The intention of this free debt snowball spreadsheet is to allow you to maintain two necessary ingredients of paying off debt. First, it is a tool to help you get organized. Secondly, it is intentionally designed to keep you motivated.
Download the worksheet now -Debt Reduction Spreadsheet (2396)
Debt Snowball Spreadsheet Features
This snowball worksheet has four main categories.
Paid off debt
When you first start your debt reduction plan, this category will probably be empty. That’s alright. It won’t be blank for long. Each time you pay off a balance, write on the debt snowball speadsheet what the money was for, how much you paid off, and the date you paid it off. Also, remind yourself of what you did to celebrate.
This keeps all of your accomplishments in front of you. You can remind yourself of everything you have accomplished as you work towards paying off all the money you owe.
Actively Working Towards Paying Off
In this category, you highlight the one debt that you are making extra payments towards. All of your focus and energy is on this one balance. Your new number one enemy.
In order to keep a carrot in front of you, list what you will do when you pay off the debt. Keep the celebration proportionate to the accomplishment, but don’t be afraid to reward yourself for some excellent progress.
Next Debt To Pay Off
There is still another debt on deck. Be mindful that this sucker is next. In this section, be sure to add your pay off motivation – why do you want to pay off this balance? How is life better without that burdne? List it and keep it in front of you.
Remaining Debts
These funds are only receiving minimal attention – you’re making minimum payments each month. For now, you’re satisfied to tread water with this money owed until they move up into the next debt category or actively working towards group.
Which debt should you pay off first – debt snowball?
Some say the one with the highest interest rate. Others say the one with the smallest payment. Still, others say the debt you hate the most (biggest motivational pay off). The smallest payment approach seems to be the most effective method to motivate people to pay off debt.
Download your free debt snowball spreadsheet with the debt reduction worksheet.
Here are three articles you might want to read to help you get started.
- Getting out of Debt: A simple first step suggests you track your receipts for a month.
- Getting out of Debt: A second step suggests you get your hands on 10% of what you make in a month.
- Getting out of Debt: Step three suggests you get passionately intense about becoming debt-free.
More Great Articles:
- Steps To Get Out of Debt | Step Two
- 55 Compelling Reasons to Get Out of Debt
- A Guide For Getting Out Of Credit Card Debt
- FICO Score Matters: Sorry, Dave Ramsey
- Credit Card Debt Problem? Essential Resources to Beat Credit Card Debt
- Debt Snowball Explained | How To Pay Off Debt Using the Debt Snowball
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{ 6 comments… read them below or add one }
Anyone else having difficulties downloading this file?
hi craig,
thanx for ur free offer of the spreadsheet that works with “snowball debt”,,i have already started!!!! and u were right. i DO feel better and am making better choices.
i paid off my smallest credit card debt in full (thank God for Christmas bonuses!!hahaha), and used that money to increase my payment on the next highest credit card debt. im also buying things from my neighborhood stores in cash,,something i used to do was just ask for whatever i wanted, and pay on pay day. i became caught up in a vicious cycle. i would just get my pay so i could cover what i had already bought.
now i want to take advantage of making a budget, BUT THE LINK DOESNT LET U DOWNLOAD THE SPREADSHEET,
could u plz check into this as i want my momentum to keep growing cuz this “snowball” strategy really works.
again, thank u,
God bless u always,
K
XNMNX
RE: Debt reducttion spreedsheet
I am unable to access this document can you send it to me. Everytime I click it it gives me an error.
Thanks
Lisa Lewis
Hey, all.
I’ve updated the link. It should be working now.
1. Click download
2. Click save
3. The document will appear as read only. Just click save as and save it somewhere in your own documents.
4. Get out of debt!
Isn’t it amazing how a little financial progress has a huge impact not just on your finances, but also your emotions? Sounds like you’re starting to make some good choices and attacking your debt. All I can say is keep up the good work.
If you ever need any encouragement or advice, please let me know.
Talking about the most effective debt snowball payoffs, Bruce Ammons has a lot to say about which debt to pay off first. I went to a seminar of his. Check him out at:
http://www.conqueringdebt.com
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