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Debt snowball worksheet

A worksheet for the debt snowball method. You list debts from the smallest balance to the largest, pay the minimum on all of them and put every extra dollar on number 1, then roll that payment into number 2 once it is gone.

By Paul Gunder. Free to print for home, classroom and office use; see how our printables are made.

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Debt Snowball Tracker1 page · US Letter

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Debt Snowball TrackerStart dateDebt-free goalList debts from the smallest balance to the largest. Pay minimums on all; put every extra dollar on #1. When it is gone,roll its payment into #2.#CreditorBalanceRateMinimumDue dayPaid off123456PROGRESS: SHADE ONE CELL FOR EVERY 5% PAID OFF#1#2#3#4#5#625%50%75%100%PAYMENT LOGDateDebt #Amount paidNew balanceDateDebt #Amount paidNew balancePrintablePal.com · free printable money templatesDebt Snowball Tracker
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On this page

What prints

The title is Debt Snowball Tracker, with Start date and Debt-free goal lines. Directly beneath is the rule in small type: list debts from the smallest balance to the largest, pay minimums on all, put every extra dollar on #1, and when it is gone, roll its payment into #2.

The table has the columns #, Creditor, Balance, Rate, Minimum, Due day and Paid off, with the numbers already printed. Below it is a progress area with 20 cells per debt, each equal to 5% of that debt's starting balance, and a ruler of 25%, 50%, 75% and 100%. A payment log, when switched on, offers 30 rows in two blocks, each recording Date, Debt #, Amount paid and New balance.

The settings

  • Payoff order. Set to smallest balance first on this page. The debt payoff tracker leaves the order open.
  • Debts. From 3 to 10 lines.
  • Payment log. Show or hide it.

Why the snowball works

The snowball is about behavior. Wiping out a small balance quickly frees up its minimum payment, and that freed-up money joins the next payment, so the amount you throw at debt gets bigger like a rolling snowball. Each small victory gives you a reason to keep going.

Sort by balance and ignore interest rates when you fill in the table, except to note them. If two balances are close, put the higher rate first. Use the Paid off column for the date a debt reaches zero, and shade cells whenever a payment lands.

The tradeoff is that you may pay more interest than with the highest-rate-first approach. Many people accept that in return for sticking with the plan.

Worked example: four debts, $100 extra

Debts in order: store card $350 (minimum $25), medical bill $800 ($40), credit card $2,100 ($60) and car loan $6,000 ($210). Minimums total 25 + 40 + 60 + 210 = $335. With $100 extra, you have $435 a month.

  1. Debt #1 gets 25 + 100 = $125 a month. 350 ÷ 125 = 2.8, so about three months, ignoring interest.
  2. Then #2 gets its $40 plus the freed $125, so $165.
  3. When #2 is gone, #3 gets 165 + 60 = $225.
  4. When #3 is gone, #4 gets 225 + 210 = $435, the whole budget.

Every step uses the same $435 each month, and the payment on the target debt keeps growing.

Tracking the rolls

In the log, write each payment with the debt number and the new balance. When a debt reaches zero, write the date in Paid off and note the new payment on the next debt in the margin. Seeing the payment climb from $125 to $225 to $435 is the best reminder of why the method works.

Before you start

This is a planning aid, not personal debt advice. For secured debts or collection calls, a nonprofit credit counselor can explain your options before you commit to any plan.

Sources

  1. Consumer Financial Protection Bureau: Lowering your debt files.consumerfinance.gov
  2. Consumer Financial Protection Bureau: Your Money, Your Goals, debt booklet files.consumerfinance.gov