![]() What if you don’t have Excel? And what if you’re a Mac user? Don’t worry. Be sure to enable editing once you open it, so you can enter all your debt numbers. If you have Excel, just open the download once it’s fully loaded. Download the free debt tracker spreadsheet right here. If you don’t have that many debts, or if you just want to get a feel for the tool, we also offer a free debt snowball worksheet. The current rate is $3.99 and $9.99, respectively. We currently offer the 16-debt and the 32-debt tracker tools on Etsy. The tool automatically calculates everything.) ![]() If you do decide to download one of the debt snowball spreadsheets, all you need to do is enter your debt amounts, interest rates, and minimum payments. Honestly, consider purchasing the pre-made dynamic tool that took us years to craft. Once you work your way through all the cells, you’ll have your own personalized debt snowball worksheet. To include the interest incurred during the prior month, be sure to include a formula like the below (taking 1/12 of the annual interest since there are 12 months in each year):Īdjust the calculations at the point where each debt pays off (since you’ll need to have some dollars applied to the first debt and then the remaining amount to the next debt). List your debts across the top with your balance, interest, and minimum payment amounts.Īdd a column for months and extra payments on the left-hand side.īe sure to have columns for “payment amount” and “balance amount” for each debt.Įnter a calculation like the below to reduce the balance each month, or calculate it manually. Open a blank page in Google Sheets or Excel. This study actually proves it: “Psychological Momentum - The Key to Continued Success,” by Seppo E. Plus, you might choose to cut your cable and save $100 a month. Momentum With ProgressĪfter paying off that initial debt, you might be so pumped that you decide to bartend on the weekends, which earns you an extra $500 a month. So, you’ve got an extra $25 to put toward your next debt that you really didn’t have before. After you pay off the first debt, you no longer have to make that minimum payment. We can visually see the first reason in the detail tab of the debt payoff spreadsheet. With each debt payoff, there is more money (the minimum payments) to put toward the next debt.Īs you see progress, you’re inspired to earn more and cut back on expenses, so you essentially find more money to put toward your debts each month. ![]() In other words, they were able to pay off their debts faster and faster: Those who choose the debt snowball method for paying off their debts often talk about how they built momentum as time went on.
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