debt snowball tracker printable
We are a participant in the Amazon Services LLC Associates Program, which is an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.
How to get out of debt
If you have ever been in debt, you know how stressful it is to owe somebody money, especially when there is interest being charged ontop of the total that you owe! Debt is a horrible way to live, it causes stress in families, divorce, and contributes to many other negative affects over time. Debt may seem overwhelming, but when you break it down, it is a very easy thing to climb out of if you have 1) a job and 2) a can-do attitude!
There are two main ways to pay off debt fast: one is called the snowball method, and the other is called the avalanche method (more on those later!) The most important thing to do is deciding that your are determined to pay off your debt, and be consistent about it.
Staying organized while paying off debt is super important, which is why I designed my Debt Snowball Tracker printable that you can print (for free!) and use to keep track of the debt you pay off.
Why is it important to pay off debt fast?
First I would like to indicate that when I use the word “debt,” I am not talking about business debt that is in turn making you money. If you use debt to flip houses, or anything else, this post is not geared towards you. I am referring to the $16.9 trillion of total household debt that is plaguing American households currently. That being said, it is important to pay debt off as fast as you can for a few different reasons:
stress and mental anguish
Being in debt is one of the most stressful things you can do in your life. There is a reason that finances are a common reason that married couples end up getting divorced. Communication about money is difficult, and once you’re in debt, it can be stifling when you don’t know how you will get out of it. Being aware of the fact that you owe somebody money can cause anxiety, depression, and insomnia.
it costs you money
In simple terms, debt costs you money. It costs you interest that is charged as long as you are borrowing the money. The longer you are named the borrower on a loan or credit card, the more money you will end up paying in interest and fees. Paying off your debts as fast as possible will free you from losing more money to interest.
it holds you back from opportunities
Being in debt also comes with something called an opportunity cost – which is defined as something you miss out on because you owe someone else money. Being in debt, especially when you are also behind on payments, can result in you not being approved for a mortgage, a rental, or a business loan. When you are not in debt you are much more likely to get approved for things like this so you can better your life. It is especially important to purchase a house as early as you can so you can build up equity early in your adulthood.
What is the best way to get out of debt fast?
If you have ever heard of Dave Ramsey, he describes two main ways to get out of debt quickly. It all depends on your income, and how much you are able to throw at your debt to make it disappear. The two main ways of paying off debt fast are:
debt snowball method
The debt snowball method is my favorite because it is psychologically the best way to tackle your debt. First, start with your smallest debt and throw as much cash as you can at it, then once you have paid it off, take the minimum payment from that debt, and add it to your “snowball payment,” which is the amount of money per month that you throw at your next smallest debt. As you pay off debt, your snowball gets bigger and the debt becomes easier to manage.
debt avalanche method
The debt avalanche method is mathematically the best way to pay off debt. Instead of ordering your debt from smallest to largest, you would order them by interest rate – largest to smallest, and pay off the largest first. By doing this, you are eliminating the debt with the highest interest rate first, thus saving money on interest in the long run. The wins are less easy to recognize this way because it may take longer to pay off that first debt and move to the second. It does work though!
debt snowball tracker printable
To use my debt snowball tracker printable, simply download it and print it out, or save it to your favorite mobile device. Fill out the chart – list all of the debts you have from smallest to biggest, followed by their minimum payments, and snowball payments. When you are finished paying off one debt, move to the next smallest debt in your list. As you knock out your minimum payments, your “snowball will” grow!
This printable will cover six months of paying off debt, at the end of the six months simply restart with the debts that you still owe and keep going! You can do this!
*The document in this post is legally copywritten, Please do not copy, reproduce, sell, or distribute the printable in anyway.
I hope you enjoy my Debt Snowball Tracker Printable! Drop me a comment below and let me know if it helps you, and definitely come back to tell me when you are DEBT FREE so I can congratulate you for your hard work!
You May Also Like…
Spring Bible Reading Plan
by PaperDreamPrintables | Feb 23, 2024 | Spring
Spring Bible Reading PlanThis post contains helpful information about studying the bible, and provides a free printable spring reading plan that you can use as you study the bible this spring.We are a participant in the Amazon Services LLC Associates Program, which is...
Best Cleaning Products for Spring Cleaning
by PaperDreamPrintables | Feb 21, 2024 |
27 of the best cleaning products for spring cleaning (and where you can find them!)This post contains a list of 27 of the best cleaning products for spring cleaning and where you can find them!We are a participant in the Amazon Services LLC Associates Program, which...
The Ultimate Spring Cleaning Checklist
by PaperDreamPrintables | Feb 20, 2024 |
ULTIMATE SPRING CLEANING CHECKLISTThis post contains helpful tips and recommendations on how to productively clean your house for spring, as well as a FREE printable spring cleaning checklist.We are a participant in the Amazon Services LLC Associates Program, which is...
« Older Entries
Search our entire collection of free printables & downloadable content!
welcome!
Here you will find a beautiful collection of printables for absolutely free. These printables will help you get organized, get through holidays, and plan your life so you have less stress! I am always trying to come up with printables that will help people, so if you think of something that you don’t see here, I’d love to hear from you! Email me at PaperDreamPrintables@gmail.com and I’ll see what I can do about bringing your idea to creation!
