Dave Ramsey highly recommends the debt snowball method to eliminate your debt in the Baby Steps, but let’s dig into what template can help you get out of Baby Step 2 fast. Let’s go through great printables, excel and PDF resources to help you eliminate your debt.
What is Debt Snowball?
If this is the first time of coming across this term, you might be wondering what debt snowball is?
In the simplest definition, the debt snowball method is a debt payment method where you prioritize the debt with the smallest amount first. For example, if you owe creditors $1,000, $2,000, $3,000, $4,000, and $5,000. You’ll make required monthly payments on all loan sums. Any excess money you have will then be channelled towards paying the smallest loan sum. In this case, it’s $1,000.
After paying the smallest debt, you then channel excess money into paying the next smallest debt sum. The more debt you pay off, the more money you have to clear off subsequent debts.
Here are my favorite snowball debt payoff spreadsheets.
1. Ascend’s Debt Snowball Template in Google Sheets or Excel
This free Snow Debt Payoff Template packs some major heat, and is my absolute favorite of all the forms.
You an choose a free web snowball debt payoff tracker or a Google/Excel debt payoff travker. I’ll cover the web version and then the Excel and the Google sheet version.
If You Like To Do Debt Payoff On The Web
Let’s talk about the web version. You create a 100% free account, and the website will send you a password.
Next, you would just sign in and click on the debt payoff tab.
You would next just enter a few piees of information in the debt payoff plan below, you will just select snowball and add a few points of information.
After you enter your information, voila, you get a detailed breakdown of which account to prioritize, how much to pay, and how much they estimate you will save.
If You Like Google Spreadsheet or Excel
First, the form is extremely intuitive. Secondly, you can get the form in both Google sheets of Excel. Thirdly, the form is completely free.
Lastly, I love Ascend’s mission to help you get out of debt cheaper, easier and faster.
The company created a snowball debt payoff planner app on iOS and a free debt consolidation loan and alternatives calculator to compare cost and duration of your options if you face a financial hardship to understand your options between loans, credit counseling, bankruptcy, and debt relief.
Check out the pictures of the free debt snowball spreadsheet.
Firstly, you just enter a few pieces of information.
Secondly, you get the easy payoff strategy.
Next, the spreadsheet will actually track which accounts are being paid on and which are paid off.
Let’s go over the second option.
2. Dave Ramsey Debt Snowball Form
To get things rolling, you can easily use Dave Ramsey’s Debt Snowball Form to create and track your debt payoff progress. These worksheets ensure that it’s easy to clear off your debt promptly and visibly see the progress you’re making.
To use the Debt Snowball form, all you need is to download and print it. On the first page of the form is a payment page where you’ll have to make a list of your debts in order of the smallest to the largest debt sum. There’s also a place for including your monthly debt payment and what you pay. You’re to cross off the bills you’ve paid immediately you’ve done that.
The next page of the form features a Debt Payoff Tracker. You’re required to make a list of information and goals on each debt. It’ll enable you easily track how far into the fulfilment of your goals you are. The ultimate aim here should be to completely fulfil your debt goals.
On the last page of the form is a Debt Snowball Worksheet. List your debt from the smallest to the largest and enter relevant information as required by the form. Some of the information they’ll require from you include your stipulated monthly payment and the extra payment you’ve made for the month. After clearing off a debt, you’re to switch to the next debt on the list.
2. Dave Ramsey Debt Snowball Excel/XLS
Rather work on a spreadsheet? Vertex 42 debt reduction spreadsheet has all you need to create your desired snowball plan. This spreadsheet includes relevant information that you need to appropriately use the debt snowball strategy and get the best result possible. Once you’ve entered the relevant information, choose the debt snowball method and experiment on how the method work.
You can print the payment schedule that’s in this method and use them for reference purpose.
Vertex also features a credit repair edition for paying off your credit card debt to an acceptable level; in accordance with your FICO score.
3. Debt Ramsey Debt Snowball Google Sheets
If you want a debt reduction snowball calculator on Google sheets, here’s one to use. The Google sheet allows you to edit the page and arrange your debt in a format that’s suitable for use.
To use this Google sheet, all you’re required to do is enter your preferred payment plan, what you owe, and when you want to start paying. This spreadsheet then shows you the length of time you’ll need to fully repay your debt.
Here are the steps to using this Google Sheet.
Step 1:
Click on this link for your copy.
Step 2:
Enter what you owe in C2
Step 3:
Input what you plan to pay monthly in A2
Step 4:
Enter the month and year you want to start paying your debt in A4
Step 5:
(This step is an optional one) If you’re paying an amount that’s different from your stipulated monthly payment, then enter it in the B column on the row that corresponds with your payment month.
4. Debt Ramsey Debt Snowball PDF
Here’s an easy-to-edit debt snowball PDF form that you can easily edit and enter the relevant information.
This PDF file requires that you first enter relevant information in the spaces created for them; this will enable you to properly understand your debt.
The next thing is to eliminate your debt with the snowball method. As you successfully pay off each debt, you’re to reward yourself with something you love. Ensure that it’s not expensive as that will reduce the available money you have to reduce your debt level.
What Else Can You Do?
Also, as a Dave Ramsey die hard fan, I created the 4 best, simple things that you can do today (in my opinion) that can help you get to baby step millionaire just that much faster. For example, did you know there’s a reliable cell phone service that charges just $15 per month for 4 GB of data?