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The BEST Debt Snowball Excel Template!! (And It’s FREE!!!)

Looking for the best debt snowball excel template? Look no further than this debt tracker spreadsheet right here. I built this sheet back in 2016 and have continued to refine it throughout the years. It has helped hundreds of people get out of debt and I continue to get countless emails from those that have used the tool and have attributed much of their success to it!

It’s humbling to be such a big part of everyone’s financial journey. Hopefully this free debt reduction spreadsheet will become part of your success story as well!

Download Link: Free Debt Snowball Tool Download (for up to 8 debts)


Sidebar…If the above FREE snowball debt spreadsheet tool doesn’t have enough columns for your debt, we made some bigger and BETTER ones as well! We have a debt snowball excel template that can handle up to 16 debts here (on Etsy for $3.99 right now). And if you need an even bigger debt snowball excel calculator, we recently made one that can handle 32 debt entries! (on Etsy for $9.99 right now). Either click the links or select the appropriate icon below!

Debt snowball excel template for up to 16 debts

Debt snowball excel template for up to 32 debts

Oh, and if you’re curious about how the debt snowball pays off vs the debt avalanche, you might want to check out this tool where you can see the payoff journey for each method side by side! The debt snowball vs debt avalanche excel spreadsheet! Check it out!

Debt Snowball vs Debt Avalanche excel spreadsheet - Etsy purchase icon

Related: Debt Snowball vs Avalanche Excel Spreadsheet (FREE Small Calculator!!)

How Does Debt Snowballing Work?

First off, what really is the debt snowball? How does debt snowballing work? And why does the debt snowball work so well

Debt snowball free downloadWhat is the Debt Snowball?

I used the debt snowball just a few years back. It helped me clear $21,000 of debt in just 6 months, and then I used the concept again to pay off my $54,000 mortgage!

So what is it really? What is the debt snowball?

The debt snowball is a method for paying off your debts. You simply line up your debts from smallest to largest and pay them off in that order (smallest first).

  • Pay only the minimum payments on all debts except the smallest one, and tackle that smallest one with a vengeance until it’s gone.
  • Then, when that’s paid off, move onto the next largest one (which is now the smallest of all your debts) and tackle that while still making the minimum payments on everything else!
  • Then, just keep doing this until all your debt is gone!!

Interest rates are not considered in this method (mainly because the intent is to pay off your debt quickly, so the interest doesn’t matter as much).

Related: What is the Snowball Debt Plan? (FREE Debt Snowball Excel Download!)

Why Does the Debt Snowball Work So Well?

So…this method sounds pretty basic. Why does the debt snowball work so well?

Like I said, I’ve been in debt. I’ve used the debt snowball to get out, and get out QUICKLY.

Here’s my take on why the debt snowball works so well:

  • The debt snowball is super basic. It’s easy to set up and easy to understand.
  • You get early momentum when you pay off those smaller debts – it fires you up to keep going and to get after your debts with even more vengeance!
  • When you pay off those smaller debts, it frees up MORE money to put toward the next debt. It feels great to put big chunks of money toward debt each month!

When I got started with my debt snowball, I was able to put mayyybe $200 toward my debts. It felt good to pay down debt, even though it wasn’t a huge amount. Soon, I figured out how to make more, spend less, and put MORE toward the debt snowball. By the end, I was throwing thousands of dollars at the debt each month!

That’s what the debt snowball can do!

Related: How to Pay Off Your Mortgage in 5 Years (Robust Calculator Offer!!)

How to Make a Debt Snowball Spreadsheet

So many people are searching, “How do I make a debt snowball spreadsheet?”.

I thought the same thing a few years back, which is why I eventually made one in Excel! But let me tell you, it isn’t easy! There are so many variables, which leads to a ton of very lengthy formulas! 

Lucky for you, I was able to make one. And, even luckier for you, I’m willing to give it to you for FREE!!

So why make one for yourself? I really wouldn’t recommend it. Just use mine!

And, if you have questions about it, I’m happy to answer them. Just reach out to me via the “Contact” link at the bottom of this page.

Related: 6 Reasons You Should Always Have $1,000 in the Bank

How to Use This Debt Snowball Spreadsheet in Excel

So how do you use the best debt snowball excel template that I’m offering here? 

It’s pretty easy, especially if you already have Excel.

First, click the link here to download the Excel sheet. You should see the download appear on the bottom portion of your screen. Double-click it and the snowball debt spreadsheet will open.

