photography, Rowing, Nordic skating

Introduction: My name is Velia Krajcik, I am a handsome, clean, lucky, gleaming, magnificent, proud, glorious person who loves writing and wants to share my knowledge and understanding with you.