Scroll down to get the free, printable debt snowball spreadsheet and take control of your debt!
Student loans have become a scary thing. Because the price of college has become so ridiculous high, students are now having to borrow more money than ever. In fact, according to the financial site, makelemonade.co, over 44 million Americans have borrowed a total of $1.5 trillion through student loans. Wow!
My husband and I are two of those 44 million Americans. By the time my husband graduated with his PhD, we had a combined student loan debt of almost $100,000. That’s enough to buy a house!
Luckily, we have paid down almost half of our debt in roughly 3 years thanks to good jobs and a strong commitment to becoming debt free.
This article is my personal experience and should not be taken as financial advice. See my full disclosure here.
So how did we payoff our student loan debt?
While we have used various ideas and strategies since starting our journey to becoming debt free, the Snowball method is my personal favorite, let me tell you why…
What is the Debt Snowball Method?
I love the debt snowball method from Dave Ramsey because it targets the biggest flaw in most debt payoff strategies – lack of motivation.
Motivation is so important when you’re paying off debt. For most of us, paying off debt will require sacrifice in some other area of our life (eating out at restaurants has been the hardest thing for me to give up).
When the willpower runs out, and it will eventually, you need something to help keep you moving in the right direction. That is exactly what the debt snowball method provides.
With the Snowball method, you make minimum payments on all of your loans except your smallest loan. You make extra payments on the smallest loan with the goal of paying it off quickly. Once that loan is payed off, you redirect the money you were paying toward the smallest loan towards an extra payment on your second biggest loan.
Simply repeat that process until your debt is gone! For more detailed information on the Snowball method, check out this in-depth article from Dave Ramsey.
The reason, the Snowball method is helpful is because it provides several smaller victories as you go through your debt free journey. It also builds momentum over time, when willpower begins to naturally fade, to help keep you on track.
Related Posts: How to Make a Budget (The Easiest Way Ever)!
Debt Snowball Spreadsheet
This Debt Snowball spreadsheet will help you keep your loans organized and visible. I recommend printing out a new spreadsheet every month, so you can track your progress. You could even keep the old copies in a binder to look back and see how far you’ve come!
How to Use the Debt Snowball Spreadsheet
To download and print, right click (or tap) on the image above and press “view image”. From there, you can save and then print in landscape form.
Once everything is printed, you’re ready to fill out your Debt Snowball spreadsheet! It’s very easy – simply write down all of your debts in order from least to greatest. Then fill in the total owed and minimum payment required. For the smallest loan, decide what your extra payment will be and write that down as well.
If you have more than five loans, simply print out two copies of this debt payoff worksheet. As you payoff your loans, cross them off and apply the minimum and extra payments to your next biggest loan. This creates the snowball effect!
I hope my experience with the Debt Snowball method and this Debt Snowball spreadsheet inspire you as you start (or continue) your journey toward a life without debt. While the road may be long, life without the stress of debt payments is going to be sooo worth it!
Get organized, come up with a plan, and stick to it. You got this!
Want More Money Saving Ideas and Inspiration?
For more money saving ideas, check out these other great posts. They are full of important information to help you take control of your finances!
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