Read More: How to Create a Credit Card Payoff Spreadsheet in Excel Step 3 – Calculating the Second Debt Payment Next, we will find the credit card payoff for the second debt. Enter this formula in cell E11: =IF(H5+H6>=C5+D5,D5,IF(AND(C11=C5,C11<>0),H5+H6-D5+D6,D6)) ...
Create a budget.There are lots of differentways to budget, but in general, it goes something like this: List yourmonthly expenses, such as rent, utilities and groceries, along with your debts, such as credit card balances and student loans. Write down how much you earn each month, and su...
Enjoying the process will also help you avoid needing the instant gratification that comes from buying something you can't afford or don't need. Aspersonal finance blogger Jordanne Wellsshared with us, her debt payoff journey picked up speed when she stopped trying to score new credit card sign...
you—a simple spreadsheet, free online spending tracker or app, or even pencil and paper. Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Use your credit card and bank statements to make sure you’ve included every...
The idea is to ensure you have enough income to cover all your usual expenses, with some extra set aside for your longer-term financial goals. You can maintain your budget with pencil and paper, a computer spreadsheet, or one of the many available free or inexpensive budgeting software progra...
Use the PMT function with a compound period to calculate monthly payment. Use the Formulas tab to calculate monthly payment. Calculate monthly payments on a loan, including a mortgage loan payment, a credit card loan payment, a down payment calculation, a loan payoff time, and a monthly paymen...
Create a visual representation of your progress with a simple spreadsheet: Each time you eliminate a loan, you’ll feel a sense of accomplishment. This method can be more motivating, as it allows you to target quick wins, gradually building momentum as you work toward tackling the larger, ...
Here’s how to create a realistic plan for ensuring you’ll meet your debt payoff goals and get your finances under control. 1. Believe you can do it Sometimes, the biggest obstacle tobecoming debt-freeis a battle you fight against yourself. Many people doubt their capacity to get out fro...
You can create amortization tables by hand, or use a free online calculator and spreadsheet to do the job for you. Take a look at how much total interest you pay over the life of your loan. With that information, you can decide whether you want to save money by: Borrowing less (by...
For example, let’s say you have a $6,000 credit card balance with a 25 percent APR. Using theBankrate credit card payoff calculator, we found that even if you pay $500 per month, you’ll end up paying an additional $976 in interest before reaching a zero balance. ...