Top 6 Free Debt Snowball Spreadsheets for 2023

Discover these 6 no-cost debt snowball spreadsheets designed for Google Sheets and Excel. These tools will assist you in saving money, alleviating stress, and avoiding hefty monthly interest charges.

Debt management has become a common aspect of contemporary financial endeavors. However, with the rise in interest rates and a significant amount of credit card debt, numerous households are burdened by mounting monthly payments.

To diminish your debt and minimize interest fees, adopting the snowball method is a viable option.

How the debt snowball method works

The debt snowball method is one of the most effective debt payoff strategies. It’s designed to help you start small and gain momentum over time until you are debt-free. Here’s how it works:

  1. Make a list of all your debts–student loans, credit cards, vehicle loans, medical bills, etc.
  2. Put them in order from smallest balance to largest balance.
  3. Each month, make the minimum payment on each debt and then throw every available penny at the smallest debt until it is paid off.
  4. Repeat Step 3 until everything is paid off.

Here’s an example of the debt snowball method in action:


Using the debt snowball method, you would pay off your medical bill first. Then, when that was paid off, you’d take the money you were using towards your medical bill and apply it to your credit card bill. Then, you’d focus on your monthly auto loan payments and finally your student loans.

Research indicates that accomplishing small victories plays a pivotal role in tackling challenging tasks. The snowball method incorporates these small wins, making it highly effective.

The prospect of paying off a staggering $98,814 in debt may seem overwhelming, but paying off $1,766 appears far more manageable.

A study conducted by the Kellogg School of Business at Northwestern University revealed that individuals who employed the snowball method successfully cleared their debt at a faster pace. Additionally, three extensive real-world experiments utilizing credit card data, published in the Journal of Consumer Research, discovered that prioritizing the repayment of the smallest balance had the most significant impact on individuals’ sense of progress and, subsequently, their motivation to continue reducing their debts.

As you progress towards tackling your largest debt, it will become increasingly attainable. Before you know it, debt freedom will be within your grasp.

Exploring the Avalanche Debt Payoff Method: An Alternative Approach for Debt Repayment

It is worth considering the avalanche debt payoff method. Although the debt snowball method is more commonly associated with success, the avalanche approach is considered the superior choice from a mathematical standpoint.

With the avalanche method, you prioritize paying off the debt with the highest interest rate, regardless of the outstanding balance.

For instance, in the given example, you would focus on eliminating your credit card debt first, as it carries the highest interest rate. Subsequently, you would direct your attention towards your auto loan, followed by your student loans, and ultimately your mortgage.

Free Debt Snowball Spreadsheets for 2023

Harnessing the power of spreadsheets to devise an optimal debt payoff strategy tailored to your circumstances can be immensely beneficial. Thus, here are several exceptional debt snowball spreadsheets available for free on Google Sheets and Excel. It is important to note that some of these spreadsheets also assist in evaluating the avalanche method.

#1 Debt Snowball Spreadsheet for Google Sheets

The Tiller Community Debt Snowball Spreadsheet offers the convenience of estimating payoff dates and monitoring your journey towards becoming debt-free.

This spreadsheet enables you to seamlessly switch between the avalanche and debt snowball methods, empowering you to make informed decisions.

Visual graphs are included to facilitate a side-by-side comparison of the two strategies. Moreover, this versatile template can be applied to any form of debt.

Although accessible to all users, it is optimized for integration with Tiller-powered spreadsheets for enhanced functionality.

For those already utilizing Tiller, you are well aware that it offers a swift and effortless approach to managing your financial affairs, combining the adaptability of a spreadsheet with unparalleled convenience. Tiller seamlessly updates your Google Sheets and Excel with up-to-date financial information, encompassing your daily expenses, account balances, as well as existing debts and liabilities.

#2 Debt Payoff Calculator for Google Sheets

Leverage the Debt Payoff Calculator designed for Google Sheets to strategize and determine the most efficient approach for clearing your debts promptly, taking into account your present financial circumstances.

#3 Debt Snowball Spreadsheet from Reddit

Introducing a straightforward 12-month debt-tracking spreadsheet that serves as a valuable tool for monitoring progress with both snowball and avalanche strategies. This template provides a solid foundation for customization, allowing you to tailor it to your specific needs and preferences.

#4 Debt Reduction Calculator for Excel

Unlike a traditional debt snowball spreadsheet, this user-friendly credit payment calculator template is designed to assist you in determining the precise monthly payment required to completely eliminate your debt. With this tool, you can effortlessly calculate the monthly payment amount and track the total interest paid, especially when making additional payments. Furthermore, this versatile resource allows you to explore various repayment plans, providing insight into the projected duration required to settle your loan.

#5 Money and Budget Snapshot for Excel

Although this uncomplicated Excel template does not function as a debt snowball calculator, it serves as a convenient tool to provide you with a rapid assessment of the feasible amount you can allocate towards debt repayment after accounting for essential living expenses.

#6 Debt Reduction Calculator for Google Sheets and Excel from Vertex42

The Debt Reduction Calculator provided by Vertex42 offers a slightly more intricate spreadsheet solution. The initial page facilitates inputting your debt details and selecting a suitable payoff strategy, including options such as Snowball, Avalanche, or Stair-Stepper—a unique combination of the snowball and avalanche methods.

Opting for the snowball method will grant you access to a useful chart that displays your projected progress. However, such a chart is not available for the avalanche or stair-stepper methods.

Regardless of the chosen approach, a separate tab is designated for logging your payment schedule, ensuring convenient tracking and organization.

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