The snowball method is a popular strategy, and downloading one of these debt-snowball spreadsheets can help you reduce your debt. One option on this list even walks you through how to choose a debt-payoff method by comparing the snowball method to the avalanche method and other strategies. Technically, these are spreadsheet templates that you can use with Microsoft Excel, OpenOffice Calc, or Google Sheets. With a template, you get a ready-made spreadsheet with the right formulas to do all of the calculating for you. All you need to do is download the template and plug in a few numbers—the spreadsheet will do all the math. Some of the options listed also present schemes for dealing with your loans, a multiple credit card payoff calculator, and recommendations for paying down other debt. This spreadsheet includes additional information about those strategies with more resources for reducing debt. After you enter your information, select the different methods to see how each would work for paying off your debt. This spreadsheet includes a printable payment schedule for easy reference. Need help repairing your credit? Download the Credit Repair Edition of the debt-reduction spreadsheet to first pay down each credit card to specific levels determined by your FICO score. Once you reach that that goal, the spreadsheet shows you how to start paying off all credit card balances. Start by entering your creditors, current balance, interest rates, and monthly payments to see your current total debt, average interest rate, and average monthly interest paid. The spreadsheet will also show you the total number of monthly payments on your debt accounts. You will need to have an idea of how much money you will set aside each month toward paying off credit cards and other debt to activate the debt snowball features of the spreadsheet. Simply enter the amount you have planned for paying down the debt, and the spreadsheet will tell you what portion of that amount should be applied to the bill with the highest interest rate. The worksheets come populated with some data so you can see how they work, and the download page includes a tutorial. You will need to enable macros in Excel to use the DebtTracker spreadsheet, which is also explained in the tutorial. Enter all of your debts, including multiple credit cards, mortgage, and various types of loans, into the spreadsheet to start. Then you can change the view by sorting debts by type, interest rate, minimum payment, and other options. The advanced sorting is helpful if you’re using a particular debt-payoff plan, such as the debt snowball. The DebtTracker includes seven worksheets, including a Paydown worksheet with a graph for tracking the results of paying off a debt over time. Wise Woman Wallet’s spreadsheet also lets you consider two additional strategies. In the debt volcano method, you prioritize the debt that makes you most frustrated or angry, such as a high-interest credit card balance or a “buy now, pay later” charge for a gift you bought your ex. In the hybrid method, you combine several strategies, such as starting off with a snowball but switching to avalanche when two debts have similar balances, but one has a higher interest rate.
