01Vertex 42 Debt Reduction Snowball Calculator and Credit Repair Spreadsheet
You can learn something from the Debt Reduction Snowball Calculator spreadsheet from Vertex 42 when you choose between different debt reduction strategies after all your debts are entered.
This spreadsheet includes additional information about those strategies with more resources for reducing debt. Enter your information, then select the different strategies to see how each would work for paying off your debt. This spreadsheet includes a printable payment schedule.
Need help repairing your credit? Download the Debt Reduction Calculator, Credit Repair Edition to first pay down each credit card to specific levels determined by your FICO score. Once that goal is reached, the spreadsheet shows you how to start paying off all credit card balances.
02Squawkfox Debt Reduction Spreadsheet
Start by entering your creditors, current balance for each bill and interest rates and the monthly payments you’re making into this simple spreadsheet to see your current total debt, average interest rate, and average monthly interest paid, and the total of monthly payments on debt accounts.
You will need to have an idea of how much money you will dedicate each month to paying off credit cards and other debt for the next step in this spreadsheet.
Enter the amount you have planned or budgeted for paying down the debt and the spreadsheet will tell you what portion of that amount should be used to as additional funds to be applied to the bill with the highest interest rate.
The author of the spreadsheet and the Squawkfox blog, Kerry Taylor, paid off $17,000 in student loans over six months using this spreadsheet.
03It's Your Money Excel DebtTracker Spreadsheet
DebtTracker is not quite as elegant as the other spreadsheets on this list, but it has a great sort/views feature and is definitely very useful.
Once all your debts are entered into the DebtTracker, you can change the view by sorting debts by type (credit card, mortgage, various types of loans), interest rate, minimum payment, and other sort options.
The sort option is helpful if you're using a particular debt payoff plan, such as the debt snowball. There are six worksheets in the DebtTracker, including Paydown worksheets with a graph for tracking the results of paying off a debt over time.
The worksheets come populated with some data so you can see how they work (type over or erase the data when you do your own plan), and the download page includes a tutorial. You will need to enable macros in Excel to use DebtTracker spreadsheet, which is also explained in the tutorial.
04How Much Debt Costs Spreadsheet, From Debt Free Adventure
This spreadsheet works best as a Google doc because that version includes a nifty graph depicting monthly progress over one year. Excel and Open Office versions are available for download as well.
There are three easy-to-use worksheets that require little instruction, but the How Much Debt Costs Spreadsheet doesn't do a lot of math for you. For example, it can't figure out the dollar amount of interest that is allocated in each loan payment.
You will need to know the principle and interest you will pay for each loan for over the course of several months. You can play with making extra payments to see the effect in the Totals sheet or on the graph.
Fill in details for each of your debts in the Datasheet for each month, then you'll see the total principal and interest paid each month and you can use the graph to see when you'll get out of debt.
This spreadsheet includes a worksheet called Print which shows a breakdown of monthly and daily interest paid in huge red letters. The idea behind this is to print out that page and put it somewhere where you will see it often, like the refrigerator, to remind you of your goals and progress.
The Best Free Debt Reduction Spreadsheets
Coming up with a plan for paying off debt sounds difficult, especially if you don’t have a financial background. But, if you can use a spreadsheet, you can plan to pay off your debt. You can download one of these debt reduction spreadsheets and get started with your plan.
Technically, these are spreadsheet templates that can be used with Microsoft Excel, OpenOffice Calc, or Google Docs. Templates are pre-formatted spreadsheets with formulas that have been entered, and all you need to do is download the template and open it. Just plug in a few numbers and the spreadsheet does the math for you. Some of the choices listed also present schemes for dealing with your loans, credit card, and other debt.