Make a Debt Snowball Spreadsheet with Easy Formulas for Interest Rates | Google Sheets and Excel

[@mychalreynolds2233]

I was crying, until I prayed and asked the Lord to help me find a way to get out of debt. I went to some programs people referred to me. I’m a very frugal person, but I’d didn’t have enough debt for anyone’s assistance. I once was blind and now I see! I am so grateful. The only thing I didn’t put on my list was my school loan. But, I’m on my way. Next my weight, but your method took a hundred pound off of my heart. 😊

[@MrJamieGriffin]

@@mychalreynolds2233 I’m glad this can help you feel in control of your debt!

[@educatorfi]

I appreciate the updated version with more accurate formulas for the interest rates. This is a really high quality spreadsheet and resource to help people pay off debt. Thanks for sharing it.

[@MrJamieGriffin]

You’re welcome! This version of the debt snowball spreadsheet will give people a lot more accuracy to pursue being debt free!

[@AlexMoseleyPhD]

Quick, easy to follow - I prefer making the sheets from scratch as it gives us more control over any changes we make. Cheers from the UK!

[@MrJamieGriffin]

@@AlexMoseleyPhD thanks! I’m glad it was nice and simple to set up!

[@captcontrol]

Hey, thanks for this spreadsheet. I'm about to get radical in my quest to pay off my debt and being able to see how that looks in a spreadsheet was so cool. So here is to paying off 3 years plus of debt in less than 6 months starting January 1, 2025.

[@MrJamieGriffin]

@@captcontrol cheers to being debt free real soon!

[@2swtdee]

Jamie! You are amazing I have been searching high and low for spreadsheets that were practical and reliable and this is it. I hope that both sides of your pillows stay forever cool😂😂. Seriously thank you😊

[@MrJamieGriffin]

Haha glad it’s helpful! That’s a fantastic well wish! 🤣

[@kristinefano7799]

thank you so much for this free tutorial ❤

[@MrJamieGriffin]

@@kristinefano7799 you’re welcome! Glad it’s helpful!

[@Tyler_LN]

Thank you so much, this really helped me a lot.

[@MrJamieGriffin]

@@Tyler_LN glad to hear it!

[@apriejohn]

Thank you Jamie😊

[@MrJamieGriffin]

@@apriejohn you’re welcome!

[@katw4794]

Thank you so very much for this!!!❤😊 you help me out a lot!

[@MrJamieGriffin]

@@katw4794 you’re welcome! Glad it’s helpful!

[@easilyartstudio2784]

Will you make a video on doing this on an iPad? Not everyone has access to to a laptop or computer. Thanks!

[@MrJamieGriffin]

@@easilyartstudio2784 ooo, good question. I will try to do that. I haven’t used my iPad for making videos before so I’ll try to navigate that! Thanks for the suggestion!

[@Jussomerando677]

Thank you very much for this. It works for me and the Mrs. Can you make a video or short explaining the formula for interest only loans. Also when I plug in my wife’s school loan $5.7k at 12.5% with a 70 something payment and drag down, the number starts ballooning out of control even it’s only went up 1k in 10 years. What am I missing?

[@MrJamieGriffin]

@@Jussomerando677 the student loan total is increasing because of the high interest rate and low minimum payment. If you increase the payment enough to cover the interest, it will go down.

[@taunifran3513]

What if one month you pay more than the minimum, how would you account for this on the spreadsheet?

[@MrJamieGriffin]

@@taunifran3513 this is a great question. Any month that you pay more than the minimum you can change the amount in the “payment” column for just that month. Then because of the formulas, it will automatically adjust the remaining rows of that debt.

[@joepushman4171]

How does this work for mortgage, since each monthly payment changes by a few dollars to the principle payment.

[@MrJamieGriffin]

@@joepushman4171 great question! Overall I think it would still be pretty accurate and better than nothing. You could look at your amortization schedule to try and get an idea of how much would be going to principal. If I was tracking my mortgage with this debt snowball spreadsheet, I would just use the formula in this video and then every year or so I might look to see how close the remaining balance is to the true amount, then adjust it in my spreadsheet.

[@joepushman4171]

@@MrJamieGriffin ok great idea, I was thinking the same. Thank you for the response.

[@gabriellaarnold8453]

How do you format the date to just be the "MONTH" and "YEAR"? I tried by clicking "Format" then "Number" but there was no option for formatting it to just the month and year.

[@kinoBot1103]

My minimum payment and interest rate keeps growing when i drag down. Can you help?

[@MrJamieGriffin]

@@kinoBot1103 could you email me a screenshot so I have a better idea of what you mean. Send it to [e-mail]

[@MaraniceP]

Same. Were you able to figure it out?

[@kinoBot1103]

@MaraniceP i hat to copy and paste more manually if that helps.

[@PurgeKing1127]

following your video step by step and everything isnt working for me. Do I need to have office 24 for this or no?

[@MrJamieGriffin]

You shouldn’t need to. I did this in Google sheets, but it should work equally fine in excel. Some of the buttons may be in different spots. What isn’t working in your spreadsheet?

[@PurgeKing1127]

@ once I got office to work on my computer, it worked out for me. Thank you

[@MrJamieGriffin]

@ awesome to hear!

[@sonphung4974]

hm im not sure if this is a snowball debt calculator. Usually the left over amount after paying off debt 1 will be used towards debt 2 and so forth. This creates a snowball effect and should result in paying down the debt faster. This calculator seems to be determining when your debt will be paid off/interest incur if you paid the minimum payment.

[@MrJamieGriffin]

@@sonphung4974 this is a debt snowball spreadsheet and shows how the debt gets paid off faster when you move payments to the next debt once one gets paid off.

[@sarahq8728]

Help please 🙏 what was the complete date formula please? It was hidden from mouse when you said put in 1 but my formula is doing something different 😅 Eg: =EDATE(A3,1) Also I want to say a big thank you for the video looking forward to sorting this out

[@MrJamieGriffin]

@@sarahq8728 that formula looks correct to me! You might need to format how the date looks though to get the same abbreviation as I did in this video.

[@sarahq8728]

@@MrJamieGriffin oh you’re right🤦‍♀️ I forgot to format the cell lol - thanks so much!! I’m starting the 50/30/20 budget then I’ll come back to this one - thanks again!!

[@MrJamieGriffin]

@@sarahq8728 that’s a perfect combination!

[@TameshaFrazier]

Formula keeps coming to error

[@MrJamieGriffin]

@@TameshaFrazier could you share a screenshot of what your spreadsheet looks like? You might be missing a parentheses somewhere in the formula is my first guess.

[@MiiFlawlassSuccess]

I'm a little confused on how this works with a mortgage payment. I created this and all my debt seems to line up well with my payment schedules however my montage column is showing that I will pay it off about 10 years early, before adding any extra payments. Any idea what I could be doing wrong?

[@vandross3]

For mortgage payment I will suggest you use an Amortization Schedule. Excel has a pre populates one with formulas.

[@selime123]

This helped me a lot thank you!!!

[@MrJamieGriffin]

@@selime123 I’m happy to hear it!