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Today we have some free worksheets (printables) that can be useful in helping you to get out of debt. There is a debt payoff worksheet and a debt snowball worksheet, so you can use whichever one suits your needs.
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If you’re determined to pay off debt and improve your personal or family finances, there are a few different ways that using a debt payoff worksheet can help.
If you’re not familiar with the debt snowball, it is a debt payoff approach that has been popularized by Dave Ramsey. The approach involves paying off your debts from smallest to largest (in terms of the balance owed), without regard to the interest rates of the debts.
The logic behind the debt snowball is that you will gain motivation whenever you eliminate a debt, even if it’s a smaller debt. By attacking the smallest debt first, you’re able to get a quick win that will give you encouragement and motivation to keep moving forward. It gives you a positive mental outlook that helps to keep you on track and moving forward with your debt payoff.
If you read many finance blogs you’ll come across countless success stories of people who have used the debt snowball approach to pay off significant amounts of debt.
Here is a quick summary of how the debt snowball works:
Today, we’re offering two free downloads through our Resource Library, where we have a collection of things like printables and spreadsheets that can help with your finances. The Resource Library is available for free to all of our email subscribers. Please enter your email address in the form below to get access.
The first new download is a debt payoff worksheet that is available as a printable PDF. You can use one worksheet per debt, and you can use this regardless of what debt payoff approach you choose (debt snowball vs. debt avalanche). You’ll list the creditor at the top, and then there are columns to record your starting balance, interest rate, minimum payment, due date, actual payment each month, and the remaining balance. Each month you’ll record your payment and watch the balance go down.
The debt snowball worksheet was created specifically with the debt snowball in mind. Instead of having one sheet for each debt, you will list all of your debts on a single sheet. The sheet will help you to track the debt that you are currently attacking.
Instructions are at the bottom of the sheet, but I’ll list them here as well:
If you’re ready to prioritize debt payoff, be sure to download the debt payoff worksheet and debt snowball worksheet. You don’t need to use them both, just pick one that seems like it will be a good fit for you.
You can either print the PDF and use a paper version, or you can fill in the form fields on the computer if you prefer to keep track of things digitally. Enter your email address below to get access to the downloads.
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