After repaying the the lowest debt, the second-lowest debt will be paid off next, creating a snowball effect. The opposite technique, where the largest debt is repaid first, is called the“avalanche”method. How to Create a Credit Card Payoff Calculator Using the Snowball Method in Excel Her...
We're selling the Rapid Payoff Calculator spreadsheet for $9.88. Of this amount, ExcelGeek gets $8, and IYM gets $1.88 (minus any fees). Following your electronic payment via Paypal, you'll be able to download the spreadsheet instantly. (Note: This does not apply to Paypal "eCheck" pay...
Finally, you will see the debt payoff plan I went with and the debt snowball spreadsheet I used to get out of debt fast.I’ll also give a link to download a free copy of the debt snowball spreadsheet. Table of Contents The Debt Snowball Method Step #1: Re-Order Debt From Smallest To...
Then, break down your debts. Go through all of your debts and rank them from the smallest balance owed to the highest. The smallest debt will be your first target. We recommend keeping track of your balances either in a notebook or—if you’re an Excel lover—in a spreadsheet. 3. Mak...
Ex. If you paid a little more or added a charge on a credit card. You can change the total amount but my experience has been it throws off the payoff calculation terribly, meaning the math wasn’t adding up correctly and there wouldn’t have been a way to fix it but to delete and...
Finally, if you already have a high balance on your credit card(s),then you can use a service like Payoff to consolidate everything into one simple monthly payment that can also raise your credit score. Creating financial SMART goals can help you clear debts faster. Learn how to create SMA...
Best Free Credit Card Payoff Spreadsheet (Excel and Sheets) Additional budget and investment resources: Free Budget Calculator Printable Monthly Budget Templates Weekly Budget Template Monthly Budget Template FREE Investment Calculator Retirement Calculator ...
A savings goal might be to reach $1000 starting from a balance of $0. A debt payoff goal would be to reach $0 starting from a balance of -$1000 (note the minus sign). In this spreadsheet, a debt is simply a negative balance that you are trying to bring up to zero. ...
Bonus Spreadsheet:The pro version includes a commercial license of theCredit Repairedition. Using the Debt Snowball Calculator Follow these simple steps to use the debt snowball worksheet: Enter abbreviated names for your credit card or lending institution, the current balances, and the interest rate...
You will pay the minimum payment for all of your debts except for Credit Card #2, the first debt on your snowball debt spreadsheet. Whatever you have left of the $350 after making the minimum payment on your other debts is what goes towards this debt. Let’s see this in action. ...