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Looking for some help to get out of debt quickly? Here’s our guide on our most popular debt snowball worksheets!

What is the debt snowball method?

With the debt snowball method, you pay off your debts one at a time- in order from the lowest balance owing to the highest. You’ll continue to make the minimum payments on all debts. 

Should you pay off the smallest debt first?

Using the debt snowball method, you’ll pay off your smallest debt first. You’ll be able to check a debt off your list really quickly, boosting your motivation to keep going! 

Once your first debt is paid off, you’ll roll its payment into the next debt. Each time a debt is paid off, you’ll have a larger and larger payment to roll into paying off the next one. 

What is the best debt payoff method? 

The debt snowball and debt avalanche methods are two of the most common debt payoff methods. 

They both follow the same principle, which is focusing on just one debt at a time. 

The debt avalanche method focuses on your highest interest rate debts first, followed by your debts with the lowest interest rates. 

The debt snowball method will help to keep you motivated because you can pay off individual debts sooner. 

The debt avalanche method is best if all of your debts have the same balance owing (or pretty close). In this scenario, you may be better off to focus on the higher interest rate debts first, because regardless of which one you start with- it will take you the same amount of time to pay that first one off. 

Continue the process until you’re debt-free!

Here are 3 Debt Snowball Worksheets you can use to pay off your debt faster:

1. Debt Snowball Calculator (available for Google Sheets and Excel)

How it helps: Find out when you’ll be debt-free! This handy calculator takes all of the excuses out of starting to pay off your debt. Plug in each of your debts, and instantly see the date you’ll be debt-free.

2. Debt Snowball Printable Worksheet (printable PDF)

How it helps: Find out when you’ll be debt-free + track your progress as you go! The pen and paper alternative to seeing how long it will take you to pay off your debt with the debt snowball method.

3. Debt Repayment Tracker (Printable PDF)

How it helps: This printable tracker makes paying off your debt a little more fun 😊 color in each block as you make payments, and watch your balance owing go down. You can use this one for both the Debt Snowball and Debt Avalanche methods.

Debt Snowball FAQs:

Should I pay off my debt before saving money?

Before paying off your debt, make sure you have an emergency fund saved to cover any unexpected expenses during your debt-free journey. 

Without an emergency fund, you will need to use your credit card(s) when an unexpected cost arises, sending you further into debt. 

The general recommendation for an emergency fund is 3-6 months worth of living expenses (in case you were to unexpectedly lose your job). It’s okay to start with a smaller amount, like $1000, before paying off your debt- just make sure to add more to it once you’re debt-free.

After your debt is paid off, you’ll have more money every month to save save save!

What can I do to pay off my debt as quickly as possible?

If you want to get out of debt as quickly as you can (as we all do!), here’s what you need to do:

1. Focus on one debt at a time
2. Reduce your spending habits, and put the money that you save on your debts
3. Start a side hustle or second job, and add your earnings to your debt repayments

What tools do you use to keep track of your debt-free journey? Leave your best tips in the comments!