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Testimonials"My mother purchased your House of Order Handbook for me at Brigham Young University's Education Week and I have loved it!
I’m going to teach you how we create a debt snowball plan and I’ve included My Debt Snowball Plan auto-calculating spreadsheet for you to download and create your own!
In all honesty the snowball term is a little misleading, which is why some people refer to this plan as a debt avalanche plan. This spreadsheet automatically calculates your total debt, total paid and the percentages of those. I think this spreadsheet will really help me get my debt paid down and eliminated, however I cant seem to download it or save it. If you’re using the debt snowball method to pay off your debt and curious how long it will be before you are debt free, this simple debt snowball spreadsheet calculator may help!
I created this debt snowball spreadsheet to help my own family as we successfully paid off over $90,000 of consumer debt in two years! List your debts in the pink area by the order you plan on paying them off following the examples provided (remember, you must delete the example loans first before you can continue!). You must also fill in the current balance, interest rate (APR), and minimum monthly payment. REMEMBER:  The Free Trial Version only allows you to enter up to 5 different accounts to your debt snowball. Click the “results tab” at the bottom of the page to see the amortization of your debt snowball and your projected DEBT FREE Day! Next you will see balance information for each loan you have made, interest paid, the amount available to pay on the debt, the actual amount paid on the debt,  and the new balance after the payment is made.
Do you have more than 5 accounts that you want to include in your debt snowball calculation? For the first time in a very, very long time I fell asleep easily and with a smile because your program made me believe that there is hope. After you hit save it doesn’t give you the option of where to save, where does it save what you’ve entered? Ben, I just wanted to give an update with a bit more info so as to give hope to those in a dark place.
Two years into it we did have to buy a car, so there was a new debt, but at least our credit rating had improved and we qualified for a good interest rate.
The next thing I did was to obtain two new credit cards that offered 18 months of 0% interest on transferred debt.
The peaceful feeling of knowing all that debt will finally be paid off in full is wonderful. Anyhow, I’m definitely happy I found it and I’ll be book-marking and checking back frequently!
I previously tried another spreadsheet, then an online calculator but your spreadsheet is THE BOMB!!!!!! It lets you look ahead quickly to see what progress you can make and you can play around with it and figure out which debt to work on first. I have 7 debts to pay, including 2 credit cards with very high balances, thanks to a recent divorce but there’s hope in sight, one debt will be paid by this summer, wooo whoooo!!!! Thanks for the awesome spreadsheet and for giving people hope that they can dig out of debt faster than they think they can.
When I add my info and click on the results tab I get a sheet full of #REF except for the beginning balance line.
This is absolutely amazing – thank you SO much for creating this and for sharing it for free!
Hello Nan, I’m currently working on an update version but I haven’t had much time due to other commitments, thanks! Subscribe to our mailing list and get our latest debt elimination and personal finance articles delivered to your email inbox. Note: The download includes an extended version of the credit repair edition for listing 20 creditors, and a link to a Google Sheets version for listing up to 20 as well. Use our Debt Reduction Calculator to help you eliminate your credit card, auto, student loan, and other debts.
In the first worksheet, you enter your creditor information and your total monthly payment.
The second worksheet is a payment schedule for you to print to keep track of your progress.
One of the included files lets you list up to 20 creditors, and if that isn't enough, there is also a version that lets you list up to 40.
Enter abbreviated names for your the credit card or lending institution, the current balances, and the interest rate information for all of your current debts (including home equity lines of credit or second mortgages). Choose the maximum monthly payment that you can pay each month towards your debts, based on your home budget. When your first debt is completely paid, the remainder of your snowball is then applied to the NEXT debt, and so on, until all the debts are paid.
Warning: It may be tempting to put your full financial strength into paying off your debts.
This section describes the different strategies that you can choose within the debt reduction spreadsheet.
User-Specified Order: There are three options for choosing the order that you want to pay your debts. Debt Snowflaking: This is a term for making extra debt payments above the normal monthly payment (above and beyond the normal snowball). Sample Letter to Student Loan Servicer - at, Oct 16, 2013 - This article includes a sample letter for explaining to your loan servicer how you want your extra payments to be applied. Help us help others break free from the bonds of debt by spreading the news about this free debt reduction tool.
A big thanks to Donald Wempe for the motivation to create this spreadsheet, and for his great ideas! Disclaimer: This spreadsheet and the information on this page is for illustrative and educational purposes only. The Debt Reduction Spreadsheet is part of a financial planning series called How to Make a Budget. If you’re new to the How to Make a Budget series or have just subscribed to Squawkfox, then go ahead and start from the beginning by reading the introduction. The Debt Reduction Spreadsheet is not a fancy-dancy tool — I wanted to keep things simple.
