| A | B | C | D | E | F | G | H | I | J | |
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1 | How to Use Your Debt Snowball Spreadsheet | Video Instructions | ||||||||
2 | 1. Enter your loan information and interest rate for each loan, starting with the smallest | Step by Step Video Tutorial Setup | ||||||||
3 | -Starting in C1, enter the name of your smallest loan and the interest rate. Repeat this for each cell that asks to type the name of the loan | Introduction to Your Debt Snowball Spreadsheet | ||||||||
4 | -Below the name of the loan, enter the total amount owed on each loan. | Join Mr. Jamie Griffin Get Debt Free Community | ||||||||
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7 | 2. Enter the minimum payment for each loan in the payment column | Entering Your Loan Information | ||||||||
8 | -In Cell B3, enter the minimum payment for your lowest loan. Click the blue blox in the bottom right hand corner of the box and drag down at least 15 rows. You may need to adjust how many rows later. | Entering your Minimum Payment | ||||||||
9 | -Repeat the process for all other loans. | Calcuate Monthly Payments and Payoff Dates | ||||||||
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11 | 3. Calculate the Monthly Payments and Payoff Dates for each Loan | Adding a Note | ||||||||
12 | -Multiply the total loan balance in cell C2 by the interest rate of the loan in cell C1. Divide this number by 12 to get a good estimate of the accumulated interest. | Hiding/Adding a Column | ||||||||
13 | -In cell C3, enter the following formula: =(C2-B3)+accumulated interest. This will auto calculate your loan payments so you can easily view and track your progress. | Adding Rows if You Need More Space | ||||||||
14 | -Next, click cell C3. On the bottom right hand corner a small box will appear. Click and drag the box down the column until the balance is zero or negative. | |||||||||
15 | -Repeat this process for each loan. | |||||||||
16 | -You may need to add more months and years to column A. Continue adding until your debt is paid off. This last month and year is your debt free day if you pay the minimum on each loan. | |||||||||
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18 | 4. Accelerate the Process | |||||||||
19 | -Once you pay off your lowest loan, the snowball starts to take effect. Now add the payment of your paid off loan to the minimum payment of your next lowest loan, starting the month after the loan is paid. | |||||||||
20 | -This becomes your new minimum payment for this loan. Adjust your formula in the correct cell and drag down as you did before. This will recalculate your loan repayment with the increased payment. | |||||||||
21 | -Repeat the process for your other loans. When you pay a loan off, add the payment amount to the next lowest loan. This increases the monthly payment and allows you to pay off each loan faster. | |||||||||
22 | -Each time you pay off a loan, recalculate the repayment of your remaining loans. The fun part is to watch the months and years disappear off your debt free journey! | |||||||||
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24 | Copyright Mr. Jamie Griffin 2023 | |||||||||