For many of us, debt is an unavoidable part of life. But it doesn’t have to be a never-ending cycle. One approach to tackling debt is the debt snowball method. This method involves paying off your debts in order of smallest to largest balance, while making minimum payments on all other debts. Once the smallest debt is paid off, you move on to the next smallest debt, and so on, gaining momentum (like a snowball) with each debt paid off.
Debt Snowball Worksheet
If you’re ready to take control of your debt using the snowball method, a debt snowball worksheet can be a helpful tool. This worksheet will help you organize your debts and plan your payments, so you can track your progress as you go.
Ingredients:
- A list of all your outstanding debts, including the name of the creditor, balance owed, and minimum monthly payment
- Your monthly income and expenses
- A calculator (or a spreadsheet program like Excel or Google Sheets)
Instructions:
- Make a list of all your debts, from smallest to largest balance.
- Write down the minimum monthly payment for each debt.
- Calculate how much extra money you can put towards debt each month. This can come from cutting back on unnecessary expenses, taking on a side hustle, or even selling items you no longer need.
- Pay the minimum monthly payment on all debts except the smallest one.
- Put any extra money you have towards paying off the smallest debt.
- Once the smallest debt is paid off, take the money you were putting towards that debt and add it to the minimum payment for the next smallest debt. Keep repeating this process until all your debts are paid off.
How To Create A Debt Snowball Spreadsheet
If you prefer to use a spreadsheet to track your debt snowball progress, you can create one in a program like Excel or Google Sheets. Here’s how:
Ingredients:
- A spreadsheet program like Excel or Google Sheets
- A list of all your outstanding debts, including the name of the creditor, balance owed, and minimum monthly payment
Instructions:
- Open a new spreadsheet.
- Label the columns with the following headers: Creditor Name, Balance Owed, Minimum Monthly Payment, Snowball Payment, New Balance, and Date Paid Off.
- Enter your debts under each column header.
- Calculate how much extra money you can put towards debt each month.
- Enter the snowball payment amount (the minimum payment plus any extra) in the Snowball Payment column for the smallest debt.
- Use a formula to calculate the New Balance for the smallest debt (Balance Owed – Snowball Payment). This will automatically update as you enter new payments.
- Once the smallest debt is paid off, move onto the next smallest debt and repeat the process.
Remember, the debt snowball method takes time and dedication. But with a clear plan and consistent effort, you can become debt-free and start building the financial future you want.
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