Using Debt Snowball Worksheets to Wipe Out Depth

Using Debt Snowball Worksheets to Wipe Out Depth

It can be easy to feel overwhelmed when it comes to managing your credit card debt. However, as more people find their way out of debt by using debt snowball worksheets to wipe out Depth , the advice they give is resoundingly the exact same: Keep track of your money.

Tracking your expenses can be difficult in a world full of credit cards and automatic payments. Technology is your friend. Technology is your friend here.

A debt payment spreadsheet automatically calculates your cash flow and payments so you can keep track of everything. A free debt snowball worksheet is a great tool to quickly address and pay off debt.

How to use Debt Tracker Worksheets for Debt Payment

A free template can help you get rid of your debt. These are the steps to follow:

Step 1: Create a budgeting spreadsheet

To pay off any debt, the first step is to create a budget. Keep track of your expenses and record them in a spreadsheet. Compare the totals to your monthly cash flow.

You’ll need to first track all your expenses. This includes essentials such as groceries, utilities, and rent. Our monthly budget template makes it easy to do this. It includes boxes such as “cable” or “pet supplies” for costs and income, and defined boxes such as “salary and reimbursements”.

Step 2: Decide on a Payment Strategy

After you’ve created a budgeting spreadsheet, you can begin to pay down your debts.

There are two main methods of reducing debt: “Snowballing”, where you pay off the accounts with the lowest remaining balances first, and “avalanching”, where you pay down the highest interest debts first.

Both of these methods require that you make minimum payments in order to avoid any penalties on your other accounts. You can snowball debt to feel more motivated if you can quickly eliminate smaller debts.

Step 3: Select a Spreadsheet for Debt Payment

After you have created a budget spreadsheet that will help you determine how much debt you can afford each month and chosen a repayment strategy that works for you, you are ready to create a debt payoff sheet.

All debt payoff spreadsheets work in the same way. While some are called “credit card payment spreadsheets” or “student loan spreadsheets”, they all track your outstanding balances across accounts and calculate your remaining payments.

The organization and sophistication of spreadsheets are what distinguishes them. Some spreadsheets will generate a payment schedule based on a payment strategy while others will break down the time remaining to pay off balances account by account.

Types of spreadsheets you can use to pay off debts

These spreadsheets can be downloaded online for free. You can also input your debt numbers using programs such as Google Sheets or Microsoft Excel.

This list contains the top debt tracker spreadsheets online, regardless of whether you are a pro at Google Sheets or Microsoft Excel.

1.) Vertex42 Debt Snowball Worksheet

The debt snowball method allows you to pay off your smallest balance first and work towards your largest. This worksheet by Vertex42 will help you feel motivated to continue the momentum as the smaller debts decrease to zero.

2. Spreadsheet from It’s Your Money DebtTracker Spreadsheet

Although this spreadsheet requires Excel macros, it includes a tutorial on how to set it up. Once you get started, you can sort your debts according to minimum payments due and type.

3. Spreadsheet for Squawkfox Debt Tracker Spreadsheet

Do you see data visually better? The Debt Tracker Spreadsheet is available in the latest version from Squawkfox.

This sheet allows you to load, sort, and track your debt in the traditional manner. However, it also populates graphs that allow you to visualize your debt repayment plans.

4. The Life and My Finances Debt Worksheet

This worksheet will show you all your debts, from the largest to the smallest. It makes it easy to use the snowball method. You can also see your progress and sort it.

5. Spreadsheet Debt Tracker Spreadsheet Debt Free Happens

This multi-credit card payment calculator spreadsheet calculates the interest that you will pay on your credit cards over time. This spreadsheet will allow you to track your minimum payments and see your progress in repaying your debt. You can also view the percentage of each card’s payment.

6. Healthy Wealthy Skinny Debt Tracker

Are you looking for simplicity? Are you looking for simplicity? This minimalist Google Sheet will help you track, manage and pay down your debts without complicated math.

7. Wise Woman Wallet: The Debt Volcano

This spreadsheet for tracking your debt is unique. It can be used for the debt snowball technique, but you can also use the “debt volcano”, a repayment plan created by the author, to help you sort your debt based on what is most urgent or frustrating.

Tags

highest interest rate
debt balance
interest rates
save money
avalanche method
extra money
quick wins
personal finance
dave ramsey
smallest debt
pay the minimum