Debt Snowball Calculator Spreadsheet for Debt Reduction

Business Management Spreadsheet Products

Business Spreadsheet Products

“People don’t Plan to Fail they Fail to Plan.”

If you do not take control of your finances your debt and financial mismanagement can spiral out of control. This will result in losing money, fighting with your spouse over money and not saving enough for a secure retirement or the education of your children.

This Debt Reduction Snowball Spreadsheet will give you the power and insight to assess your current debt situation and tailor the most efficient method possible to become debt free. By using this method you will payoff your debts in the timeliest manner and save money, possibly thousands, in interest payments.

Here is the Debt Snowball Plan. You allot a portion of your net monthly income to debt reduction, a good percentage to use is 10%; we will call this extra amount the initial SNOWBALL. You can pay more or less but the more you can afford the faster you will be out of debt. For example, if your net income is $3000 dollars a month you should spend an extra $300 a month on debt reduction. Furthermore, you must take control of your credit card spending by limiting your credit card use or ceasing it all together.

This is how this spreadsheet will help you:

First, figure out every debt you owe. This includes car loans, student loans, mortgage, credit cards, and debts to family members and friends.
Look at your statements and determine what interest rates you are paying and write down the interest rates.
Determine what minimum payments you must make each month and right those down.
Next enter the information into the spreadsheet. Press the “Auto Arrange Button” and the spreadsheet will reorganize your debts from the highest interest rate to the lowest. It is critical that you pay off the debts with the highest interest rates FIRST. By doing this you will save money and get out of debt faster.

The spreadsheet will calculate the amount that your debt is accruing interest and determine how long it will take to pay off the balances. The spreadsheet will then ably the Snowball to the debt with the highest interest rates.
Once that debt is paid it will focus on the next highest interest rate and apply the Snowball PLUS the minimum payment of the debt you just paid off to the next debt with the second highest interest rate. That is where the principle of the “Snowball” comes in, your payments will roll and roll, like a snowball, till they get bigger and bigger and bigger as it smashs down your debts as it rolls over them.
The spreadsheet will show you how to attack these bills. If another debt, say a small one of $300 is paid off while the bill with the largest interest rate is still being paid down the spreadsheet will add that minimum to the Snowball as well. Helping you pay down your overall debt faster and faster. (There are a lot of calculations going on behind the scenes with this spreadsheet J)
It ALWAYS pays to pay off the highest interest debt first. If you have a bill of $500 bill at 1.99% interest rate and a $5000 bill at 9.99% interest rate it is critical that you focus on the $5000 bill. By doing that you will save yourself hundreds of dollars in interest payments.
The spreadsheet will also calculate how long it will take for you to become debt free.

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The Debt Snowball Reduction Spreadsheet will assist you in planning your debt reduction plan and help liberate you from the shackles off a high debt lifestyle. Becoming debt free will lift the weight off your shoulders and give you the control over your life to make the choices that YOU want to make. It will give you hope to see how short of time with the correct plan that you can become debt free. Please try it you will happy you did.

Price: $7.99

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