How to Use a Debt Pay Down Worksheet
How do you pay down debt?
If you are struggling to get out of debt then you will love this worksheet I have for you.
I am sure you can agree that paying down debt is extremely difficult.
Being able to find extra money to put towards your debt each month is hard, but when you stay organized you can pay off your debt faster.
If you have trouble keeping track then download my Budget Binder and start using the Debt Pay Down Worksheet.
It will help you to keep track of each creditor that you currently owe money to.
For example, you can print a copy of this debt payoff planner for your car loan and then another copy for a credit card that you have.
This will help you to keep track of your debt and help you to stay organized while paying it off. You can track the interest rate, balances and all payments that you make.
DEBT PAY DOWN WORKSHEET
On the Debt Pay Down Worksheet there is a place for you to fill in the following information:
Interest rate
Minimum payment amount
Due date
Extra payment
Payment Sent
Remaining Balance
Interest rate
Adding in the interest rate for each creditor you have will help you to see which loans need to be paid off first. When you have extra money each month you can reference these worksheets and see which one has the highest interest rate to pay an extra payment towards.
Minimum Payment
Fill in the minimum amount due so that you can easily budget that amount each month. Plus, you can compare and contrast the loans or credit cards you have to see if you could possibly consolidate.
Due Date
Always fill in the day the payment is due each month so that you don’t miss it and get assessed a late payment fee. Doing this will also help you to figure out how much money you will need from each paycheck to put towards all of your creditor payments
Extra Payment
This column is to help you keep track of any extra payments you make so that you can cross-reference the remaining balance each month. I also like to add a little extra each month to the creditors that have the highest interest rate to help pay it down faster. Even if it is only an extra $10 per month. That would be $120 for the year.
Payment Sent
This is here to help you stay on track. I like to put in the date I sent the payment to make sure I don’t forget to send a bill. You can also just put a checkmark in the box when you pay it each month.
Remaining Balance
Each time I make a payment I fill in my remaining balance so I can see what is owed for each creditor. Doing this will help you to make better decisions with your money so you can pay down your debt faster.
This Debt Paydown Worksheet will help you to decide which debt you are going to try to tackle first.
Be sure to download a FREE copy of my Budget Binder so you can start using a Debt Paydown Worksheet to get out of debt.
How do you keep track of your finances? Let me know if you use a debt paydown worksheet in the comments below.