Credit Card Tip: Try the Credit Card Calculator to see how many years it will take to pay off your balance based on your minimum monthly payment.
Go back to your Budget Spreadsheet and find the line where you entered the amounts for Debt Repayment and Credit Card Repayment.
Cut costs: Cutting back and spending less money on your variable expenses is a surefire way to add additional dollars to your debt repayment plan. David Ramsey, author of The Total Money Makeover: A Proven Plan for Financial Fitness (also available in Canada), calls his method the Debt Snowball. Ramsey adds that if you have two debts with similar balances, then pay off the debt with the higher interest rate first. Vaz-Oxlade is also a fan of consolidation loans and calling up your creditors to negotiate lower interest rates. Whether you pick to pay off your smallest balance to start or choose to end the debt with the highest interest rate first, the point is to stick with it! I used this method successfully when I paid off my $17,000 in student loans over six months.
From a financial planner’s standpoint we like to refer your site to people who we think could benefit from it. Heard about the "Debt Snowball," but now you want to see exactly what it could do for your family? Well, ExcelGeek (creator of his widely-popular Freedom Account spreadsheet) has stepped up to the plate. As far as operating system requirements, it should work on Windows 2000 and all later versions. Spreadsheet automatically "snowballs" your payments, showing you how much to send to each creditor every month.

Following your electronic payment via Paypal, you'll be able to download the spreadsheet instantly. If you're not happy with it for some reason, just contact me within 30 days of purchase, and I'll refund your money. In its default setting, the spreadsheet uses a payoff method similar to that suggested by Mary Hunt's Rapid Debt Reduction Plan. This latter plan has gained ground in recent years, thanks to personal-finance personalities like Dave Ramsey and Mary Hunt. Thus, for Ramsey and Hunt, it's all about motivation — getting entire debts crossed off your list quickly and then rolling each paid debt's payment into the next one. And how's this for control: You can now also pay off your debts in your own preferred order!
I asked ExcelGeek to talk a little bit about all the fancy number-crunching that his Rapid Payoff Calculator does. To me, this strategy always seemed very logical, since it always pays off debts in the shortest-calculated order. Periodically I would get an email from a customer asking me why I prefer this strategy over “lowest-to-highest balance” or “highest-to-lowest interest.” They would share their debt scenarios with me, and I would work up comparisons for them.
Working through the math, I have always known this to be true – but now I’ve built the RPC to allow for different sorting methods.
Also, with any of the payoff strategies, users can accelerate payoff on selected debts (including debts with higher interest rates, if desired) simply by increasing the monthly payment they enter in the Creditor list.
In general, I still prefer the shortest-payoff method, followed by the “lowest-to-highest balance” method. And there you have it — straight from the guy who's forgotten more about Excel than I'll probably ever know.
Want to see how changing your debt paydown order affects the time it'll take to achieve debt freedom?
Once you've input all your debts, simply change the sort order, give Excel a few moments to crunch the numbers (it ain't always easy!), and then view the figures beneath the accompanying chart. Many times, regardless of the sort order of your debt paydown plan, what you'll find is that there simply isn't much difference in the total dollars saved by paying debts in different orders.
If interest savings are the most important factor to you, then paying your highest-rate debts first is almost always the method to choose.
Here's what I believe to be the single best feature of the Rapid Payoff Calculator: Once you've input your debts and your Monthly Booster payment (if any), the spreadsheet creates printable payoff progress charts. The Rapid Payoff Calculator shows you the results of following three different paydown plans: Falling, Fixed, and the (turbocharged!) Rapid Payment Plan. A "Falling" payment plan is what the suits at the credit-card companies would love to see you undertake.
NOTE: Since most of us also have debts (like auto loans, personal loans, and such) whose payments don't decrease as the balance decreases, the data generated in the Falling Payment Plan won't be exact. The "Fixed Payment Plan" shows what happens when you keep your payments at a fixed level — that is, you keep making the same payments that you're making now, regardless of what your creditors request.
I hope you're convinced that ExcelGeek's Rapid Payoff Calculator is just the tool to help you with your quest for financial freedom. Whenever you see a rate change in one of your debts, all you need to do is open up your RPC spreadsheet, enter the new rate (as well as its current balance — you're in Super Debt Payoff mode, so you're a stickler for details, right? What if I'm in the middle of my plan, I find some unexpected money, and I put it toward my debt? With this spreadsheet, are you able to enter one-time payments — say, if you want to pay extra one month?
Make whatever extra payment(s) you wish, then update your debt balances (at the top of the spreadsheet) to reflect the new balances after your extra payment. If you wish to see the effect the extra payment had on your debt paydown, simply compare the new printout to your old one. When I enter in a balance on a credit card of, say, $10,000, and an interest rate of 18 percent, and a payment of $200 per month, the RPC tells me that the payoff is 0.8 years.
