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Finest Free Debt Snowball Spreadsheet 2023 (Excel and Docs)

Finest Free Debt Snowball Spreadsheet 2023 (Excel and Docs)

Debt is sort of a kiddie swing at your native playground—enjoyable to get into, however a nightmare to get out of. The short-term repair with years of penalties.

So, how are you going to get out of debt? And maybe extra importantly, how are you going to get out of debt quick?

Enter the debt snowball methodology—

This one hits near dwelling for me. The debt snowball is definitely how I erased $116,000 of debt earlier than turning thirty. I created my very own debt snowball spreadsheet, and it propelled me to repay my money owed in document time.

Over the previous few years, I’ve refined the sheet, made it extra sturdy, and now provide it to you—

It’s helped me and hundreds of different folks. Learn to use it, and get out of debt now. 

Wish to arrange your debt snowball spreadsheet in just some minutes?

Head over to Etsy, make the small funding, get your prompt obtain, and create a plan to grow to be debt-free in the present day. It comes with two obtain choices – by Excel or Google Sheets!

 Debt Snowball ButtonCertainly one of our customers, Redd, had this to say:

“Nice product! I can really breathe a bit of higher after coming into all of my data and seeing a light-weight on the finish of the tunnel! Nice customer support as nicely! Extremely suggest.”


Try our different debt snowball articles and instruments:

Extra finances and funding assets:

Debt Snowball Methodology

Because the debt snowball methodology is the best choice for many finance consultants and PhDs, you would possibly count on it to be advanced, however this couldn’t be farther from the reality.

So, what’s the debt snowball? Are you prepared for a definition

The debt snowball is a technique of paying down your money owed from smallest to largest.

That’s it. Significantly.

If you wish to higher perceive the main points of the debt snowball, see the straightforward course of beneath.

Debt Snowball Steps

  1. Make the minimal funds on all of the money owed.
  2. Every month, apply any more money it’s important to the smallest one. 
  3. Repay the smallest debt first.
  4. Transfer on to the brand new smallest debt.
  5. The curiosity you have been paying on the primary debt now will get snowballed into it.
  6. Maintain the snowball going till all of the money owed are paid off, and also you grow to be debt free.

The debt snowball methodology is easy, but extraordinarily efficient. I can attest to that with my $116,000 debt payoff, and Harvard backs up these claims with their pretty latest research: “Analysis: The Finest Technique for Paying Off Credit score Card Debt”.

Need a greater first-hand take a look at the debt snowball methodology spreadsheet? Click on beneath for a video of the method:

Like what you see? Click on right here to get it for your self.

(Need One thing Extra? Verify Out Our New Get Out of Debt Course!)

That is for people who need extra. For people who need to repay debt quick. For these completely hate their debt and need it gone for good.

This course contains the debt snowball spreadsheet, but in addition contains sooo many extra extras!


This course contains…

  • The debt snowball vs. debt avalanche calculator ($15 worth)
  • The weekly and month-to-month finances template ($10 worth)
  • An early mortgage payoff calculator ($10 worth)
  • 80 minutes of video instruction ($200 worth)
  • A whole slide deck of the video
  • A full workbook
  • And a stay Q&A session with me within the subsequent few weeks… ($100 worth)

That is $335 of worth…all for simply $79? Yeah, we’re doing that! Oh, and should you purchase it and you are not happy, we’ll provide you with a full refund.

We really need to assist as many individuals as attainable. 

If you wish to get severe about your debt payoff journey, take the course. You will not remorse it. I am unable to wait to satisfy you and listen to your questions within the stay Q&A!

Debt Snowball Spreadsheet – Sneak Peek

In my view, the debt snowball Excel spreadsheet is probably the most impactful device on the market. This sheet will assist lay out your money owed and encourage you to do extra. The outcome? You’ll repay your money owed in document time!

However how? Try the screenshots of the debt snowball calculator beneath: 



As you’ll be able to see, I already populated the snowball with some debt entries. They’re listed from smallest to largest.

See what occurs instantly?

While you enter your money owed into the information tab and click on “Replace”, the Dashboard reveals you ways lengthy it’ll take to get out of debt whenever you solely make your minimal funds. 

