Are you struggling with multiple debts and unsure which to tackle first? The snowball debt method can help. This spreadsheet is a DIY tool designed to organize your debts, prioritize repayment, and accelerate your journey toward financial freedom. Before you begin, please read the disclaimer below.
💡 How the Snowball Method Works
- Rank Your Debts: List debts from smallest balance to largest, regardless of interest rate.
- Focus on the Smallest Debt: Put any extra money toward paying off the smallest debt first.
- Minimum Payments: Continue making minimum payments on all other debts.
- Repeat: Once the smallest debt is gone, roll that payment into the next smallest debt.
This method is motivating because you see debts disappear quickly, building momentum as you go.
📊 Spreadsheet Structure
The spreadsheet comprises five sheets: Sheet1, Debt1, Debt2, Snowball, and Helper_data.
- Sheet1: List all debts. The sheet automatically ranks balances from lowest to highest.
- Debt1 & Debt2: Read‑only schedules showing repayment timelines for each debt.
- Snowball: Displays how payments accelerate when you roll Debt1’s minimum into Debt2.
- Helper_data: Shows Debt1 and Debt2 side by side for comparison.
📸 Spreadsheet Screenshots
👉🏽 Yellow‑highlighted cells are editable. Other values are generated by formulas—do not edit or delete them.
✅ Benefits
- Motivation: See progress quickly as debts disappear one by one.
- Clarity: Organize debts and repayment schedules in one place.
- Momentum: Build confidence as each debt is eliminated.
- DIY Friendly: Simple to use with clear instructions and automated formulas.
📌 Where to Get It
The spreadsheet is available on Etsy: https://digitalsheetcode.etsy.com/listing/1744555623/snowball-debt-payoff-calculator-google
After checkout, download the PDF file provided by Etsy. Open the PDF, click the Google Sheets link inside, and make a copy to save your own editable version. 🛑 Please do not request access to edit the original file—just make your own copy.
⚠️ Disclaimer: Personal Finance Experience
The information provided in this blog post is based on extensive research and practical testing. I examined the snowball debt repayment method across various scenarios. However, financial situations vary, and what worked for me may not suit everyone.
I am not a financial advisor, and this blog post does not constitute professional financial advice. Always consult a qualified professional before making financial decisions.
❓ Frequently Asked Questions
- What is this spreadsheet about? A DIY tool to manage debt using the snowball method.
- Who has access? Only you and those you authorize will have access to the spreadsheet.
- Is there a recurring fee? No, it’s a one‑time purchase. Use it forever as long as Google Sheets remains free.
- Do you offer support? Yes. Purchasing includes a 14‑day license key for support questions. I cannot access your spreadsheet directly.