Skip to content

Pay Off Your Debt in Google Sheets

When it comes to paying off debt, there are many different methods and tools out there that can help you. In fact, the Dave Ramsey website is one of the best places you can go to find help with debt elimination.

However, given that you are here at Spreadsheet Life, you are probably curious to find a spreadsheet to help you with your debt. Luckily, I have two templates that can help!

The Debt Snowball Template

One of the best methods available for getting rid of debt is known as the Snowball method. Here is how it works.

  1. You start by listing your debts from smallest to largest by payoff balance.
  2. You make all of the minimum payments on all of your debts.
  3. You put any extra money you can towards the first debt on your list.
  4. Once you pay off your first debt, take what you were paying on it and put all that money towards the next debt on your list.
  5. You then repeat this process until you are finally debt free!

Here is a visual representation of how this method works.

On the surface, this method is relatively simple. The trick is following through with your actions day in and day out. The good news is that the Debt Snowball template will help you follow through.

This template is built for Google Sheets, and it gives you the perfect space to list your debts and track your progress. On top of that, it comes with instructions to guide you through the process.

The Debt Avalanche Template

The Debt Avalanche method is the best way to get rid of your debt from a mathematical viewpoint. Here is how it works.

  1. You start by listing your debts from smallest to largest by interest rate.
  2. You make all of the minimum payments on all of your debts.
  3. You put any extra money you can towards the first debt on your list.
  4. Once you pay off your first debt, take what you were paying on it and put all that money towards the next debt on your list.
  5. You then repeat this process until you are finally debt free!

Here is a visual representation of how this method works.

This method is fairly simple, just like the Snowball method. And once again, the key is following through with your actions day in and day out. The good news is that the Debt Avalanche template will help you follow through.

This template is built for Google Sheets, and it gives you the perfect space to list your debts and track your progress. On top of that, it comes with instructions to guide you through the process.

So whether you wish to use the Snowball or the Avalanche method, just download the template you need! It will really go a long way in eliminating all of your debt.

This Post Has One Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back To Top