Debt Snowball Worksheet

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Today we have some free worksheets (printable PDFs + Google Docs spreadsheets) that can be useful with helping you to get out of debt. There is a debt payoff worksheet and a debt snowball worksheet, so you can use whichever one suits your needs.

More Free Resources:

Why Use a Debt Payoff Worksheet?

If you’re determined to pay off debt and improve your personal or family finances, there are a few different ways that using a debt payoff worksheet can help.

  1. Stay Organized. A worksheet or spreadsheet can help you to keep track of your balances, minimum payments, actual payments and all of the relevant details. Keep track of everything in one place.
  2. Track Your Progress. With the help of a worksheet or spreadsheet, you can easily see your progress over time. See how much you’ve already paid off and what’s left.
  3. Visualize the Debt Payoff Process. If you prefer to learn and understand things visually, tracking your debt payoff on a worksheet or spreadsheet can help you to see the big picture.
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Clever Fox Budget Planner - Expense Tracker Notebook. Monthly Budgeting Journal, Finance Planner & Accounts Book to Take Control of Your Money. Undated - Start Anytime. A5 Size Mint Green Hardcover
Clever Fox Budget Planner & Monthly Bill Organizer With Pockets. Expense Tracker Notebook, Budgeting Journal and Financial Planner Budget Book to Control Your Money. Large Size (8" x 9.5") - Rose Gold
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Clever Fox Budget Planner - Expense Tracker Notebook. Monthly Budgeting Journal, Finance Planner & Accounts Book to Take Control of Your Money. Undated - Start Anytime. A5 Size Mint Green Hardcover
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Clever Fox Budget Planner - Expense Tracker Notebook. Monthly Budgeting Journal, Finance Planner & Accounts Book to Take Control of Your Money. Undated - Start Anytime. A5 Size Mint Green Hardcover
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Clever Fox Budget Planner & Monthly Bill Organizer With Pockets. Expense Tracker Notebook, Budgeting Journal and Financial Planner Budget Book to Control Your Money. Large Size (8" x 9.5") - Rose Gold
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Clever Fox Budget Planner & Monthly Bill Organizer With Pockets. Expense Tracker Notebook, Budgeting Journal and Financial Planner Budget Book to Control Your Money. Large Size (8" x 9.5") - Rose Gold
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Boxclever Press Budget Planner. Undated Monthly Planner & Bill Organizer with Pockets, Expense and Bill Trackers. Undated Planner to start Budgeting & Saving today! Budget Book measures 9.5 x 8ins.
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Boxclever Press Budget Planner. Undated Monthly Planner & Bill Organizer with Pockets, Expense and Bill Trackers. Undated Planner to start Budgeting & Saving today! Budget Book measures 9.5 x 8ins.
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What is the Debt Snowball?

If you’re not familiar with the debt snowball, it is a debt payoff approach that has been popularized by Dave Ramsey. The approach involves paying off your debts from smallest to largest (in terms of the balance owed), without regards to the interest rates of the debts.

The logic behind the debt snowball is that you will gain motivation whenever you eliminate a debt, even if it’s a smaller debt. By attacking the smallest debt first, you’re able to get a quick win that will give you encouragement and motivation to keep moving forward. It gives you a positive mental outlook that helps to keep you on track and moving forward with your debt payoff.

If you read many finance blogs you’ll come across countless success stories of people who have used the debt snowball approach to pay off significant amounts of debt.

Here is a quick summary of how the debt snowball works:

  1. Create a list of all of your debts. This typically excludes a mortgage but includes things like credit cards, car loans, personal loans, and student loans.
  2. Once you have all of your debts listed, put them in order starting with the smallest balance owed and ending with the largest balance owed.
  3. Make the minimum monthly payment on each debt except for the smallest one.
  4. Use all of your excess money to pay off the smallest debt as soon as possible.
  5. Once the smallest debt has been paid off, use all of your excess money each month to pay down the next smallest debt.
  6. Continue this process of attacking your smallest outstanding debt until each debt is paid off.
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Free Downloads

Today, we’re offering two free downloads through our Resource Library, where we have a collection of things like printables and spreadsheets that can help with your finances. The Resource Library is available for free to all of our email subscribers. Please enter your email address in the form below to get access.

Debt Payoff Worksheet

The first new download is a debt payoff worksheet that is available as a printable PDF and as a Google Docs spreadsheet. You can use one worksheet per debt, and you can use this regardless of what debt payoff approach you choose (debt snowball vs. debt avalanche). You’ll list the creditor at the top, and then there are columns to record your starting balance, interest rate, minimum payment, due date, actual payment each month, and the remaining balance. Each month you’ll record your payment and watch the balance go down.

Debt Payoff Worksheet

Debt Snowball Worksheet

The debt snowball worksheet was created specifically with the debt snowball in mind. Instead of having one sheet for each debt, you will list all of your debts on a single sheet. The sheet will help you to track the debt that you are currently attacking.

Instructions are at the bottom of the sheet, but I’ll list them here as well:

  • In the “Debt” column, list your debts from smallest to largest, along with the total balance owed and the minimum payment for each.
  • In the first row (the smallest debt), write in the amount that you are able to pay above and beyond the minimum payment in the “extra” column.
  • Add the extra to the minimum payment to come up with the snowball payment amount, and write that number in the “snowball payment” column.
  • Make the snowball payment each month until the smallest debt is paid off. Once it is paid off, cross it off and move on to the next debt.
  • After the first debt is paid off, take the snowball payment amount from the first debt and enter that amount into the “extra” column for the next debt. Add that amount to the
    minimum payment to get the snowball payment for that debt.
  • Keep going until all of the debts are paid.

Debt Snowball Worksheet

How to Get Started

If you’re ready to prioritize debt payoff, be sure to download the debt payoff worksheet and debt snowball worksheet. You don’t need to use them both, just pick one that seems like it will be a good fit for you.

You can either print the PDF and use a paper version, or you can use the Google Docs spreadsheet if you prefer to keep track of things digitally. Enter your email address below to get access to the downloads.

READ NEXT: How to Create a Budget That Works

Debt Snowball Worksheet + Debt Payoff Worksheet