Debt Snowball Calculator Excel Spreadsheet
Get Out Of Debt Fast By Using Our Excel Debt Snowball Calculator Template
Why Should I Use The Excel Debt Snowball Calculator?
Our Excel based debt snowball calculator allows you to quickly input all of your debt and determine which to pay off first. The reason it's called a "snowball" is because as you start paying off your debt accounts you then apply that money towards the rest of your debt. You can start to see an impact within a few months, obviously this depends on aggressive you are.
Why Is Our Debt Snowball Calculator Superior?
Most of the credit card payoff calculators or debt snowball spreadsheets just have you paying off the debt with the lowest balance and moving on to the next. This is a BIG MISTAKE that could cost you $1,000's in extra interest. Looking at the example in the picture, you can just how big of an impact in the amount of interest you pay and how quickly you pay off your debt. With our debt snowball calculator, we'll tell you which debt to pay off first, while creating a customized plan that will minimize the amount you pay in interest. This excel worksheet was built for you to quickly and efficiently run 1000's of different "what if" scenarios with just the click of a button.
Payoff Your Debt Has Never Been So Easy! Our Simple To Use Excel Debt Snowball Spreadsheet Does The Work For You!
1. Start Off By Listing Out All of Your Debts:
- The easiest way to do this is by pulling your credit report to get a list of all of your debts): Student loans, car loans, credit cards, mortgages, etc…
- Make sure to collect the following information for everyone of your debts.
- Minimum payment
- Interest Rate (ARP)
- Total Balance
2. Next Open & Input Your Debt Account In Debt Snowball Spreadsheet:
- Go to the Debt Accounts Tab and Click The "Update Debt Accounts" Button.
- Debt Account Name: Enter the name(s) of your debt account. Note: Make sure to use a different name for each debt account
- Debt Category: Select from the drop down the debt category.
- Minimum Payment: Enter the minimum payment on all debt accounts. Note: Use the fixed monthly payment for installment debt (car loans, student loans, personals loans...)
- Current Total Balance: Enter your most current balance.
- Start Date: This is the date you plan to start paying off the debt. I'd recommend using today's date as the start date.
3. After Entering Your Debt Accounts Go To The Debt Dashboard On The Excel Debt Snowball Calculator:
- Change the preferences to see the impact it will have on your account.
- Checkout our video for more information.
Get Started On Your Path To Becoming Debt Free!
Now it’s time to start paying off your debt! Remember that for every extra dollar you apply towards your debt will save you money in interest payments. After paying off your first debt, you’ll want to begin paying off the next recommended debt. Do this until this one is paid off. Now continue this process until all debts are paid off.
3. Creating A Budget/Debt Reduction Plan