The Best Free Debt Reduction Spreadsheets
Get Your Debt Under Control With a Debt Snowball Spreadsheet
Coming up with a plan for paying off debt may sound difficult, especially if you don’t have a financial background. But spreadsheets simplify the task, making it easy for anyone who can use a spreadsheet to make a plan to pay off debt. The snowball method is a popular strategy, and downloading one of these debt snowball spreadsheets can help you reduce your debt.
Technically, these are spreadsheet templates that can be used with Microsoft Excel, OpenOffice Calc, or Google Sheets. With a template, you get a ready-made spreadsheet with the right formulas to do all of the calculating for you. All you need to do is download the template and plugin a few numbers—the spreadsheet will do all the math. Some of the choices listed also present schemes for dealing with your loans, a multiple credit card payoff calculator, and recommendations for paying down other debt.
Vertex 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. After you enter your information, select the different methods to see how each would work for paying off your debt. This spreadsheet includes a printable payment schedule for easy reference.
Need help repairing your credit? Download the Debt Reduction spreadsheet, 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.
Squawkfox Debt Reduction Spreadsheet
Start by entering your creditors, current balance, interest rates, and monthly payments to see your current total debt, average interest rate, and average monthly interest paid. The spreadsheet will also show you the total number of monthly payments on your debt accounts.
You will need to have an idea of how much money you will set aside each month toward paying off credit cards and other debt to activate the debt snowball features of the spreadsheet.
Simply enter the amount you have planned for paying down the debt, and the spreadsheet will tell you what portion of that amount should be applied to the bill with the highest interest rate.
It's Your Money Excel DebtTracker Spreadsheet
DebtTracker is not quite as elegant as the other spreadsheets on this list, but it has great features to sort and view your debt that are definitely very useful.
The worksheets come populated with some data so you can see how they work, and the download page includes a tutorial. You will need to enable macros in Excel to use the DebtTracker spreadsheet, which is also explained in the tutorial.
Enter all of your debts, including multiple credit cards, mortgage, and various types of loans, into the spreadsheet to start. Then you can change the view by sorting debts by type, interest rate, minimum payment, and other options.
The advanced sorting is helpful if you're using a particular debt payoff plan, such as the debt snowball. The DebtTracker includes six worksheets, including a Paydown worksheet with a graph for tracking the results of paying off a debt over time.
How Much Debt Costs Spreadsheet From Live Debt Free
This spreadsheet from Live Debt Free works best in Google Sheets, although Excel and Open Office versions are available for download if you prefer to use those versions instead. One reason this spreadsheet is great is that it includes a helpful graph depicting monthly progress over one year.
The spreadsheet has 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.
The Print worksheet 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.
You will need to know the principal and interest you pay for each loan over the course of several months. You can apply different strategies such as 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 to see the total principal and interest paid, and refer to the graph for your expected date to become debt-free.