Accelerated Debt Payoff Spreadsheet
Accelerated Debt Payoff
Accelerated Debt Payoff Spreadsheet
There is no greater force holding most people back than that of debt. If you are able to eliminate your debt entirely just think of the lifestyle you could live with no change in income. That is why so many people today are beginning to pursue strategies that aim to pay off debt quicker than simply making the minimum payments. It can allow you to free up your monthly expenses so that way you can live better on a lower income rather than stress yourself out to make enough money to make ends meet every month. The Accelerated Debt Payoff Spreadsheet Excel is a program that has been designed specifically to help you with these goals. By using the Accelerated Debt Payoff Spreadsheet template you will be able to quickly and easily understand exactly what your long-term financial plan needs to look like to hit the goals that you have set for yourself this will allow you to hold yourself accountable and make recognizable progress towards your financial freedom over time as long as you are using the tool properly and consistently.
Accelerated Debt Payoff Spreadsheet template
The Accelerated Debt Payoff Spreadsheet is going to be based on one of the most successful and recognizable debt payoff strategies. It is called the debt snowball strategy. It has gone by other names depending upon who has been teaching the strategy at the time but in general, they all share the same common principles. In the spreadsheet, you will begin by creating a total of all of your debts. List out what the total owed on each that is as well as their interest rate and any other additional details or fees in the appropriate cells. Once you’ve completed filling in all of this data can now order them in decreasing order by clicking on the column title. This will put the most expensive debts of the top and the least expensive at the bottom.
Now before we move on you are going to want to enter in all of the income details this will break things down the order for you to see exactly where you are getting all of your money every month. Make sure to put as much detail in as possible as we want the best picture of your overall financial health as we can get. After you’ve entered all of the necessary information into the income categories you can make the difference between the expenses and the income to get your total net disposable income each month.
With a calculator that is built into the Accelerated Debt Payoff Spreadsheet excel, we can begin to experiment with different payment strategies. Using the debt snowball method you will begin to put all of your extra income every month towards the smallest UL until that account is closed and finalized. Try out different amounts of money paid toward the debt and see how long the computer says that it will take for you to pay it off. Once you find something that seems reasonable and attainable stick with that. Once you have completed things that particular account off you are now ready to move on to the next account. Order all of the debts using the same method from before and pick the new smallest debt that is left after eliminating the last one. Using the money that you were paying towards the previous step already and the additional money that you are using to pay it off quickly pay off the new debt as quickly as you can. Repeat this process until you have eliminated all of your debt. Regularly update the spreadsheet with the necessary information so that way the information is relevant. If there is anything that changes make sure to update as quickly as possible because one of these programs will only work with accurate data.
Now that you have entered all of the necessary information it is safe for us to go ahead and save the file so you can look back at it later on easily. We recommend creating a new folder on your desktop for all of your financial records so that you can easily locate everything. Right-click on the desktop screen and click on the context menu drop-down button that says new. Once the menu screen opens up you’ll see an icon that says folder. Click on this folder and then give it a title so that way you will be able to easily locate the next time you are looking for your finals. After you have completed making a new folder to store your document go ahead and click in the upper left-hand corner of your screen on the spreadsheet program to open up the file menu where you will see the save button. Click on the Save button to open up the save menu where you can give your document a title. Make sure to give it a unique title name so that way you will be able to easily retrieve it if you need to in the future.
After saving your document the last step is going to be printing everything out. Make sure to look at the print preview before you print anything so you do not waste paper. Occasionally the software will design the spreadsheets in a way that does not fit on whichever printer model you have easily. If there are any modifications that need to be made due to being able to easily do so through the print options menu. After having ensured that all of the information will easily fit on the paper you can now go ahead and click print.
Additional Tips on How to Use Accelerated Debt Payoff Spreadsheet excel
The use of the Accelerated Debt Payoff Spreadsheet template has already helped many people achieve a new degree of financial freedom than they had previously imagined impossible. No longer will you necessarily feel the chains of debt holding you down and keeping you back from attaining your dreams? All it takes is a little bit of discipline and consistent action in order to change your financial future. The Accelerated Debt Payoff Spreadsheet is also completely customizable. If there is anything that you would like to have to your spreadsheet that is not already on the template you will be able to easily do so. This allows you to completely make it a perfect fit for you and your unique financial situation. There is no other tool out there that will be able to give you the degree of control that this one will over your financial destiny as long as you use it appropriately.