Fairly cool, proper? Simply wait, it will get cooler.

Take a look at the highest of the sheet (labeled as #2 within the screenshot). This part lets you enter a bigger month-to-month cost, and it offers you a spot for a one-time lump-sum cost. 


Say you’ve obtained $2,000 stashed away someplace. Perhaps you may bump up your extra month-to-month cost from $0 to $500 by taking over a part-time job.


Sort that in and—whoa! This could lower down your payoff timeframe from 4.4 years down to simply 1.4 years. For me, that will completely be well worth the sacrifice.

The place to Discover This Debt Snowball Excel Template

See what I imply once I say this debt snowball spreadsheet can encourage you to repay your money owed sooner?

The above part was only a fast sneak peek of the device. There are extra directions and suggestions later on this publish.

Don’t need to await additional directions? Right here’s a ready-made debt tracker spreadsheet: You’ll find it on our web page for simply $9.99. It holds as much as 32 money owed and has a chart, so you’ll be able to visualize your debt payoff plan. Click on and get an prompt obtain.

Why The Debt Snowball Works So Properly

Put merely, the debt snowball methodology retains folks motivated.

They see instant progress, they’re impressed to maintain going, and maybe to do much more. What do I imply by this? 

Let’s say you’ve got three money owed:

  1. Bank card = $9,000 at 17% curiosity
  2. Automobile mortgage = $2,000 at 3% curiosity
  3. Pupil mortgage = $8,000 at 7% curiosity 

And, let’s say you’ve got $400 additional {dollars} to place towards your money owed every month.

With different debt payoff strategies, you would possibly first begin tackling the high-interest debt. On this case, that will be the $9,000 bank card at 17% curiosity. 

Logically, it is smart. Emotionally, it’s like prepping to climb Mount Everest, the place you may have hiked up California’s Half Dome.

Do you assume you’ll keep motivated for that 2-year stretch with out paying off a single debt? Unlikely! As a substitute of paying off your money owed by highest rate of interest first, it’s possible you’ll need to give the debt snowball a shot and expertise the ability of the debt snowball impact.

The Debt Snowball Impact

How does the debt snowball impact work? Let’s clarify it by taking you thru the above instance once more, however with the debt snowball methodology this time.

As a substitute of ready two years to repay that first debt, with the debt snowball you’ll first sort out the smallest debt, the $2,000 automobile mortgage.

And what’s the outcome?

That automobile mortgage will probably be gone inside 5 months!

You’ll really feel nice, you’ll be energized, and also you’ll be able to take down the following debt. For this reason Harvard touts the debt snowball as one of the best debt payoff methodology on the market. 

This Methodology Will Construct Momentum as Time Goes By

Those that select the debt snowball methodology for paying off their money owed usually discuss how they constructed momentum as time went on.

In different phrases, they have been in a position to repay their money owed sooner and sooner:

  • With every debt payoff, there’s extra money (the minimal funds) to place towards the following debt.
  • As you see progress, you’re impressed to earn extra and in the reduction of on bills, so that you basically discover extra money to place towards your money owed every month.

Snowballing Minimal Funds

We are able to visually see the primary motive within the element tab of the spreadsheet. After you repay the primary debt, you now not should make that minimal cost. So, you’ve obtained an additional $25 to place towards your subsequent debt that you just actually didn’t have earlier than.



Momentum With Progress

After paying off that preliminary debt, you may be so pumped that you just determine to bartend on the weekends, which earns you an additional $500 a month. Plus, you would possibly select to chop your cable and save $100 a month.

Suppose I’m making this up? I’m not. This research really proves it: “Psychological Momentum – The Key to Continued Success,” by Seppo E. Iso-Ahola and Charles O. Dotson.

The Principal Advantages of Utilizing the Debt Snowball Methodology:

  • You’ll see instant progress.
  • You’ll keep motivated to proceed to pay down your money owed.

Different Debt Discount Methods

To date, we’ve spoken extensively in regards to the debt snowball (not shocking although, because it’s confirmed to be one of the best methodology).

However what different strategies are there? Would possibly it make sense to comply with a special methodology, given your circumstance? 

