Tiller’s Debt Payoff Planner helps you take control of your debt and create a strategic payoff plan. Join Heather from Tiller as she demonstrates how to use this powerful tool within the Tiller Foundation Template. In this video, learn how to:
- Install the Debt Payoff Planner template using Tiller Money Feeds
- Set up your debts with accurate interest rates and minimum payments
- Choose between popular payoff methods: Snowball, Avalanche, or Custom Ranked
- Customize your monthly payoff goal and see its impact on your payoff date
- Integrate your debt payoff strategy with Tiller’s budgeting features
- Adjust your budget to accommodate higher debt payments
- Monitor your progress and watch your estimated interest decrease over time
- Use manual accounts for debts that can’t be automatically tracked
- Preview the next video on exploring the Tiller community and additional templates
For more information on debt payoff strategies with Tiller, visit tillerhq.com/debt
Transcript
Hi, I’m Heather from Tiller. In part six of our “Getting Started with Tiller” video series, we’ll look at the Debt Payoff Planner. It’s a simple yet effective dashboard for organizing all your debts in one place, with calculators to help you strategize how to pay them off.
Setting Up the Debt Payoff Planner
- Launch the Tiller Money Feeds add-on
- Choose “Add and Manage Templates”
- Install the Debt Payoff Planner template
Preparing Your Debt Information
- Connect your debt accounts to Tiller
- Have interest rates and minimum monthly payments ready
- Use the manual accounts option for debts that can’t be automatically connected
Setting Up Your Debt Payoff Plan
- Select accounts from the dropdown
- Enter interest rates and minimum monthly payments
- Activate accounts to include in your payoff journey
- Set a monthly payoff goal
Customizing Your Debt Payoff Strategy
- Choose a payoff method:
- Snowball: Pay off lowest balance first (most popular)
- Avalanche: Pay off highest interest rate first
- Ranked: Customize your own priority
- Adjust your monthly payoff goal to see different scenarios
Integrating with Budgeting Features
- Use categories for “debt payoff” (expense) and “debt payment received” (transfer)
- Adjust your budget to accommodate higher debt payments
- Cut discretionary spending to free up money for debt payoff
Monitoring Progress
- Track changes in projected payoff date
- Watch estimated interest decrease over time
- Note that progress will become visible after a few months of using Tiller
In our next video, we’ll talk about the Tiller community and all the solutions and templates available there to further enhance your Tiller spreadsheet.
