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Here’s how the debt snowball works: Step 1: List your debts from smallest to largest regardless of interest rate. Step 2: Make minimum payments on all your debts except the smallest. Step 3: Pay as much as possible on your smallest debt. Step 4: Repeat until each debt is paid in full.
The debt snowball calculator is a simple spreadsheet available for Microsoft Excel® and Google Sheets that helps you come up with a plan. It uses the debt roll-up approach, also known as the debt snowball, to create a payment schedule that shows how you can most effectively pay off your debts.
Using a debt snowball worksheet helps you prioritize your debts and figure out your debt payoff plan (You can download ours below). On the worksheet, you will list your debt from the smallest balance to the largest.
Here are 6 free debt snowball spreadsheets for Google Sheets and Excel to help you save money, reduce stress, and avoid paying high-interest monthly fees.
The debt snowball method (i.e., using a debt snowball worksheet) is a do-it-yourself debt reduction strategy. It helps a person who owes multiple accounts pay off the smallest balances first while paying the minimum payment on larger debts.
Below are 10 Debt Snowball Worksheets that you can download for free to use to track your debt payoff process. If you prefer to use a spreadsheet to track your debt payoff progress, you can grab my Debt Payoff Toolkit here.
1. Free printable debt snowball worksheet. We can’t help but recommend our own debt snowball worksheet (you can download it for free here) as a great option if you’re looking to track your debt payoff journey. You can either print it or fill it in online as a PDF, so it works no matter which format you prefer.