How to Make a Debt Avalanche Spreadsheet in Google Sheets and Excel to Pay Off Debt

[@courtleveille6544]

Really appreciate your videos man thank you!

[@MrJamieGriffin]

@@courtleveille6544 you’re welcome! ☺️

[@devynelliot8839]

Might I suggest just including the monthly interest accrual in the formula itself? =$C2-$B3+($C2*[Your % Here]%/12).

[@MrJamieGriffin]

I’ve actually done this for my debt snowball consult service. I tinkered around after making this video and I agree, it works much better and is more accurate.

[@albertwhiting9465]

Dont forget to add in the difference between minimum payment and pay off amount to the next debt for that month. Example: If payoff is 260.00 and minimum payment is 300, don't forget to take the 40.00 and add to minimum payment on the next debt for that month.

[@MrJamieGriffin]

Thats a great point! Which means that if you follow the exact same method I show in this video, you’ll probably get out of debt faster than expected if you apply the difference to the next debt.

[@rdiasbertrand]

Maybe multilply the previous month balance by the monthly % in the formula to make it more accurate ? love the video. thank you.

[@MrJamieGriffin]

Awesome suggestion! I just started offering a service to make debt snowballs for people and added a column for the interest rate. From there I was able it include the interest rate into the formula really easily! Thanks for the suggestion!

[@taylorward7620]

So helpful! Thank you!

[@MrJamieGriffin]

You're so welcome! Glad it was helpful!

[@deadstar962]

is there a way to see how additional payments would affect the payoff date??

[@MrJamieGriffin]

Yes! If you change the amount in the payment column for any month, it will automatically adjust the spreadsheet based on that additional payment. It's a fun way to play around with your debt free date. Try adding extra payments when you get a tax return or have an extra paycheck month and see how that impacts your debt free date. It can be really motivating to tinker around with.

[@gregedwards7895]

Great video, man. Very informative!

[@MrJamieGriffin]

Thanks! Glad it’s helpful! I’m working on a new one comparing using the debt snowball vs a debt avalanche. It’ll be using real debt amounts and interest rates from someone who follows my content!

[@deadstar962]

what are those green blue and purple tabs next to your normal tabs in chrome??

[@MrJamieGriffin]

You can group tabs together so you can minimize the number of tabs showing across the top of chrome. If you right click you can create a group

[@wynishawitt4300]

For a Mortgage would you put the just the principal payment in the spreadsheet or would you only use this method for credit cards and loans?

[@MrJamieGriffin]

For a mortgage, many people don’t include that in the debt snowball spreadsheet. However if you’re looking to pay your mortgage off early, I round definitely include your monthly payment in the spreadsheet. It’s pretty cool to see how fast you can pay it off when all your other minimum payments are applied to the mortgage

[@wynishawitt4300]

Thank you!

[@deadstar962]

U r a genius

[@MrJamieGriffin]

Thanks! :)

[@bhavneshparikh8283]

i did not receved this file pl rpvide link so i can downlaod it?

[@MrJamieGriffin]

Check out the links in the description.

[@bhavneshparikh8283]

I have so many time to provide email id but i can not get this excel file

[@MrJamieGriffin]

The file for a debt snowball was delivered in an email. You can sign up for it again through the links in the description. That is the only free file download I have

[@bhavneshparikh8283]

@@MrJamieGriffin I have already so many time to try it but I can not received any file but your email was so many recived