![]() ![]() It’ll take about this many months to get it paid off. ![]() The spreadsheet will say, “Start by focusing all your extra money on this debt. Instead of showing every detail of the estimated plan’s payments (you can still see them in the “nerdy details” tab), we show you the basic steps you need to take. This one is usually the best option emotionally, because you get some quick wins paying off the smaller balances which is exciting). This one is usually the best option financially, but can be harder to stick to because it may take a while to get the first debt paid off.) Or the snowball method (focusing all your money on paying the debt with the lowest balance first. Choose a plan and see the stepsįor the plan you can decide to use either the avalanche method (focusing all your money on paying the debt with the highest interest rate first. You’ll also need to enter how much you can pay on top of the minimum payments. We can go up to 70 but the spreadsheet gets really slow with that many!) Enter in a name, the current balance due, the rate, and the next due date. The spreadsheet can handle up to 20 debts. So with that background in mind, I’m excited to show you what we have and I hope it helps you on your debt free journey. She still thinks a pivot table is a physical table that pivots somehow!) That’s why my wife helped me make the original budget spreadsheet and this one too. I assume they want the experience to be as simple and quick as possible. But I think most people just want help getting out of debt and Excel is a necessary thing they have to deal with to make that happen. (I personally use Excel every day and love the extra financial details. So I created one for The Happy Giraffe so I could combine the two sides and simplify things down to what you need to see if you aren’t an Excel techie. It felt like you had to go to one place to get some direction (often with way too much detail for the average person), and then go to another place to write down how you are doing month by month (again with too many details and things that are exciting for an Excel nerd, but not needed by most people). I found some good tracking spreadsheets, but they weren’t tied to a plan. You need something that’s flexible and keeps you motivated when things change. So the plan is helpful to give you hope and to get you started, but you need more than that. But in real life, it’s not possible to follow that plan perfectly. For people who love Excel, it’s exciting to create the plan, with every detail imaginable, down to the penny. Most focused on just one part, creating the plan, or tracking. I’ve looked through a lot of free online excel spreadsheets designed to help you create a debt payoff plan and track your progress. ![]()
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