I've entered a few of my debts, and I get a bright yellow message telling me that "Information Missing or Payments Exceed 100 Years." What now? If nothing else, this should emphasize the need for you to dramatically restructure your debt payoff plan — but that's precisely why you purchased the RPC, isn't it?
I live in Great Britain, and would like the Rapid Payoff Calculator to show amounts in pounds (GBP).
Purchase ExcelGeek's Freedom Account spreadsheet and his Rapid Payoff Calculator together for just $19.76. I share my love for saving money, do-it-yourself projects, organizing, crafts, and WAHM Life on my blog One Cheap Utah Chick. You can go back through your records and use the original or use just the balance today as your Starting Balance. This automatically calculates your current balance versus your starting balance — and automatically gives you a confidence boost as you see the Paid Off amount increase. But, because I was so kind to share this for free, please don’t reuse it for business or to sell to others and do give attribution. So it shouldn’t take me only 10 months to pay off my $1000 debt because interest isn’t being taken into account, correct? The last few formulas I have tried would work, then not work if you changed the balance out or had an APR lowered. I keep getting an error that this can’t be opened with Microsoft Excel… any suggestions? When one is paid, just leave the balance at zero, take the minimum payment you were paying on that and apply to the next smallest balance and continue the avalanche process until done. I just downloaded it today and noticed it still doesn’t have the step 6 incorporated?
To add up to 20 different debt accounts you can upgrade to our premium version (see below). I hope you found this program helpful!  If you have any question or comments, please fill out the form at the end of this post and I will try to respond as quickly as I can! To be sure your financial concerns are fully addressed, you should seek advice from a professional finance guru of which I am not! It is easy and it is motivating – If I will squeeze an additional 100.- per month at our debts, We can be debt-free 6 months earlier than planned! One of the most powerful things about this spreadsheet is the ability to choose different debt reduction strategies, including the debt snowball effect (paying the lowest balance first) or the debt avalanche (highest-interest first). The more you can squeeze out of your budget to increase your debt snowball, the faster you'll reach your goals. Easily create a debt reduction schedule based on the popular debt snowball strategy, or experiment with your own custom strategy. You'll then see a summary of when each of the debts will be paid off based on the strategy you choose.
You may need to verify with your lending institutions what your current minimum payments are. The difference between the total minimum payments and your total monthly payment is your initial snowball.
The benefit of this method is the psychological effect of seeing the number of debts disappear quickly.
If the difference in the total interest is not significant, than you may get more satisfaction and success from the Lowest Balance First method. It might not make much difference in how long it takes to pay them off, but it could make a difference in how much interest you end up paying. Your situation is unique, and we do not guarantee the results or the applicability of this calculator to your situation. Several thousand new readers have joined since my last budget post, so I don’t want to leave anyone behind.
The idea is to track your creditors, list the balances due, acknowledge the interest rates on your debt, make your monthly payments, and then target one debt using the amount you have available for extra payments.
Remember when you listed your liabilities (what you owe) in the Household Net Worth Spreadsheet? Keeping up with your monthly payments is very important if you want to maintain a good credit score, but to get out of debt you’ll need to increase this amount.

Add up these bummers (oops, I mean numbers — typo stays) and enter the total in the Amount Available box in the Debt Reduction Spreadsheet.
Financial debt gurus all seem to have their own branded methods for helping you get outta debt. This where you list your debts (excluding your house) and then focus your efforts on paying off the smallest balance first, regardless of interest rates. In her #1 selling book, Debt-Free Forever: Take Control of Your Money and Your Life (also available in Canada), Vaz-Oxlade shares her no-nonsense approach to becoming debt-free. Once you’ve retired one debt, move that payment to your next creditor on your Debt Reduction Spreadsheet. I started with my highest interest loan first, and then snowballed my repayment by tackling the next highest interest debt on my list. Evaluate different scenarios and shop for different rates when you can while understanding all the penalties you would have by switching the loan. Taylor is the creator and lone writer of Squawkfox, a personal finance blog where consumer savvy is fun.
Requirements are Mac OS X and Excel 2004 for Mac (versions earlier or later will not work). They're used to build and rebuild the spreadsheet's formulas each time the spreadsheet opens, as well as to compress the file's size when it closes. Here your Rapid Payoff plan will be structured with debts being paid in order from shortest to longest payoff. Getting rid of high-interest debts first may save more money compared to other plans, but Ramsey and Hunt firmly believe (and I agree) that your chances of becoming DEBT FREE increase dramatically when you can see yourself making progress — when you can quickly mark debts off of your list. The Rapid Payoff Calculator was initially set up to mimic this: Your debts' balances are generally more important than their interest rates.
