Dave Ramsey Debt Snowball: Paying Off Debt Spreadsheet

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debt snowball worksheet

A tool to help you get out of debt

The intention of this free debt snowball spreadsheet is to allow you to maintain two necessary ingredients of paying off debt.

  1. It is a tool to help you get organized.  To help you get organized you’ll want to have one of the best personal finance software.  This could be a free money tracking program like Mint or another paid option.  Throughout this process you might want to keep you eye on your credit score.  To do this you can sign up for a free account with Credit Sesame.
  2. It is intentionally designed to keep you motivated.

This tool is especially helpful if you are trying to get out of credit card debt and following Dave Ramsey‘s teachings regarding the debt snowball.  If you are not familiar with the debt snowball here is an explanation of the debt snowball.

Debt Snowball Spreadsheet Features

This snowball worksheet has four main categories.

Paid off debt

When you first start your debt reduction plan, this category will probably be empty.  That’s alright.  It won’t be blank for long.  Each time you pay off a balance, write on the debt snowball spreadsheet what the money was for, how much you paid off, and the date you paid it off.  Also, remind yourself of what you did to celebrate.

This keeps all of your accomplishments in front of you.  You can remind yourself of everything you have accomplished as you work towards paying off all the money you owe.

Actively Working Towards Paying Off

In this category, you highlight the one debt that you are making extra payments towards.  All of your focus and energy is on this one balance.  Your new number one enemy.

In order to keep a carrot in front of you, list what you will do when you pay off the debt.  Keep the celebration proportionate to the accomplishment, but don’t be afraid to reward yourself for some excellent progress.

Next Debt To Pay Off

There is still another debt on deck.  Be mindful that this sucker is next.  In this section, be sure to add your pay off motivation – why do you want to pay off this balance?  How is life better without that burdne?  List it and keep it in front of you.

Remaining Debts

These funds are only receiving minimal attention – you’re making minimum payments each month.  For now, you’re satisfied to tread water with this money owed until they move up into the next debt category or actively working towards group.

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Download the worksheet now -[download id="6"]

Which debt should you pay off first – debt snowball?

Some say the one with the highest interest rate.  Others say the one with the smallest payment.  Still, others say the debt you hate the most (biggest motivational pay off).  The smallest payment approach seems to be the most effective method to motivate people to pay off debt.

Download your free debt snowball spreadsheet with the debt reduction worksheet.

Here are three articles you might want to read to help you get started.

  1. Getting out of Debt: A simple first step suggests you track your receipts for a month.
  2. Getting out of Debt: A second step suggests you get your hands on 10% of what you make in a month.
  3. Getting out of Debt: Step three suggests you get passionately intense about becoming debt-free.


  1. Kimberly Fletcher says

    hi craig,
    thanx for ur free offer of the spreadsheet that works with “snowball debt”,,i have already started!!!! and u were right. i DO feel better and am making better choices.
    i paid off my smallest credit card debt in full (thank God for Christmas bonuses!!hahaha), and used that money to increase my payment on the next highest credit card debt. im also buying things from my neighborhood stores in cash,,something i used to do was just ask for whatever i wanted, and pay on pay day. i became caught up in a vicious cycle. i would just get my pay so i could cover what i had already bought.
    now i want to take advantage of making a budget, BUT THE LINK DOESNT LET U DOWNLOAD THE SPREADSHEET,
    could u plz check into this as i want my momentum to keep growing cuz this “snowball” strategy really works. :)
    again, thank u,
    God bless u always,

    • Craig says

      Isn’t it amazing how a little financial progress has a huge impact not just on your finances, but also your emotions? Sounds like you’re starting to make some good choices and attacking your debt. All I can say is keep up the good work.
      If you ever need any encouragement or advice, please let me know.

  2. Lisa Lewis says

    RE: Debt reducttion spreedsheet

    I am unable to access this document can you send it to me. Everytime I click it it gives me an error.
    Lisa Lewis

  3. Craig says

    Hey, all.
    I’ve updated the link. It should be working now.
    1. Click download
    2. Click save
    3. The document will appear as read only. Just click save as and save it somewhere in your own documents.
    4. Get out of debt!

    • Cyndie says

      I feel stupid…I have clicked on every “download” on this page and I can not find the spreadsheet. Can you please help me?

  4. SoonToBeMrsN says

    Another great article! I’ve spent the majority of my afternoon reading your articles and comments. Dave Ramsey’s approach has been very beneficial to us in paying down our debt; by not only using the snowball effect, but also with the Zero Balance Budget. We have a budget for everything, I mean everything! Once the money is spent, no more spending can occur in that budget until it is replenished. For example, we have a budget for our car repairs/tires- this budget continues to grow as it is not something we use everyday. When a light comes onto the dashboard, we don’t panic wondering how we’ll pay for it because we know there’s a budget for that exact purpose. Thanks again for such a great article.

  5. says

    Well, I would say that snowball method can really help to get out of the best and, to my mind,
    this method is the best. There’s also an avalance method, an opposite to snowball, every one chooses a method that allows to pay debts efficiently and suits to a personal financial situation. I am sure, if you decide to pay off the debt you should choose a strategy and make a plan. Getting out of the debt can not be spontaneous, it’s a hard job and can not be taken lightly.

    • says

      It is interesting when we talk about strategies because those come secondary to focus and commitment. I think you’re right that any strategy a person choses will be very helpful.

  6. TT says

    Thank you for the well written article. It was just what I was looking for. Unfortunately I was unable to locate the download for the debt snowball spreadsheet. I could only find the debt reduction spreadsheet. Is there a second spreadsheet? If so can someone please email me.

  7. says

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    previous to and you are just too great. I actually likke what you’ve acquired
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  8. says

    The purpose based process to the other hand might take more time
    while you need to achieve a specific amount so that you
    can claim the highlighted reward.

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