Let’s try the opposite debt discount strategies to see if one in every of them would possibly work higher for you—

The Debt Avalanche Methodology

The debt avalanche methodology is the place you manage your money owed from highest curiosity to lowest curiosity and pay them off in that order.

Persevering with with the instance from above, with the debt avalanche, we’d now not repay the automobile first, the scholar mortgage second, and the bank card debt third. 

As a substitute, the debt avalanche would have us repay the debt on this order:

  1. Bank card = $9,000 at 17% curiosity
  2. Pupil mortgage = $8,000 at 7% curiosity
  3. Automobile mortgage = $2,000 at 3% curiosity

That is the popular methodology of all of the Spock-like mathematicians on the market. Based mostly on the mathematics alone, the debt avalanche methodology pays off extra rapidly than the debt snowball each time.

Debt Snowball Button

Debt Avalanche vs Debt Snowball

All else being equal, the debt avalanche pays off your money owed sooner than the debt snowball. However it gained’t offer you optimistic reinforcement as rapidly.

The debt snowball will assist you construct up your motivation and is extra more likely to maintain you on monitor.

Make an knowledgeable resolution when selecting between the 2. 

When you’re curious how each strategies stack up, use my debt avalanche vs snowball calculator to mannequin your monetary future see how they examine—Debt Snowball vs Avalanche Calculator

Variation of the Debt Snowball

The “variation of the debt snowball” methodology is for people who might need comparable debt balances of their snowball, however very totally different rates of interest.

For instance, let’s say the beneath is your debt snowball format:

  • Bank card #1: $1,000 at 12% curiosity
  • Bank card #2: $9,000 at 9% curiosity
  • Bank card #3: $9,500 at 28% curiosity
  • Bank card #4: $12,000 at 14% curiosity

Take a look at money owed #2 and #3. The balances are comparable, however the rates of interest are totally different. The marginally bigger one is 28%, the smaller is 9%.

It makes a ton of sense to flip money owed #2 and #3 round. In different phrases, arrange your debt plan to repay the bigger rate of interest first. You’ll lower your expenses, and it gained’t change your momentum all that a lot.

Do some modelling your self with our Free Debt Avalanche Excel Spreadsheet.

Stair Stepper Technique

The stair stepper technique is one other variant of the debt snowball, however mixes within the mathematical components of the debt avalanche—

  1. Lay out your money owed from smallest to largest, similar to you’ll for the debt snowball. 
  2. Break up your money owed into a number of teams (i.e., when you have 9 money owed, maybe make three teams—the low steadiness group, the medium steadiness group, and the excessive steadiness group).
  3. Inside these teams, repay the money owed by highest curiosity first to lowest curiosity.

So, you’d nonetheless sort out the small money owed first, however you’d begin paying off the highest-interest debt of the small debt group.

This fashion, you continue to get the momentum of paying off the small money owed first, however you additionally get the mathematical financial savings of paying every group down from the best curiosity to the bottom curiosity.

Consumer Outlined Methodology

This debt payoff methodology is principally the free-for-all methodology. It’s as much as the discretion of the debt holder.

Maybe you’ve got a private debt that you just owe your mother, and it’s simply been consuming you up inside. Put this merchandise first on the listing.

Perhaps there’s the debt holder you’re simply irritated with, and also you’d slightly pay it off final. Then, positive, put it final on the listing.

I don’t condone this methodology, because it’s clearly not the best, however I completely get it. Generally we have to put issues so as of our feelings, not primarily based on momentum or the mathematics. Do what you’ve obtained to do.

How you can Make a Debt Snowball Spreadsheet

Are you questioning methods to construct and arrange your individual invoice payoff spreadsheet?

It’s not laborious to arrange the construction of a debt snowball worksheet, however it is extremely troublesome to get all of the formulation proper in order that your sheet calculates the proper quantities at exactly the suitable time.

If I have been you, I’d merely go to my Etsy web page and select the debt payoff worksheet that works greatest for you. You’ll be able to pay as little as $3.99 for the 16-debt model of the debt snowball or the debt avalanche.

