Eliminate Debt Fast | FREE Debt Snowball Spreadsheet

I want to show you the SIMPLEST way to tackle your debt payoff journey, with my Free Debt Snowball Spreadsheet. Eliminate debt fast

Link to the file is here:-

To make a copy go tho the File menu (top left) then select make a copy

Also, free budgeting spreadsheet. Details are here:-

Debt snowball involves paying off debt in an order that keeps you motivated to continue your debt payoff journey, a mix between high interest rate and smaller balance / easier to see progress. It's like tackling weeds in a garden - you might go for the big thorny ones first or you might go for some "low hanging fruit" first - the choice is yours.

The debt snowball is a method for paying off your consumer debt (not your mortgage). Instead of looking at the interest rate, you simply pay off the smallest debt first, and then move on to the next smallest.
The Debt Snowball follows these exact steps to help you pay off your debt:
1) List your debts from smallest to largest balance (ignore interest rate)
2) List your minimum payment amounts for each debt
3) Continue to pay ONLY THE MINIMUM on your larger debts, and put ALL extra money toward the smallest debt
4) Once the smallest debt is paid off, you put the previous minimum payment plus all that extra money on the next smallest debt
5) Repeat until all debt is paid off

This is a simple, repeatable plan that has helped millions of people get out of debt. The power of small wins. People were much more motivated by paying off a smaller debt balance than making a small dent in a larger debt balance. Start the snowball rolling. Just pay off your smallest debt using the debt snowball and it feels so good. Feel so excited about getting rid of your debt.

Whether it's student loans, car loans, credit card debt, or anything else, the first and most important step is to start small and then build that momentum!!

The Debt Avalanche process is as follows:-
1) List your debts from highest to lowest interest rate
2) List your minimum payment amounts for each debt
3) Continue to pay ONLY THE MINIMUM on your lower interest rate debts, and put ALL extra money toward the debt with the highest interest rate
4) Once the highest interest rate debt is paid off, you put the previous minimum payment plus all that extra money on the next highest interest rate debt
5) Repeat until all debt is paid off
The custom approach reflects that one or more of your debts might have a fixed interest rate or you don't have to pay the debt if you earn less than a certain amount (generally a student loan falls into this category).
Under this method you pay off the debts where the interest rates are most likely to rise first and those that are more lenient on their terms receive a lower priority.