This free printable debt snowball worksheet set will make paying down your debt simple and easy to understand. The debt snowball is one of the best ways to make a big dent in your outstanding debts.
WHAT IS A DEBT SNOWBALL?
I first learned about the debt snowball method from reading a Dave Ramsey book and from his Financial Peace University course.
The premise is very simple yet extremely effective.
There are simple steps involved in eliminating debt in a systematic way.
- Write all your debts down in a list from smallest to largest. This list is based on the amount of money you owe and has nothing to do with the interest rate you are paying on the debts.
- You will make the minimum payment on every debt EXCEPT for the smallest debt.
- The smallest debt will become your big focus and you will pay as much as possible on that debt every month until it is paid off.
- When you get the smallest debt paid off it will be marked off the list and you will move on to the next smallest debt. Keep repeating this process until all the debts are paid off!
One reason this process works so well is that people are very encouraged by paying a bill off completely. It feels SO GOOD and you will want to do it again and again.
By starting with the smallest you are able to see success quickly and seeing results will keep you motivated to continue on the path to becoming debt-free.
DEBT SNOWBALL TRACKER WORKSHEET
The first free printable debt snowball worksheet is a tracking sheet.
Write each one of your debts down on this form in order from smallest to largest. List the balance, interest rate, and minimum payment.
The smallest debt will be the one that will be getting the snowball payment. Write down the amount you plan to pay on that debt each month.
Remember it is okay to pay even more if it is possible.
Once you get a debt paid off you can happily check the paid off circle! I love checking things off a list, don’t you?
DEBT SNOWBALL PAYMENTS TRACKER
I love spreadsheets and numbers. You can totally be successful with the debt snowball by just using the first worksheet.
I like to keep close track of where we are financially so I have 2 more trackers to share!
The debt snowball payments tracker lets you watch the debt amounts go down, down, down each month. Write down the new balances as you make payments each month.
DEBT SNOWBALL PAYOFF TRACKER WORKSHEET
I really love the payoff tracker worksheet. This lets you get into the nitty-gritty of each debt you owe.
I like to print this off for the debt I am currently snowballing. It gives me a big picture vision of how long it will take me to reach my goal.
The feeling of knowing how much money I will save in interest payments always makes me smile!
FREE PRINTABLE DEBT SNOWBALL WORKSHEET
You can download and print off this free printable debt snowball worksheet set for your own personal use. Save it to your computer so you can reprint as often as you need to.
Just click this link or the image below to download: Free Printable Debt Snowball Worksheet
As you are working on paying off your bills be sure to check out these ways to save money and make extra money:
- Easy Ways to Save Money
- 5 Ways to Make Extra Money as You Unclutter Your Home
- Smart Ways to Spend Your Tax Refund
- How to Create an Emergency Fund
Don’t forget to PIN this for later!