However should you’d nonetheless slightly construct your individual debt tracker spreadsheet, see beneath for the steps I’d take to do it—

Step-By-Step Course of For Making a Debt Monitoring Spreadsheet

  • Open a clean web page in Google Sheets or Excel. 
  • Checklist your money owed throughout the highest together with your steadiness, curiosity, and minimal cost quantities.
  • Add a column for months and further funds on the left-hand facet.
  • Make sure you have columns for “cost quantity” and “steadiness quantity” for every debt.

 How to Make a Debt Snowball - Step 1 



  • Add a column for months and further funds on the left-hand facet.
  • Make sure you have columns for “cost quantity” and “steadiness quantity” for every debt.


How to Make a Debt Snowball - Step 2


  • Enter a calculation just like the beneath to cut back the steadiness every month, or calculate it manually.

 How to Make a Debt Snowball - Step 3 How to Make a Debt Snowball Spreadsheet - Step 5


  • To incorporate the curiosity incurred throughout the prior month, be sure you embody a system just like the beneath (taking 1/12 of the annual curiosity since there are 12 months in annually):


 How to Create a Debt Snowball Spreadsheet - Step 6


  • Modify the calculations on the level the place every debt pays off (because you’ll have to have some {dollars} utilized to the primary debt after which the remaining quantity to the following debt). 

How to Create a Debt Snowball Spreadsheet - Step 7

  • As soon as you’re employed your approach by all of the cells, you’ll have your individual customized debt snowball worksheet. (Sure, setting this up is a ache.

Actually, take into account buying the pre-made dynamic device that took us years to craft. It is nicely well worth the $9.99.

When you do determine to obtain one of many debt snowball spreadsheets, all you could do is enter your debt quantities, rates of interest, and minimal funds. It’ll take you, like, 3 minutes. Significantly. The device mechanically calculates every part.) 

How you can Create a Debt Discount Plan

If you wish to repay your money owed badly, you’ll need to guarantee success, which suggests you need to have a plan of assault.

Right here’s the debt discount plan I adopted a couple of years again—

  1. Negotiate rates of interest in your debt.
  2. Be sure that you just’re adequately insured for medical, auto, and residential (to guard your self from by accident going deeper into debt).
  3. Save up one month’s price of bills in your financial savings account (usually $2,000 or so).
  4. Observe the debt snowball methodology and begin paying down your first debt.
  5. Promote something you’re not utilizing and use that cash towards your money owed.
  6. Monitor your bills from the previous six months, and lower out something you’ll be able to.
  7. And do no matter you’ll be able to to earn extra (facet gigs, additional time, ask for an overdue promotion, and so forth.).

You Can Negotiate the Curiosity Charges

Just a little public service announcement right here— 

Earlier than you pay down any money owed, write down all of your loans and name the debt holders. Allow them to know that you just’re doing all of your greatest to pay all of your payments, however that you may actually use some assist. 

When making an attempt to cut back rates of interest in your bank cards, Experian recommends that you just—

  1. Begin with the cardboard you’ve had the longest.
  2. Ask for a brief break if needed.
  3. Attempt once more if it didn’t work the primary time.
  4. Name the remainder of your issuers.

If in case you have money owed in collections and have some cash in financial savings, you may at all times provide to repay the debt at a severely decreased quantity (say, 25%–50% of the present steadiness). In the event that they settle for, nice! However at all times get the settlement in writing.

How Do I Determine On a Debt Discount Plan?

Overview the debt discount plan that I adopted once I obtained myself out of $116,000 price of debt.

When you just like the plan, go along with it. If you wish to make it your individual, you are able to do that too. It’s your debt. It’s your life. Do what feels proper to you. 

How you can Use This Debt Snowball Excel Spreadsheet in Excel and Google Docs

To date, we’ve gone by the fundamentals of the debt snowball Excel spreadsheet, however there’s much more you are able to do with it—

Obtain Your Free Debt Snowball Excel Template

We presently provide the 16-debt and the 32-debt tracker instruments on Etsy. The present price is $3.99 and $9.99, respectively.

When you don’t have that many money owed, or should you simply need to get a really feel for the device, we additionally provide a free debt snowball worksheet. Obtain the free debt tracker spreadsheet proper right here.

