Note that some of these help you evaluate the avalanche method as well. Print any of the formats to create rough outlines of your prioritization, or use the Word and Excel versions to draft your thoughts online. So here are some of the best free debt snowball spreadsheets for Google Sheets and Excel. Task Priority Matrix Template Leveraging the Eisenhower Principle of workload management, this template provides large spaces for each quadrant in the matrix. Free Debt Snowball Spreadsheets for 2024Ī spreadsheet is one of the most helpful tools for planning the best debt payoff strategy for your situation. It can be easily modified to include additional sections if needed. You’d then direct your attention to your auto loan, student loans, and finally your student loan. This prioritization matrix template is a Microsoft Excel spreadsheet that you can modify to suit your specific needs. A disorganized project leads to chaosand chaos leads to subpar work. Before you jump away and download it, here is some background to this template. Decision-Making Matrix Template for PowerPoint 10. Now coming back to cool Excel stuff, in this post I am sharing an amazing Excel Template that can help you manage your daily/weekly tasks with ease (and its fun to use) TASK MATRIX. In the example able, you would pay off your credit card debt first, because it has the highest interest rate. BCG Matrix Whiteboard Template by ClickUp 7. Using this method, you pay off the debt with the highest interest rate first, regardless of how much you owe. It can also be used to prioritize projects themselves, although opinions are mixed on whether this usage is a good idea. While more people have success with the debt snowball method, the avalanche payoff approach is the best option mathematically. A project priority matrix also known as a prioritization matrix can help you work out and negotiate priorities for a project. Also consider the avalanche debt payoff method And before you know it, debt freedom will be yours. And three large field experiments based on actual credit card data published in the Journal of Consumer Research found “focusing on paying down the account with the smallest balance tends to have the most powerful effect on people’s sense of progress – and therefore their motivation to continue paying down their debts.”īy the time you’re ready to attack your largest debt, it will feel achievable. Trying to pay off $98,814 in debt is daunting, but paying off $1,766 doesn’t sound so bad.Ī study from the Kellogg School of Business at Northwestern University found that consumers who used the snowball method paid off their debt faster. These small wins are built into the snowball method, which is why it is so effective. Studies show that small wins are the single most important factor in accomplishing a hard task. Then, you’d focus on your monthly auto loan payments and finally your student loans. Then, when that was paid off, you’d take the money you were using towards your medical bill and apply it to your credit card bill. Using the debt snowball method, you would pay off your medical bill first. Here’s an example of the debt snowball method in action:
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