This spreadsheet from Life and My Finances will help you plan out your debt snowball payoff plan for up to 16 debts over the course of up to 120 months. Whichever method you choose, there will be a separate tab where you can log your payment schedule.ĭebt Snowball Spreadsheet from Life and My Finances There is no such chart for the avalanche or stair-stepper method. If you choose the snowball method, there is a handy chart that will show you your projected progress. The first page allows you to input your debt and select your payoff strategy: Snowball, avalanche or stair-stepper – the last of which is a unique combination of the snowball and avalanche methods. The Debt Reduction Calculator from Vertex42 is a spreadsheet that gets a little more intricate. Input each debt from smallest to largest, and this spreadsheet will quickly give you a countdown to your debt freedom date. But if you have a particularly acute spreadsheet-phobia, you may want to check out this simple debt snowball spreadsheet from iHeartBudgets. Simple Debt Snowball Spreadsheet from iHeartBudgetsĪll of the spreadsheets on this list are easy to use. This sheet will need to be updated manually each month. There are no graphs or visuals with this spreadsheet, but you will be able to quickly view your total balance. If one debt makes you angrier than another, you channel that emotion to fuel your motivation and pay it off first. This method sorts your debt payoff ranking by your frustration and emotions towards each individual debt. This Excel sheet from Wise Woman Wallet allows you to use not just the debt snowball and avalanche methods, but also what the creator calls the ‘debt volcano’ method. Note: there are no graphs included with this spreadsheet, for those who are motivated by visuals.ĭebt Snowball Spreadsheet from Wise Woman Wallet You can strategize your debt snowball before breaking down your monthly payments to the granular level, including recording the portion of each payment that’s interest, and what the remaining balance will be each month. This simple Google Sheet from Healthy Wealthy Skinny allows you to track up to ten debts over the course of three years. Learn more | Open the Google Sheet Preview Debt Snowball Worksheet from Healthy Wealthy Skinny It’s a good starting template for further customization. This is a simple, 12-month debt tracking spreadsheet that can help you track a snowball or avalanche strategy. See how Tiller can help you pay off debt. Tiller automatically updates Google Sheets and Excel with your daily finances, including all your spending, account balances, and current debts and liabilities. If you already use Tiller, you know it’s the fastest, easiest way to manage your financial life with the flexibility of a spreadsheet.
WHAT SPREADSHEET DOES SLEEK BILL USE FREE
This template is free for everyone, but it’s designed to work best for spreadsheets powered by Tiller. The spreadsheet can be used for any type of debt. Graphs will help you compare the two strategies side by side. You can use this sheet to switch back and forth between the avalanche and debt snowball methods. The Tiller Community Debt Snowball Spreadsheet allows you to calculate estimated payoff dates and track your progress towards debt freedom. Debt Snowball Spreadsheet from Life and My Financesĭebt Snowball for Google Sheets by Tiller Community Solutions.Debt Reduction Calculator from Vertex42.Simple Debt Snowball Spreadsheet from iHeartBudgets.Debt Snowball Spreadsheet from Wise Woman Wallet.Debt Snowball Worksheet from Healthy Wealthy Skinny.Debt Snowball for Google Sheets by Tiller Community Solutions.To set you up for success, here are some of the best free debt snowball spreadsheets. While the avalanche method is the best option mathematically, we know most people don’t follow through with it as heavily as they do with the debt snowball method. You’d then direct your attention to your student loans, and finally your auto loan. In this instance, it would mean paying off your credit card debt first, as it has the highest interest rate. Using this method, you pay off the debt with the highest interest rate first, regardless of how much you owe. This is the most effective payoff method from a psychological standpoint studies show you’re more likely to follow through because of those first few quick wins.īut mathematically, the best way to pay off your debt is using the avalanche method. Then, when you paid off the credit card, you’d apply the money you were using for those payments towards your student loans. Then, when that was paid off, you’d take the money you were using towards the monthly auto loan payments and apply them to your credit card balance. Using the debt snowball method, you would pay off your auto loan first.
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