Here’s the bottom line: Regardless of what sorting strategy we used, the date they would eventually become debt-free was almost always the same, and any difference in interest was minimal. In addition, a double-whammy, faster-payoff effect occurs when they add a Monthly Booster amount! In my opinion, both of these strategies offer the best balance between math and motivation.
Want to see how much you'll save in interest by paying debts with high interest rates first?
Well, the higher the interest rates you're paying, and the larger the amount of dollars revolving at those high rates, the more your savings will be affected by how you sort your debts. However, as Dave Ramsey makes clear in his Baby Steps plan, there are really good reasons for not paying your debts off in this manner!
In a Falling Plan, your payments are based on a percentage of your outstanding balance; therefore, your minimum payment decreases as your balance decreases. But even so, the RPC paints a vivid picture of the financial damage so often caused by creditors and their "easy and affordable" terms.
Compare what happens with your total interest paid (and payoff time) when you simply utilize the Rapid Payoff Calculator's "snowball" plan. Simply pay with either PayPal or Google Checkout, and then download the Rapid Payoff Calculator instantly! The RPC will handle variable-rate debts just fine, so long as you re-enter your current balances and rates at least every couple of months or so (or anytime you simply feel like doing it).
A debt snowball plan is a great way to pay off debt and it actually helps you pay off debt faster — all the while giving you a sense of accomplishment. This tutorial is going to teach you based on my snowball sheet, but you can use this same method for a printable too. If you are worried, you can save one copy, then make a second copy of the worksheet for playing around with. The cells are unlocked and everyone has been able to use it so far, so it may just be your Excel program opening in protected.
You are more than welcome to add in the APR calculations into the formulas so that you can calculate it that way. This is great considering I can’t do spreadsheets at all so thank you so much for this. Would love it, and saw you created this one back in 2015, so figured you might have a new one now! Just choose the strategy from a dropdown box after you enter your creditor information into the worksheet. Continue reading below the download block for links to useful blog articles and information about the various debt reduction strategies.
For the price of a good lunch, you can figure out how to save yourself hundreds or thousands of dollars! Also, keep in mind that your minimum payment may change over time, depending on interest rates or other issues. You need to balance your debt reduction goals with the need for an emergency fund and other important financial goals. It's an Excel spreadsheet, which means it requires that you have Microsoft Excel (at least Excel 2003) installed on your PC for it to operate. You can find my step-by-step instructions for doing this at my How to Enable Macros in Excel page. One camp believes debts should always be paid in order from highest to lowest interest rate; the other suggests that debts be paid from smallest to largest balance (or shortest to longest payoff time). Paying your debts in order of shortest to longest payoff (or smallest to largest balance) accomplishes this. Each provides small victories (paid-off debts) much earlier in the Plan, which builds confidence and momentum on your road to debt freedom!
I recommend doing this anyway, actually, since I'm one of those dorky guys who REALLY likes my spreadsheets to be as accurate as possible at any given time. Of course we would all prefer to experience positive change, but that's just not how Life works. If you've entered the correct figures for your debts, it's most likely that the card companies have you EXACTLY where they want you: If you stick to their "Falling" payment plan, where payments decline as your balance declines, you'll be paying them for a hundred years or more. Once it’s paid off, take the minimum payment from that and add it to the minimum payment for your next smallest. It auto calculates the starting balance and subtracts existing balance to show how much you’ve paid off. But, there are payoff calculators online that give you an estimated date, which you can then input manually. Getting out of debt is not easy, but with a good plan and firm determination, it is entirely possible. I’m known across the internets for being a friend of frugal living and a foe to a life of indebted servitude. The RPC automatically applies this additional "booster" to your monthly payment for the next debt on your paydown list. In any case, when things like this happen, it's a good idea to look up all your debts' current balances and re-enter them into the spreadsheet. Believe it or not, snowballing debt has been around for decades — it just took a savvy guy like Ramsey to make it popular. Each time you pay a debt off, the minimum payment from that paid off debt rolls over to the next.
The Debt Reduction Calculator is a simple spreadsheet available for Microsoft Excel®, OpenOffice, and Google Sheets, that helps you come up with a plan.
Income boosting tactics I have used include: getting a second job on the evenings or weekends, freelancing, asking for a raise, finding a higher-paying job, and selling crap stuffed in closets. It creates a debt snowball payment schedule that can help you manage your payments to most effectively pay off your debts. See How to Write a Resume (that gets job interviews) to put some polish on your job application. Once this debt is paid off, the amount you pay in that column will be added to the next lowest debt.

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