Free Debt Snowball Excel Worksheet with Chart 6

Download the Free Debt Snowball Excel Worksheet


Click the below links to download the free Debt Snowball Excel Worksheet with Chart.
If you are not familiar with the Debt Snowball method, then please read the steps involved in a Debt Snowball Repayment Plan.

Instructions for using the Debt Snowball Excel Worksheet


  1. On the Debt-Snowball worksheet – review and edit row #2 by entering the names of all accounts where you have outstanding debt, with the account with the lowest balance first, followed by the next account with the next lowest balance.
  2. Clear the excess cells if there are more cells than what you need.
  3. On row 3, enter the outstanding amount for each of those accounts.
  4. On row 4, enter the minimum payment required for each of those accounts.
  5. On cell A6, enter the date when you are starting your Debt Snowball process.
  6. Starting from cell B6, enter the repayment amount for each account until the accounts are paid off.
  7. Note: The cells in gray color are computed cells, you cannot edit them.

Free debt snowball Excel worksheet with chart

Free debt snowball Excel worksheet with chart

Dave Ramsey’s Baby Steps FREE progress tracking charts:

You can read more about the Debt Snowball Strategy blow:

What is the Debt Snowball method for repaying debt?

The debt-snowball method is a debt repayment strategy, in which one pays off the accounts starting with the smallest balances first, while paying the minimum payment on larger debts. This is different from the traditional wisdom of paying the debt with the largest interest rate first.

Why the Debt Snowball plan is a very effective debt repayment strategy?


The reason for the effectiveness of the Debt Snowball method is due to the emotional aspect involved in debt repayment. Most often, people are driven by emotions rather than logic.

Paying off the smaller loans first, will provide a quick victory over debt and will provide an emotional high for the person repaying the debt. This will help them to continue with the debt snowball program. This quick victory will provide the needed reassurance regarding the effectiveness of the Debt Snowball method.

Once you start your debt snowball process, you will notice the amazing part of the debt snowball method. It can efficiently knockout your debt in the shortest possible time.

Generally people who are in debt with a number of charge or credit accounts, use the following strategy. Whenever they come across a little bit of extra money (annual bonus, tax refund etc) they will try to spread that little bit of money to a number of accounts. Then, the next time they get a little bit of extra money, they will send that money to another set of accounts. By doing so they believe, they are effectively dodging all their creditors. This is the most in-effective way to pay off debt.

On the contrary, in the debt snowball method, you will put your most concentrated effort to attack one and only debt with all your might until it is killed.

Once that debt is eliminated, you are freeing up that much money to attack the next debt. This one minded focus on a single debt at a time, will give you enormous power and focus in your debt free journey. This is also exactly why the debt snowball program is so effective.

The steps involved in a Debt Snowball Repayment Plan:


  1. List all debts in ascending order from smallest balance to largest. This is the method’s most distinctive feature, in that the order is determined by amount owed, not the rate of interest charged. However, if two debts are very close in amount owed, then the debt with the higher interest rate would be moved above in the list.
  2. Commit to pay the minimum payment on every debt.
  3. Determine how much extra can be applied towards the smallest debt.
  4. Pay the minimum payment plus the extra amount towards that smallest debt until it is paid off. Note that some lenders (mortgage lenders, car companies) will apply extra amounts towards the next payment; in order for the method to work the lenders need to be contacted and told that extra payments are to go directly toward principal reduction. Credit cards usually apply the whole payment during the current cycle.
  5. Once a debt is paid in full, add the old minimum payment (plus any extra amount available) from the first debt to the minimum payment on the second smallest debt, and apply the new sum to repaying the second smallest debt.
  6. Repeat until all debts are paid in full.

Did you find this worksheet useful?


Is this worksheet useful for you? If so please comment using the comment box below.
Also, please comment if you like to see any improvements on this worksheet or chart.

6 thoughts on “Free Debt Snowball Excel Worksheet with Chart

  1. Reply Idaly Spitz Jul 26,2017 10:01 pm

    Hi, I need to add more columns to my chart but it won’t let me unlock it to add them. Anyway that is possible?

    • Reply Erin Jul 28,2017 1:24 am

      You can unprotect (unlock) the sheet by using the menu “Review=>Unprotect Sheet”.

      When it ask for the password, you need to enter !@#$%^&*()
      Or press the keys from 1 to 0 sequentially while holding the SHIFT key down.

  2. Reply Breann Emily Feb 10,2018 5:07 pm

    Wouldn’t this be inaccurate, considering credit cards have interest rates? Is there a way to incorporate that factor? Thank you

    • Reply Erin Mar 17,2018 11:37 pm

      You are correct. It is not a perfect solution. However you can update the “Total Due” cell every month to reflect the latest amount that is due including the accumulated interest.

  3. Reply Shannon Mar 16,2018 2:18 pm

    Is there a way with this spreadsheet to enter the new total of the debt because of interest that was added to the debt – say between March and April? Let’s say March total bill debt was $1600, paid $200 in March but when I get my bill in April, the new total is $1425.00. How do I account for the added interest each month?

    • Reply Erin Mar 17,2018 11:27 pm

      You can update the “Total Due” cell with the new (latest) value. It is an imperfect but possible solution.

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