Efficiency Sheets
Simple Sheets
Debt Snowball Spreadsheet for Google Sheets
The debt snowball pays the minimum on every debt and puts every spare dollar on the smallest balance; when it's gone, that payment rolls into the next smallest. The spreadsheet's job is to keep the order visible and show how much you can add each month.
Example
Three debts with $250 a month extra on top of the minimums
| Debt, in snowball order | Balance |
|---|---|
| Store card (24% APR, $35 min) | $600 |
| Credit card (22% APR, $80 min) | $3,200 |
| Car loan (7% APR, $290 min) | $9,500 |
| Total debt | $13,300 |
The store card gets $285 a month ($35 + $250) and is gone in month 3. Its $285 then goes on top of the credit card's $80, and so on down the list.
How to set it up
- List every debt with its balance, interest rate and minimum payment.
- Sort them from the smallest balance to the largest.
- Budget the minimums as bills, then find the extra amount you can add each month.
- Put the whole extra amount on the first debt. When it's paid off, add its payment to the next one.
- Update the balances once a month so you can watch the total go down.
Questions
Snowball or avalanche?
Avalanche (highest interest first) costs less in interest. Snowball clears whole debts sooner, which keeps many people going. Our free calculator shows both side by side for your own debts.
Do I include my mortgage?
Most people don't. The snowball is usually for credit cards, store cards, personal loans, car loans and student loans.
Should I stop saving while I pay off debt?
Keep a small emergency fund first, often $1,000, so a surprise bill doesn't go back on a card.
