Debt Ditchers Snowball Tracker

The debt snowball is the method of paying off debt by starting from the smallest debt to the largest debt. This method is best for those who need motivation along the way.

Studies also show that people who use the snowball method have a better tendency to stick with their goal and actually succeed.

The Debt Ditchers Snowball Worksheet is used for tracking your debt payoff progress using the Snowball Method.

This debt snowball worksheet tracks your progress in a 12-month period. Although this tracker starts with the month of January, you can still start on the month of your choosing.

Now, let’s start filling in your debt snowball worksheet.

  1. Pick the month you are starting your debt payoff plan.
  2. On a separate sheet of paper, list all kinds of debts you have, the creditor, the amount and the minimum payment. List down everything except your mortgage. Your list may include borrowed money from friends/family, a loan from a bank, medical debt, credit cards, and others.
  3. Rank the debts from smallest to largest. Debt #1 will have the smallest debt amount and Debt #4 will have the largest amount.
  4. Add up all the debt and fill in the STARTING BALANCE with the total.
  5. Fill in your DEBT row starting with Debt #1 until Debt #3.
  6. Fill in the MINIMUM PAYMENT with the corresponding amount of each debt.
  7. Based on your monthly budget, figure out the amount you will allocate for debt payments each month. The amount should be beyond the total minimum payments. BE REALISTIC! You need to set yourself up for success.
  8. Using your debt payment budget, pay the minimum of all the debts except Debt #1.
  9. All the left-over money from your debt payment budget will be used to pay Debt #1.
  10. Now, find a side hustle, work overtime or sell your stuff to earn extra money for Debt #1.
  11. At the end of the month, add up your new balance and put the total on the ENDING BALANCE. Knowing your starting and ending balance will give you motivation as you see your progress.
  12. After that, continue to work hard until you paid off Debt #1.
  13. Once Debt #1 is paid off, move to Debt #2. This time, whatever amount you were paying on the Debt #1(minimum payment + extra payment), you will include it on your payment to Debt #2, thus the snowball effect.
  14. Repeat the process until all debts are paid off.

Once you paid off all of your debts, give yourself a BIG pat on the back but do not throw away the papers. Keep it as a reminder for your hard work and as a motivation to stay away from any kind of debt.

The Debt Ditchers Snowball worksheet is an evergreen product. Therefore, you can print more copies if your debt payoff plan will take more than 12 months. Just make sure to label the year.

Do you have more than 4 debts to track? You can check out:

Debt Ditchers Snowball Tracker for <10 Debts.

Debt Ditchers Snowball Tracker for >10 Debts.

Goodluck and God Bless on your Debt Free Journey!