Debt Payoff Planner. Free Planner Printables
Feeling overwhelmed by debts? Grab your free debt payoff planner! Do credit cards, student loans, and car loans feel like theyโre controlling your life? Youโre not alone! Many of us struggle to track our debts and reach our financial goals.
Hereโs the good news: thereโs a free tool to help you conquer your debt in the long run. This free printable debt payoff worksheet will be your personal financial sidekick. It will help you organize and track all your debts, from those credit card balances to fogotten auto loans, making it easier to chip away at them and achieve financial freedom.
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WHY DO YOU NEED THIS DEBT PAYOFF PLANNER
If you are struggling to pay off your credit card debt and keep track of how much money you owe, itโs time to take control of your financial situation. This debt planner will allow you to see the big picture of what your debt looks like and help you manage your finances better. It shows you the list of your debts with the most important details and helps you plan the best debt payoff strategy and keep track of your debt payments. With this finance planner, you can see the exact amount of money you need to pay off your debts each month and avoid missing any payment deadlines.
The key benefits of keeping track of your debts:
- Visibility: Having a bird-eye view of how much money you owe on each debt, the interest rates, and the smallest amount you need to pay each month gives you clarity clarity in understanding exactly what you owe and what you need to pay.
- Financial Awareness: Understanding your debt obligations makes you more cautious with your spending habits, ensuring you have enough for your monthly payments.
- Budget Planning: With visibility into your debt goals, you can allocate funds more wisely to cover debt payments and prioritize extra payments to pay off debts faster.
HOW TO USE FREE DEBT TRACKER
Choose The Right Debt Payoff Method
The first step is to understand which method is better to follow in your specific situation. There are two popular debt payoff strategies to pay off debts, each with its pros and cons:
- Debt avalanche method: Prioritizing the highest interest rate debt and paying off this debt first.
- Debt snowball method: Prioritizing the debt with the lowest balance and focusing on paying off this debt first. Then repeat with the next smallest debt.
The debt avalanche debt payoff approach is mathematically superior, as you will pay less interest overall. However, the debt snowball approach is more psychologically appealing, as you can see a quick win in paying off your debts.
Watch the video explaining the difference between these two debt payoff methods.
To make the weighted decision on which method is better for you, use these powerful tools: Debt Snowball Calculator and Debt Avalanche Calculator.
Step-by-step Plan for Using This Debt Payment Tracker and Planner
1. Make a List of Debts
Once youโve chosen the debt payoff strategy that works best for you, itโs time to list your debts. You can do this on the Debt Dashboard, which is the first page of your new debt payoff planner.
Include all your debts in the โDebt Nameโ column:
- Credit Cards
- Auto Loans
- Medical Bills
- Student Loan Debt
- Mortgage
2.Add the Debt Information
On the same Debt Dashboard page, add basic information about each debt on the list, such as the โAmount Owedโ (the starting balance of each debt) and the โInterest Rate.
Additionally, itโs a great idea to have a โMonthly Payment Dateโ in your planner to ensure you never miss debt payments. Also, include a โGoal Payoff Dateโ to plan the total debt payoff and ultimately achieve your final debt-free date.
3. Plan Your Payments
Once youโve prioritized your debts according to your debt payoff strategy and identified the first debt to focus on, start entering financial information for each debt on the Single Debt pages. The number of copies needed for this page depends on the quantity of debts you have. Print as many as you need.
- Title each page with the debt name, and then enter your plan in the table below.
- The best option is to list all the months needed to pay off this debt. The table has 12 rows for months, but if you need more space, feel free to print an additional page.
- Start by adding the current balance for the first month. This will serve as the starting point for your plan.
- Forecast your payment plan by summing up your minimum payment and any potential additional payments.
- Record the mandatory monthly minimum payments to see your obligations.
4. Track your progress
Each month, add records of the actual amounts paid:
- Minimum payments (planned)
- Additional payments (forecasted, but the actual amount can vary)
- Interest payments (often depend on the remaining balance)
Then calculate the current balance for the next month.
5. Visualize your journeyย
A fun way to see your progress is to build a visual chart of your payments. Use the space above the table to draw a graph with the debt balance on the Y-axis and time on the X-axis.
Need more printables for personal finances?
WHERE TO USE THIS FREE DEBT PAYOFF TRACKER
No matter how you prefer to organize your life โ whether itโs with The Happy Planner, a finance binder, a bullet journal, a digital planner, or just a simple 1-inch binder โ this free debt payoff planner is a perfect fit for any planning system. Incorporate it into your planner and keep track of your progress as you pay off your debts. So whether you like jotting things down on paper or keeping everything digital, this tracker has got you covered, helping you stay on top of your journey to becoming debt-free!
Add this debt payoff planner pages to your favorite planner:
- Erin Condren Live Planner
- The Happy Planner (MAMBI planner)
- Carpe Diem Planner
- Bullet Journal
- Passion Planner
- Goodnotes App
- Any other paper planner
- Any other digital planner
- Any planner binder
Need more planner printables? Check our shop:
All printable template pages are rectangle. Thatโs why itโs really easy to cut them out without any special tool, like Gyro-Cut or electronic cutting machine (Silhouette machine or Cricut). All you have to do is to print and cut even with your scissor, paper knife or paper trimmer. As simple as that!
Follow the Print and Cut instructions for the best result.
HOW TO DOWNLOAD PRINTABLE TEMPLATE
This printable planner template is totally free! You donโt have to join any community, secret club or give any other commitments to download them.
Follow these simple steps to get the files:
- Click the download button DOWNLOAD FREE DEBT PAYOFF PLANNER below
- Add the free item to your cart
- Complete your order
- Check your inbox and download the file
For your convenience all the files will be sent to your email. Please, double check the email you are entering during checkout.
There are no download limits or expiry dates. You will have lifetime access to the file. But, please, be sure you follow the TERMS OF USE.
WHAT IS INSIDE YOUR DIGITAL DOWNLOAD
Once your order is placed, you will receive an email with the attached ZIP file. You will need software to open this file.
ZIP file contains:
- 1 PDF file for US Letter size paper
- 1 PDF file for A4 size paper
TERMS OF USE
This free printable planner template is for personal use only. You can print as many copies as you need for your personal use.
โ Print as many copies as you need for your personal use
โ Perfect to use for your planner, journal or notebook
โ NO reselling digital or printed copies
โ NO sharing or distributing for free
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