Debt Snowball Spreadsheet That Shows You The Fastest Way To Pay Off Debt!
Okay, so I’m going to go ahead and explain the debt snowball calculator worksheet. This is an Excel spreadsheet that used by anyone who’s really looking to decrease their debts and your past any type of debt this is going to give you a quick layout of how much interest you’re going to be paying. You’re going to look at how many extra money you can apply towards your payments and what impact that has on your interest rates.
Getting Started With The Debt Payoff Planner
The first thing you do is you’ll want to grab all of your debt accounts. That means going to for example your
credit card company I’m looking at your current balance you’ll need minimum payments interest rates and then the current total balance. In this Excel debt payoff planner it actually makes it really easy. It’s going to snowball all of your calculations and it’s going to tell you exactly what you need to pay each month. So the first thing you want to do is enter your debt accounts and again you want to start with the highest interest-rate first and then work your way down now this allows for up to eight accounts. I would just focus on credit cards or short term debts. are you know again anything that so I went put a mortgage in there but I would put some if you do you have still under anything like that so after you go through when you enter that information in there and you go to the dashboard on the excel calculator you’re going to see a summary of your current debts going to show you when do you expect to pay off. You can also try the excel budget template planner to create a budget.
Understanding The Debt Snowball Spreadsheet
It is so automatically calculates all of this for you now the next thing you’re going to see down here is a break out of your total balance minimum payments to have to make each month and then how much of that is interest so that’s another great way to see exactly what you’re paying right now. Then we have the projected debt snapshot it’s going to be for the month that we select and this is going to have all your payments listed out. You’ll notice as you change the date and you apply extra payments you’ll see your payoff date is actually going to change. That’s another great feature that this has on here in addition to that you’ll be able to see what your current interest is your cumulative interest with this Excel snowball template. You’ll also be able to see the impact of the debt snowball calculator has on your different credit card debt accounts.
Now when you look at your minimum verse projected balance that’s taking into consideration your current budget that you have for your debt accounts. Then also the extra payment that you’ll be making each month. Now how the snowball calculator works is as you go through and pay off debt your rollover that amount. If you have the payments of let’s say hundred dollars on a credit card. Then you’ve paid the credit card off, you’d use that hundred dollars to pay off another credit card. You’ll roll the amount that you were applying towards the credit cards will remain the same. Now the other thing is this Excel based tool allows you to see where you’re going to be spending the most money so it’s going to go through and see where you’re spending the most money.