Then, at the top of the sheet, you may see a yellow bar that asks if you want to enable the sheet. Click yes. This will allow you to make changes and for the spreadsheet to work its magic for you! 🙂

And that’s it! You’re ready to get started with your debt snowball template in excel (more on the next steps later in this post). It should look like the image below!

Debt snowball calculator

Related: 6 Things I Did to Start Earning Money With My Blog

How to Use This Debt Snowball Spreadsheet in Google Docs

Let’s say you don’t have Excel on your computer. Can you still use the best debt snowball excel template that’s ever known to man (in my opinion ;))??


Here’s how you can use this debt snowball spreadsheet in Google Docs.

  • Click this debt snowball template link
  • Then, when the download appears on the bottom of your screen, click on the down arrow and choose to save the file to your computer (instead of trying to open it)
  • Then, open Google Drive
  • Click “New” in the upper left
  • Then click “File Upload” 

google sheets free debt snowball calculator

  • Find “the best debt snowball excel template” that you just uploaded and saved. Select it, then click “Open”
  • It will show up on the bottom-right of your screen, click it
  • And then once it opens, at the top of the file select “Open with Google Sheets”

There you go! You’re ready to enter in some numbers to see how long it will take you to get out of debt! Read on to unlock the secrets of this tool and how to get out of debt fast!

Related: Should You Sell Your House to Get Out of Debt?

How to Create a Debt Reduction Plan

This debt snowball excel template will be an amazing asset to creating your debt reduction plan. So get it open and let’s start with step #1!

1) Enter all your debts into the debt snowball template

First things first – enter all your debts into the debt snowball template. Start with your smallest debt and insert it on the far left.

  • Change “Debt 1” to your debt title – like “Amex credit card” or “Payday loan” or something like that, so you know what it is
  • Enter the current balance
  • Enter the minimum payment amount
  • Finally, enter the interest rate

Do this with all your debts (again, from smallest to largest!) and get the sheet completely filled out.

2) Estimate the additional amount your can put toward your debt snowball each month

If you made the minimum payments on everything, about how much extra would you have each month to put toward your debt snowball? 

Maybe $200?


Enter this amount into the debt snowball excel template, into the top box labeled, “Extra monthly payment”.

Check out the image below for an easy visual.

best debt snowball excel template - how to get started!

3) Estimate how much money you can put toward your debt snowball on Day 1

There are a few different ways for people to start off their debt snowball journey with a bang.

Some already have a big emergency fund…

Some people like the security of a big emergency fund, but they still have a ton of debt. Like, they might have $20,000 in the bank, but they also have $50,000 worth of consumer debts. 

If they truly want out of debt, they need to get a little less comfortable and just decide to tackle it.

Dave Ramsey recommends keeping just $1,000 in what he calls a “beginner emergency fund” and then dumping the rest of your money toward the debt…immediately! In the example above, that would mean putting $19,000 toward your debt right from the start.

For me, I’m okay if you keep $2,000, but I still agree with the premise. Either you’re all in and you want to pay off your debts ASAP, or you’re not and you should probably not even act like you’re trying.

You’re either in or you’re out on this one. Choose one and run with it.

Some have things to sell that can kickstart their debt snowball

You may not have a honkin’ emergency fund, but you might have a few things you can sell. Just think about your basement full of plastic and rusty gold! It may seem like junk to you, but it’s all stuff that someone else is willing to pay for!

  • kids toys
  • old furniture
  • games
  • technology stuff
  • clothes
  • big kid toys (think quad, snowmobile, extra car, etc.!)

Use the above list to think about all the stuff you could sell. If you could scrounge up just $500, just think about the difference that could make in getting your debt snowball going!

Enter that one-time payment amount into the debt snowball excel template

Figure out how much you could put toward your debt immediately? Enter that number into the spreadsheet – right next to the cell that says, “One time startup payment”.

Now, you really get to see why this is the best debt snowball excel template! 🙂

How to Use This As a Debt Tracker Spreadsheet

You have now entered in all of your numbers:

  • Your debts, the minimum payments, the interest
  • The extra monthly payments you think you can make above and beyond the minimum payments
  • And, you just entered in the one-time payment amount that you think you can make to get your debt snowball started

With these entries, you’re now getting your first look at how quickly (or slowly) your debt will vanish with this plan!

How Long Will It Take to Pay Off Your Debt?

Take a look at the screenshot of the snowball debt spreadsheet below. This is how you will find out how long it will take you to pay off you debts!

Just enter in all your info, then see how long it takes for your last one to pay off completely!

