The Debt Payoff Goal Tracker is designed to help you set your debt payoff goal and start working on it.
The Debt Payoff Goal Tracker tracks your goal for 12 months, from January to December. However, it does not mean you have to start in January. You can begin a debt payoff goal any month you want.
You can also print two copies of the tracker if you will work on a debt payoff goal for two years, or print three copies if you want three years and so on. Just make sure to label the year.
The tracker is also available in a BLANK Month format, in which you can customize if you want to start on a month other than January. Also, you can fill in “1st Month”, “2nd Month” and so on, if you do not want to use the name of the month.
You can also print multiple copies if your debt payoff goal will take more than twelve months.Check out the Debt Payoff Goal Tracker in Blank Month
Now, let’s fill in the tracker.
#1 Figure out the amount you want to pay off.
You can total ALL your debts and make that your goal. Or, you can also break it down to categories and work on one group at a time.
Examples of categories can be credit card debt category, personal loan category, student loan, etc. Breaking your total debt down into categories will make your goal more achievable.
#2 Determine the number of months you want to pay off your debt.
BE REALISTIC. You have to set yourself up for success. DO not just put any number. The goal of this worksheet is to motivate you, not to discourage you.
You can put any number of months you think you will be able to stick to. I would recommend trying to stay under 24 months. Going beyond 24 months will make your goal seem impossible to achieve.
This is why I recommend breaking your total debt down into categories so that you will come up with smaller attainable amounts to work on.
Quick wins are the best motivator.
#3 Figure out your monthly debt payment.
You can do this by dividing your debt payoff goal amount by the number of months you want to pay off the debt. The result will be GOAL amount to pay off each month.
For example, if my goal is to pay off $12,000 credit card debt in 12 months, my monthly goal amount will be $1000.
You can adjust this based on your situation. If you think your goal amount is too high or too low, you can change the number of months.
On the other hand, do not go overboard. If your monthly goal amount will require you to work more than 10 hours a day and seven days a week, make adjustments on the months.
Although your monthly goal amount is customizable, do not settle on an amount that you are comfortable with. Choose an amount that will challenge you.
Preventing burnt out will help you achieve your goals.
#4 Make your payments.
At the end of the month, fill in the ACTUAL payment amount you made.
Your goal is to come up with the GOAL amount every month. However, there will be months when you will make more income. When this happens, you can add extra to your monthly debt payment.
The extra payment will give you a buffer for months when you will make less or has to deal with big expenses.
#5 Calculate the balance.
You can calculate the BALANCE by subtracting the actual payment from the previous BALANCE.
If you are dealing with interest, you will have to take the current balance from your statements or your online account.
Do this every month until you meet your DEBT PAYOFF GOAL.
Make sure to keep this chart! You can display it and use it as a motivation for your next debt free goal.
If you are interested with the Debt Payoff Goal Tracker in Blank Month Format, you can GRAB IT HERE.