![]() ![]() ![]() Continue to pay ONLY THE MINIMUM on your larger debts, and put ALL extra money toward the smallest debt. Or even better, use it with your Tiller-powered Foundation Template to automatically and accurately track your payoff progress over time. "Focusing on paying down the account with the smallest balance tends to have the most powerful effect on people's sense of progress - and therefore their motivation to continue paying down their debts," writes Remi Trudel, one of the HBR researchers. The Debt Snowball follows these exact steps to help you pay off your debt: List your debts from smallest to largest balance (ignore interest rate) List your minimum payment amounts for each debt. Follow these steps to set up your debt payoff spreadsheet: A. Credit Card Payoff Spreadsheet 24 Excel Template Overview. Use this free Debt Payoff Calculator to see how much you can pay down your debt each month, and to forecast your debt freedom date according to different payoff methods. It categorizes your expenses into secured debt like mortgages and auto loans, unsecured debt like credit cards and personal loans, utilities, and insurance. After conducting a series of experiments in which participants simulated paying back virtual 'debts,' researchers concluded that the factor that made the biggest impact on how hard participants worked wasn't the amount they were paying back or how much was left in the account afterward, it was the percentage of the balance they ended up getting rid of.Īlthough it makes more sense mathematically to pay down accounts that carry the highest interest rates first, they found that it was more motivating for participants to see small balances disappear. Steps: Firstly, type the column headings: Month. This Microsoft Excel template helps you keep track of your monthly income, including details from both you and your spouse. Set your monthly spending target, see your daily and cumulative spending, and know what’s available until the end of the month with the Monthly Budget Calendar for Microsoft Excel. That's according to new research from the Harvard Business Review. About the Debt Payoff Template for Google Sheets. ![]() Whether you’re dealing with student loans, credit card debt, or personal loans, these templates have got you covered. It often indicates a user profile.Īnd while there are many strategies to eliminate debt for good, one method proves most effective: Prioritizing accounts with smaller balances, rather than those with higher interest rates, also known as the snowball plan. In this article, we’ll share 8 free Google Sheets Debt Payoff Templates for 2023 to help you take control of your finances. Account icon An icon in the shape of a person's head and shoulders. ![]()
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