How to Create a Debt Snow Ball Calculator in Excel

[@BarbHendersonconsulting]

Thank you so much for watching my video. If you have any suggestions for future topics please leave them in the comments below.

[@gabeGgriffin]

This was excellent! Stayed up late and now have a definitive plan for conquering our debt! :)

[@BarbHendersonconsulting]

You got this!

[@pa-lon77pisces10]

Great spreadsheet and all calculations work for me. How would you include fees not included in current balance. For example, if someone has $200 automatic payments every six months to PayPal, monthly/bimonthly streaming fees, or annual credit card fees?

[@BarbHendersonconsulting]

you would need to create an extra column for fees coming off through out the year

[@pa-lon77pisces10]

@@BarbHendersonconsulting Thank you

[@ExcelForFreelancers]

Thanks Barb, very well done :)

[@peace.n.blessings5579]

Thank you do much for creating and uploading this helpful informative video. Appreciate your time and pace of the video. X

[@BarbHendersonconsulting]

You are so welcome!

[@willswigart9270]

Hi Barb, well done on your calculator. I have another question, although similar not the same. I am behind on my property taxes by a couple of years. I want to catch up and can devote $1,000 monthly to this effort. For simplicity and near truth years past 2022 $7,500, plus interest at 12% from December 2022, 2023 at $8,000 plus interest from December 2023, and 2024 at $8,500 plus interest at 12% from December 2024, and so forth going forward. When would I catch up with annual due date? Perhaps $1,000 monthly is not sufficient, each year has to be fully paid by 36 months after each annual due date of April 30.

[@BarbHendersonconsulting]

You can download a copy from my free templates on my templates page www.easyexcelanswers.com/templates.html and then plug the numbers in a see.

[@kimgabriel7830]

This is just what I was looking for, thank you.

[@BarbHendersonconsulting]

Glad I could help!

[@jimmymoore5143]

The method you are are using is for amortized debt (home loan, car loan, etc). You can't accurately use this for credit card debt that compounds the interest into the principal balance daily.

[@BarbHendersonconsulting]

the accountant that I created this for originally never had a problem with the calculations

[@nuvey7939]

Great information. Lots of calculators online, but none show the actual pay off dates, just the final pay off date.

[@BarbHendersonconsulting]

Thanks, the final pay off date is the best I can do

[@nuvey7939]

@@BarbHendersonconsulting No, your calculator shows me the pay off for each individual bill. Or at least I can read it. That's what I've been looking for so I can automate my bill pay. Your calculator is the best one I've found. Others, only show the debt free date, which isn't what I need

[@leletgracecastillo7412]

Wow! I've been searching for this formula... Thanks soooo much for this video.... new subscriber here... :)

[@BarbHendersonconsulting]

Glad it was helpful!

[@sagit74]

What about the debt avalanche? Is there a way to set up a payment schedule for the most efficient way to pay off debt with a certain amount paying every month. For example if the loan amounts and interest rates vary greatly. In order to same the most money in the long run. Is there a way to calculate a payment schedule based on saving the most money while paying off debt?

[@BarbHendersonconsulting]

I have not worked on that either

[@ViiCkiiLiiciiOus]

this is exactly what I needed. Thank you so much! very much appreciate!!

[@BarbHendersonconsulting]

Glad it was helpful!

[@heinvinrtoc4926]

Is there a formula to determine how much you need to pay if you want to pay on a certain date? For example, if I want everything paid by October 2021, is there a formula to show how much you need to pay to reach that goal?

[@BarbHendersonconsulting]

I do not know of a formula off hand that would do that

[@melissahelm4900]

What do you mean when you say your going to F for the interest rate?

[@BarbHendersonconsulting]

The F column is where your are calculating interest for the send credit card.

[@jordanlynch2020]

I am trying to use this to calculate my student loans but I am getting an error, not sure why. For example, one loan has an interest rate of 3.4%. The payment is $5.60 a month and the principal is 2,943.46. Is the error because I am dividing the rate by 12, when I shouldn't be? or because the payment is so low?

[@BarbHendersonconsulting]

use the future value FV with 0 as the future value

[@differentkim]

Hi. What do you mean when you say the interest is F4? I'm familiar with the key but when I hit shift/F4 it doesn't match your results. What am I missing with the F4 bit?

[@BarbHendersonconsulting]

The F4 key absolutely references a cell. The alternate to this is placing $ around your value in the formula. $A$2, When you click on the A2 in your formula and click the F4 key, it should do this automatically

[@sagit74]

Is there a way to calculate to figure out how to pay the least amount in interest?

[@BarbHendersonconsulting]

I have not worked on that

[@nigelmudoka2422]

Are you able to create a template that I can download? Please.

[@BarbHendersonconsulting]

if you email me at [e-mail], I will send you a copy

[@carlabaptiste2213]

Thank you.

[@BarbHendersonconsulting]

Welcome!

[@KatoNamus]

Thank you

[@BarbHendersonconsulting]

You're welcome