Feeling overwhelmed by debts? Grab your free debt payoff planner! Do credit cards, student loans, and car loans feel like they’re controlling your life? You’re not alone! Many of us struggle to track our debts and reach our financial goals.
Here’s the good news: there’s a free tool to help you conquer your debt in the long run. This free printable debt payoff worksheet will be your personal financial sidekick. It will help you organize and track all your debts, from those credit card balances to fogotten auto loans, making it easier to chip away at them and achieve financial freedom.
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If you are struggling to pay off your credit card debt and keep track of how much money you owe, it’s time to take control of your financial situation. This debt planner will allow you to see the big picture of what your debt looks like and help you manage your finances better. It shows you the list of your debts with the most important details and helps you plan the best debt payoff strategy and keep track of your debt payments. With this finance planner, you can see the exact amount of money you need to pay off your debts each month and avoid missing any payment deadlines.
The key benefits of keeping track of your debts:
The first step is to understand which method is better to follow in your specific situation. There are two popular debt payoff strategies to pay off debts, each with its pros and cons:
The debt avalanche debt payoff approach is mathematically superior, as you will pay less interest overall. However, the debt snowball approach is more psychologically appealing, as you can see a quick win in paying off your debts.
Watch the video explaining the difference between these two debt payoff methods.
To make the weighted decision on which method is better for you, use these powerful tools: Debt Snowball Calculator and Debt Avalanche Calculator.
Once you’ve chosen the debt payoff strategy that works best for you, it’s time to list your debts. You can do this on the Debt Dashboard, which is the first page of your new debt payoff planner.
Include all your debts in the “Debt Name” column:
On the same Debt Dashboard page, add basic information about each debt on the list, such as the “Amount Owed” (the starting balance of each debt) and the “Interest Rate.
Additionally, it’s a great idea to have a “Monthly Payment Date” in your planner to ensure you never miss debt payments. Also, include a “Goal Payoff Date” to plan the total debt payoff and ultimately achieve your final debt-free date.
Once you’ve prioritized your debts according to your debt payoff strategy and identified the first debt to focus on, start entering financial information for each debt on the Single Debt pages. The number of copies needed for this page depends on the quantity of debts you have. Print as many as you need.
Each month, add records of the actual amounts paid:
Then calculate the current balance for the next month.
A fun way to see your progress is to build a visual chart of your payments. Use the space above the table to draw a graph with the debt balance on the Y-axis and time on the X-axis.
No matter how you prefer to organize your life — whether it’s with The Happy Planner, a finance binder, a bullet journal, a digital planner, or just a simple 1-inch binder — this free debt payoff planner is a perfect fit for any planning system. Incorporate it into your planner and keep track of your progress as you pay off your debts. So whether you like jotting things down on paper or keeping everything digital, this tracker has got you covered, helping you stay on top of your journey to becoming debt-free!
Add this debt payoff planner pages to your favorite planner:
