If two loans have the same balance amount, make additional payments on the one with the higher interest rate first. Make extra monthly payments on the smallest debt balanceĪs you pay off your smallest debt balance, make extra payments for the next-smallest balance.Continue making the minimum monthly payment on each debt.List your debts from the smallest to the largest remaining balance.
This debt payoff strategy follows these steps: The second step is using the “Debt Snowball Method” to make extra debt payments. You’re likely familiar with Dave Ramsey’s Baby Steps if you are striving to be debt-free. There are free templates for other tasks, including a to-do list, calendar and travel planner. You will find both templates in the Google Sheets template gallery at. If you continue using these sheets for multiple years, you can compare your 20 monthly spending. At the end of each month, you can copy these figures to the annual budget tracker to keep quickly comparing your month-to-month habits. You may decide to use the monthly budget template to track your daily spending. It’s possible to customize each template, but your options are relatively slim versus a Tiller Money spreadsheet.
Most budgeting templates are a zero-sum budget where you assign a budget category for each dollar you earn. You can modify the income and expense categories to fit your personal spending plan.Ĭheck out our Free Budget and Financial Planning Printables as well.
Expenses – Groceries, giving, “His” and “Her” spending, vehicle and gas, etc.Housing expenses – Mortgage/rent, utilities, internet, insurance, etc.Income – You and your spouse’s (if applicable) monthly salary.The Starter Budget takes a monthly look at these categories: You can open the Starter Budget in Microsoft Excel or Google Sheets. Using Well Kept Wallet’s own Starter Budget is free and saves you time. The digital alternative is manually logging each transaction into your spreadsheet.īuilding your own template can be effective, but it’s easy to overlook certain expenses. The simplest budget is writing your income and expenses on a piece of paper. These complex budgeting templates are “too smart.” You may only need a basic budget template that lets you quickly compare your income and monthly expenses.Īdvanced spreadsheets may require too much effort to update or can be confusing to navigate.