In the example below, it takes 36 months to get rid of all the debt… NOT IDEAL! Most can do it much faster.

What does this debt snowball excel template tell you? Do you like the result? Or not so much?

Best free debt snowball excel template - shows how long it will take to pay off your debts

How to use this debt snowball excel template to pay off your debt even FASTER

Okay, so you put your numbers into this free debt snowball calculator. It told you how long it would take to pay off your debt.

Let’s say you hate what it tells you. Let’s say it looks like it’s going to take you 5 years to pay off all your debt with the numbers you put in.

Well…that sucks.

But, why not do what you can to change your entries?

  • Maybe you can sell some more stuff around the house to make some more money up front (heck, maybe you could even sell one of your cars!)
  • Maybe you ask for a promotion at work
  • Or, perhaps you can put some of your free time to work and make wayyy more at night or on the weekends!

There’s always a way to change your story. There’s always a way to do something different, to change course, to rewrite the story. It’s just up to YOU!

Play with the debt snowball spreadsheet entries – see what happens

Maybe you figure you could pay an additional $300 a month toward your debts. And, you were able to put $1,000 toward your debt on day 1. BUT, you still have a 5 year projection for when you will be debt free. 

Like I said before. That sucks.

But, what if that $300 were $600? What if that $1,000 were $2,000?

Now how long would it take to get rid of your debts? Maybe you’re down to just 2 years with those minor changes! And, maybe that realization will pump you up just enough to DO IT!

Play with the numbers. See what could happen. Then, maybe you’ll MAKE it happen. 🙂

Continue with the debt tracker spreadsheet

If you commit to this plan, you’ll get started and you’ll begin to pay down your debts. As you get 3-4 months in, you’ll want to make off your progress and see if you’re still on track with the original debt snowball.

First, you could simply track to make sure you’re following the plan exactly.

But, what if you pay more or less each month than the tracker shows? Then what?

If you start paying a different amount than what is in the debt snowball template, you can do one of two things:

  1. You can add a manual entry into the appropriate cell (let’s say it’s month #3, and in the first debt). In that cell, you’d click in it and then add at the end of the formula, “+300” or “-200”, or whatever your entry should be. The sheet should all update after this entry is made.
  2. You could simply re-enter in your data into a new sheet to see how much more time is needed for your debt payoff. I wouldn’t recommend doing this often, but it might help once a year since things don’t typically go as originally planned (in fact, they often go much better, believe it or not!!).

This debt snowball spreadsheet is amazing once you learn everything it can do! And actually, there’s still one more thing it can do!! Check out the next section.

Free Printable Debt Payoff Worksheet as a PDF

With this debt snowball tool, you got an organized place to put your numbers, you got an excel template that lays out your debts, and you got a dynamic tool that can help you understand what it might take to pay off your debts faster. 

Then, about a year ago, we decided to make this debt snowball calculator into  a free printable debt payoff worksheet!

When you fill out the spreadsheet with all of your entries, just click on the second tab of the sheet labeled, “Debt Payoff Chart”. Then, simply refresh the sheet and check out your chart! You’ll see the line going down, which is a great visual of your debt going down!

You can even print this and color it in as you go! It’s a great reminder of your accomplishments for the month and if you’re staying on track with your original plan.

debt snowball tracker with free printable chart as pdf


Printable Debt Payoff Chart

Related: Completely Debt Free for 6 Years – We Highly Recommend It!

The Best Debt Snowball Excel Template – Time to Get Out of Debt!!

I hope you can see now why I call this the best debt snowball excel template out there! I’m not arrogant about it. I just put a ton of time into making this sheet as awesome as possible. AND, I wanted to be sure to keep it as a FREE tool for everyone that needs it.

If you’re committed to getting out of debt and you were looking for a free debt reduction spreadsheet, I hope you could this one immediately.

Download the free debt snowball spreadsheet (here’s the link again in case you missed it earlier) and be sure to report back to us about your success with paying off your debt. We LOVE to hear back from our readers!

Did you find this free debt reduction spreadsheet in time? Are you ready to kick butt and use it to get out of debt??!

As a reminder – if you need a bigger debt snowball payoff spreadsheet, click the appropriate icon below to check out the larger templates that can handle up to 16 and 32 debt entries!! 

Debt snowball excel template for up to 16 debts

Debt snowball excel template for up to 32 debts


Debt Snowball vs Debt Avalanche excel spreadsheet - Etsy purchase icon


Best of luck everyone! I can’t wait to hear about your success story!!

Get Out of Debt Money


My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

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