If in case you have Excel, simply open the obtain as soon as it’s absolutely loaded. Make sure you allow modifying when you open it, so you’ll be able to enter all of your debt numbers. What should you don’t have Excel? And what should you’re a Mac person? Don’t fear. The free device and the Etsy downloads can all be utilized in Google Sheets and Mac Numbers.


Debt Snowball For Google Sheets

Our debt snowball template is appropriate with Google Sheets as nicely. And really, we created a obtain particularly for Sheets to ensure you get one of the best expertise. 

So whether or not you obtain the 32-debt snowball device or the freebie, each include a Google Sheets obtain together with the Excel model.

Debt Snowball Spreadsheet For Mac

When you’re a Mac person, it is best to make use of Google Sheets with this debt snowball device. While you make your buy on Etsy, simply select the hyperlink for Sheets as a substitute of the Excel file.

Enter All Your Money owed Into The Debt Snowball Calculator

Upon getting the file open, click on on the information tab and replace all instance money owed with your money owed.

Then enter the suitable steadiness quantities, minimal funds, and rates of interest for every debt. Then click on, “Replace”.

I up to date the sheet with some pattern numbers. See the instance beneath:

Calculate Your Debt Payoff Timeframe

Within the Dashboard tab, enter your “Further month-to-month cost” and your “One-time start-up cost” (that is should you simply offered one thing or had a big financial savings quantity you need to throw on the debt instantly).

Let’s say we are able to put an additional $500 a month towards our money owed.

See the up to date debt snowball tracker beneath:

As you’ll be able to see, by paying an additional $500 a month, we’ll have the ability to snowball them and escape the grips of debt in simply 1.6 years (as a substitute of over 4 years). 

Overview the Debt Snowball Chart and Desk Outcomes

Check out the chart and the desk on your payoff cadence. What do you assume? 

  • Are you happy with getting out of debt in that timeframe? 
  • Is there extra that you are able to do to hurry up your debt payoff journey?

When you’re not but happy, take the following step very significantly. It may dramatically pace up your debt payoff timeline and fairly presumably change your life perpetually.

Enhance Your Debt Snowball Calculator With Further Funds And One-Time Preliminary Fee

In our earlier instance, we found it was going to take 1.6 years to repay our bank cards and scholar loans. I’m a rip-the-band-aid-off type of man, so I’d slightly make that timeframe as small as attainable.

  • What if I offered a bunch of stuff?
  • What if I lower my bills down to almost nothing and earned extra money on the weekends?
  • May I get out of debt in six months? Perhaps much less?

That is the true fantastic thing about this device. Let’s discover out what’s attainable—

If I have been in a position to provide you with $2,000 by promoting a couple of issues, and if I may enhance my disposable revenue to $500 a month, I may get out of debt in simply 1.4 years. That’s considerably sooner than the unique 4.4 years!

Customise Your Snowball to Go well with Your Wants

What may your debt payoff image appear like? I encourage you to obtain one of many debt snowball instruments and mess around with it. Likelihood is, you’ll uncover that you just’re not as far-off from debt freedom as you initially thought.

How you can Use This As a Debt Tracker Spreadsheet

Folks usually use ‘debt spreadsheet’ synonymously with ‘debt tracker’, however the first is de facto for establishing your debt and making a plan. The latter is definitely monitoring your debt payoff progress alongside the best way.

So, how are you going to use this sheet as a real debt tracker?

It’s fairly easy, actually. First, should you hit your targets every month, be aware that you’ll not want to alter your debt snowball.

When you come wanting your targets or exceed them every month, you’ll be able to merely hop into the cell for that particular month and debt and simply add or subtract the distinction. The calculation ought to nonetheless maintain true.

With this methodology, you’ll be able to replace the debt snowball spreadsheet as you go and use it as a stay device on your complete debt payoff journey.

Time to Kill Your Debt With Your Debt Discount Calculator

Are you able to slay your debt? Step one is to obtain a easy debt snowball spreadsheet. The remaining is as much as you.

Select from the choices beneath and get after it— 

Free Debt Snowball Spreadsheet Obtain (as much as 8 money owed)

Debt Snowball Etsy Obtain (as much as 16 money owed)

Debt Snowball Etsy Obtain (as much as 32 money owed)

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