How to Make a Debt Snowball Spreadsheet in Excel and Google Sheets

Learn how to make a debt snowball spreadsheet in excel and google sheets in just 10 minutes. This video gives you a plan to pay off debt fast and you can download a free debt snowball spreadsheet if you don't want to make the debt payoff calculator yourself.

You'll see exactly how the debt snowball works and find a date you can be debt free.

Mentioned in this Video:

Video Chapters - jump to what you want to watch:
0:00 Debt Snowball Spreadsheet Set Up - Debt Totals and Interest Rates
2:09 Formula to Quickly Add Months and Years to Debt Snowball Spreadsheet
3:57 Formula to Calculate Monthly Interest for All Your Debts
7:47 What to do When You Pay Off a Debt in Your Debt Snowball Spreadsheet
9:36 Debt Free Playbook

Related Videos

Help Getting Out of Debt
Debt Snowball Spreadsheet (free download) -

Budgeting Tips and Resources

Read more on how to budget, save money and get debt free:

Let’s Connect

#debtsnowball #debtpayoff #debtsnowballexcel

[calistiae]

this is fantastic, easy to follow, very pleasing to watch, and life changing for so many people. thank you!!

[girasolzoom]

I just built mine. Thank you so much for explaining this so simply. Thank you so much for this video! I finally feel a sense of direction with my debt.

[rubyray]

Thank you!! Thank you!! Thank you!! I hesitated so much to create a debt snowball spreadsheet, because I didn't want to face the reality of what I had to do. But this made it very easy to understand, and I feel much better after laying everything out and creating this document! Thanks again for making it user friendly!!

[Jennnn_X]

This was so easy to understand. I just completed my spreadsheet, and I feel like for once in a longtime, I have an actual plan that is both foreseeable and realistic. Thank you so much.

[fallingteepee]

Simple and straightforward. Great video! Don't forget the negative balance can be subtracted from the next payment too!

[amandaabraham]

Thank you so much for this! I had no idea how to set this up. The video was easy to follow.

[christyann]

Thank you for the date formula, I have scoured everywhere for that!!

[TarynAskey-oqux]

Thank you so much. This was a great start to help me complete my payoff chart!

[creative_hax]

I appreciate this SO MUCH. Suits my needs perfectly. Thank you.

[jennifert]

THANK YOU!!! Most helpful video that I've seen thus far.

[MsJbj]

Thank you so much for providing this easy to use tutorial!! To anyone following (and to those who are sticklers for math) this tutorial is a great way to calculate your payments, pay off dates, etc. If you want something super exact down to the penny I'm sure there are paid versions out here that you can follow ;) ultimately, don't let perfection be the enemy of good - just get started. I finally have a plan that I am excited about sticking to! Best wishes to you Jamie!!

[donadingethal]

Excellent explantion! I'm excited about using this for my kids!

[MonaFabuleux]

Super helpful! Thank you for taking the time to help us set up our own debt tool!

[shaquanalewis]

Thank you! I will start using this for the new year!

[marilyndelgado]

THANK I am locked n loaded. Your directions are amazingly easy. I hate math! But I did it with your step by step directions.

[noahgranolaa]

thank you! this was all I needed and some. new sub!

[lorimorton]

Wouldn't the amount added each month be lower, or a dynamic amount, each month since the interest amount is the % of the balance rather than being the same amount, or static, each month? If the balance is decreasing, the interest amount added each month would also decrease.

[BLBudgeting]

Thank you!! Do you know how to make the debt free date show up in a different cell? Like at the top of the sheet.

[KathrynsWorldWildfireTracking]

Hi Mate - you're very close to being accurate. But, the way you calculated the interest charge will eventually take high balances/interest rate debts and lead totals astray.
You can make Sheets - do the calculation for you (instead of your calculator, which you'd have to do for EVERY month, with your method above.)
You're really close.
What you're missing - is you need an entire column for Interest Charges. Also - a unique cell for the APR. (Right now it's in a cell with a title, preventing you from using it in formulas.)
It's much easier if you keep numbers out of Row 1. (Then you can insert them into formulas.)

So, Row 1 "titles" - such as "date" - "credit card 1, or Loan A" - "payment amount" - "payment towards principal" - "interest charge" - "new balance" (after payment.)
Column A, likewise, is something non-related to calculations (you did it great with having that be "dates.") An alternative might be Month 1, 2, 3 - but I like yours best. Thank you for showing how to automatically make future months! I'm not good at sheets, and I was typing in months by hand! :)

Your formula for the interest charge column - is "APR / 12 * balance." (APR being the cell with the APR %. As APR does change over time - in the future to update it, you can change it ONCE - and have it repopulate everything on the sheet!)

Once you've got the interest charge, you add the last missing column. "Payment towards the principal." (PP?) That formula gives you the new balance. All we do from there, is calculate interest applied for next month's balance.

I believe that formula is a simple "payment - interest charge = payment towards the principal." That's your New Balance.

To find the accurate balance you start with for the next month: do APR / 12 * New Balance amount.

I'm trying to make my own sheet now, tell me if I'm correct. I'm not sure, this is new to me. :)

[RyanGetLow]

You should have specifically stated to list your loans from smallest to largest in the beginning of the video. My spreadsheet is basically backwards now that its finished. I appreciate your time and effort in making this video for us. It will help greatly. Thank you.