7 Best Free Debt Snowball Spreadsheets for 2023

A debt snowball spreadsheet is one of the most effective tools for tackling your debt payoff goals in 2023.

It’s based on the popular debt snowball payoff method, with three simple principles:

1. List all your debts by how much you owe.
2. Aim to pay off the smallest debt first.
3. When the first debt is gone, increase the monthly payment on your next smallest debt until it too is paid off.

While the avalanche debt payoff method is the best option mathematically, most people find it harder to follow compared to the debt snowball method. More people have success with the snowball approach.

Debt payoff has greater urgency in 2023

Managing debt is a normal (if stressful) part of most people’s financial journey.

But debt payoff is critical in 2023, as many of us are dealing with higher levels of credit card debt even as interest rates surge to historic highs.

Simply put, if you have high levels of debt (especially credit card debt), now is the time to make a plan to pay it off.

Free Debt Snowball Spreadsheets for 2023

To set you up for success, here are some of the best free debt snowball spreadsheets our team of spreadsheet experts has found for 2023.

Debt Snowball Spreadsheet from Reddit

This is a simple, 12-month debt-tracking spreadsheet that can help you track a snowball or avalanche strategy. It’s a good starting template for further customization.

Learn more and read comments about this template.

Debt Snowball Worksheet from Healthy Wealthy Skinny

This simple Google Sheet from Healthy Wealthy Skinny allows you to track up to ten debts over the course of three years. You can strategize your debt snowball before breaking down your monthly payments to a granular level, including recording the portion of each payment that’s interest, and what the remaining balance will be each month.

Note: there are no graphs included with this spreadsheet, for those who are motivated by visuals.

Debt Spreadsheet for Excel from Wise Woman Wallet

This Excel sheet from Wise Woman Wallet allows you to use not just the debt snowball and avalanche methods, but also what the creator calls the ‘debt volcano’ method.

This method sorts your debt payoff ranking by your frustration and emotions towards each individual debt. If one debt makes you angrier than another, you channel that emotion to fuel your motivation and pay it off first.

There are no graphs or visuals with this spreadsheet, but you will be able to quickly view your total balance. This sheet will need to be updated manually each month.

Debt Reduction Calculator for Excel

Not a debt snowball spreadsheet, this simple credit payment calculator template can help you calculate the amount of money you must pay each month to fully repay your debt. You can also view the monthly payment amount and the total interest paid if you make extra payments. You can use this tool to change your repayment plan and see how much longer it will take you to repay your loan.

Money and Budget Snapshot for Excel

While this simple Excel template isn’t a debt snowball calculator, it can quickly give you an idea of what you can afford to pay toward your debt after budgeting for your big living expenses. (Here’s a free Google Sheet version.)

Simple Debt Snowball Spreadsheet from Roadmap Money

All of the spreadsheets on this list are easy to use. But if you have a particularly acute spreadsheet phobia, you may want to check out this simple debt snowball spreadsheet from Roadmap Money.

Input each debt from smallest to largest, and this spreadsheet will quickly give you a countdown to your debt freedom date.

Debt Reduction Calculator from Vertex42

The Debt Reduction Calculator from Vertex42 is a spreadsheet that gets a little more intricate. The first page allows you to input your debt and select your payoff strategy: Snowball, avalanche or stair-stepper – the last of which is a unique combination of the snowball and avalanche methods.

If you choose the snowball method, there is a handy chart that will show you your projected progress. There is no such chart for the avalanche or stair-stepper method.

Whichever method you choose, there will be a separate tab where you can log your payment schedule.

Debt Snowball Spreadsheet from Life and My Finances

This spreadsheet from Life and My Finances will help you plan out your debt snowball payoff plan for up to 16 debts over the course of up to 120 months.

You can add more debts or time, but odds are this sheet will have you covered as-is, tracking every penny along the way. While it is extremely detailed, there are no accompanying charts.