Debt can feel like an insurmountable obstacle at times, especially when you’re trying to dig your way out of a financial hole. Putting together a plan for tackling your debt is the first step to becoming debt-free, and the debt snowball method offers a great way to start. With a few helpful resources, you can come up with a plan and track your progress.
Free Debt Snowball Printable Worksheet: Track Your Debt Payoff
A debt snowball worksheet helps create the list of debt while tracking your progress. This is a helpful tool to map out in order to stay motivated. Simply enter your debts in order from smallest balance to highest, when you’ve paid off one, roll the payment onto the next one. The good news is, with every one you pay off, the more money you have to contribute to the next debt.
Ready to be Debt Free? Grab This Free Debt Snowball Printable
Getting financially organized is an essential part of becoming debt free. Budgeting and tracking your monthly expenses are key and the debt snowball printable is a great fit. List all of your debt ranked from smallest to largest—making sure to note the balances and the minimum payments. Then set a goal of adding a little more than the minimum payment each month to the debt with the smallest balance. Once that’s paid off, apply the same principal to the next and so on.
Pay Off Debt: Dave Ramsey Debt Snowball Concept
The debt snowball method was introduced by Dave Ramsey and it’s one of the most popular debt reduction strategies used today. The concept is simple and straightforward—list your debts from smallest balance to largest and make the minimum payments on all of them. The idea is to pay off the smallest one first and “snowball” the payment into the next largest debt.
Debt Snowball Concept FREE Printable
One of the most useful items you’ll need for the debt snowball method is a debt snowball worksheet. This helps you make sure all needed information for tracking your debt payoff plan is handy. The worksheet includes the debt name and balance plus the interest rate, minimum monthly payment, and a place for the debt’s end date. By tracking the progress, you’ll be able to see your progress graphically and it helps stay motivated.
175 best images about Printables on Pinterest | Budget binder, Free
Getting a handle on your monthly budget is the foundation to managing your debt snowball. It allows you to contribute extra funds each month to the debt with the smallest payment. Estimating what you make a month, then subtracting fixed expenses and debts can give you a realistic budget. With your budget in hand, you can plan to add a little extra to the debt at the top of your list.
