Working the debt snowball method? Then your debt tracker is at the heart of your debt-free journey. They’re a map to your destination and a guide for getting there.
They also record your progress and accomplishments, as well as helpful reminders of how far you’ve come.
There are countless debt tracking apps out there, but for some people, the pen-and-paper method is just more effective.
To help you find the perfect worksheet, we’ve sifted through many debt trackers online and selected our favorites so that you don’t have to hunt them down yourself.
This list is full of beautiful yet functional debt snowball printables you’ll love filling in.
The best part? They’re all free!
Must-Try Free Debt Snowball Worksheet Printables
If you’re looking for free debt snowball worksheets that you can print, check out this list:
No-Nonsense Style: Dave Ramsey Snowball Sheet Printable
- from Dave Ramsey, the creator of the Debt Snowball method himself
- complete snowball instructions
- debt-focused view
- with room for payment updates as you finish off each debt
For Long-Term Thinkers: EndThrive’s Debt Tracker
- for those who want a bird’s-eye view of their payoff progress
- year-based tracker divided into three-month sections
- landscape format makes it easy to see everything at a glance
A Burst of Color: Funding Cloudnine’s Debt Color Wheel
- for those who want a fun and creative way to tackle debt
- three debt snowball coloring sheets for debt priority, snowball payments, and snowball tracker
- includes a blank debt pie chart which you’ll color in after you pay off a debt
Pretty and Functional: Savor And Savvy’s Elegant Debt Tracker
- for those who like elegant aesthetics
- flower designs with light orange and baby blue accents
- detailed creditor info sheets (includes credit limit, account number, etc.)
Total Debt Management: MyJearney’s All-in-1 Debt Worksheet
- for those who want to go beyond debt
- separate worksheets for debt, budgeting, and financial goals
- includes motivational quotes for inspiration
Be Extra Organized: Wondermom’s 3-Page Debt Snowball Tracker
- for those who want to monitor their snowball from all angles
- three sheets: snowball payments, snowball tracker, payoff tracker
- visually powerful red and orange theme
Clean And Simple: Vital Dollar’s Debt Worksheet
- for those who like it simple
- no-frills debt snowball form and tracker
- sections for debt, amount owed, minimum payment, extra, snowball payment
What Should You Look For In A Debt Snowball Template?
Here are some essential features that any great printable debt snowball template should have:
- Name of creditor or lender
- Minimum payment amount
- Total amount owed
- Due date
- An area to mark payments made and notes/memos
Tips for Using Printed Debt Snowball Worksheets
Take note of the following tips to make your debt snowball tracking more effective:
Be as detailed as possible
List each of your debts in order from smallest to largest. Be sure to include everything, including medical bills and personal loans.
Even if it’s a small amount, you’re still paying interest on it and it’s worth paying off.
Mark payoff milestones
As you pay off debts, mark the milestones and celebrate them.
This will help you stay motivated to keep going and give you a sense of accomplishment as you reach each one.
Here are some milestones you can track:
- First $100 paid off
- First $1,000 paid off
- First credit card paid off
- First loan paid off
- First 10% paid off
- First half paid off
- Newest debt brought current (if it has been late)
They don’t have to be big milestones—even a few dollars paid off gets you one step closer to a debt-free life.
By making these marks on the page and acknowledging your success, your own motivation will increase as you continue paying off debt.
Use bold markers, highlighters, and other visual aids
The visual aspect of using colored markers, highlighters, and other tools helps to create order out of the chaos of paying off your debt.
This helps motivate you to get through the process as quickly as possible because it gives you a clear indicator of your progress.
You can also use stickers or other embellishments to mark important milestones on the sheet.
Plus, it makes paying debts more fun, especially if you’re the crafty type!
Put it somewhere visible
Put your worksheet somewhere you’ll see it often, such as on your refrigerator door or near your desk.
This will serve as a reminder of what you’re working on and where you have to focus your efforts.
You can also make copies of your free printable debt payoff worksheet PDF or word document after printing it out. This way, you can put it up in as many places as you like.
Commit to your debt-free journey
As you follow the snowball method, you’ll find that it’s not just a way to pay off debt—it’s a financial mindset.
Together with your printed tracker, use these tips to get rid of your debts faster:
Freeze new spending, and cut back on expenses where possible. This frees up more money to put toward your debts.
Pay off all minimum payments on time each month.
This will help you avoid late fees and additional interest charges, which can derail your debt payoff progress.
Throw every cent into your debt.
When determining how much to put toward debt each month, use every dollar you can find from other sources: tax refunds, bonuses at work, gifts, and so forth.
Make more money.
Consider getting a temporary job during this period to increase your income and accelerate your payoff plan.
Set a budget and only use cash.
Create a budget so you can figure out exactly how much money you can spare to put toward paying off debt each month.
Then, only use cash for purchases and cut your credit cards when you can. This gives you better control over your spending.
Why Should You Use A Printable Debt Tracker Vs An Online App?
- Writing things down by hand helps you remember them better than typing does, so a paper-based debt tracker is more likely to help you reach your goals.
- It’s portable, meaning you can take it with you and work on it wherever you are, even when you don’t have your phone with you.
- You don’t need the power of an internet connection or smartphone to use a paper-based debt tracker, unlike a debt snowball worksheet on Google Docs or on a website. Therefore, a printed version won’t let you down when technology fails.
- It’s better for the environment because it uses less energy and produces less waste than an online app.
- Printed trackers are easier to understand because they show all the information at once rather than requiring users to click around to see different things.
- Sometimes it’s nice to write things down, especially if it’s something as emotional as tracking your debt payoff progress.
How to Use The Snowball Method to Pay Off Debt
Under this method, you pay off your debts in order from smallest balance to largest balance.
When you’re done with one debt, you use the money you were paying on it for the next one — hence the name “snowball.”
Here’s how to use the snowball method to pay down your debt:
- Organize your debts from smallest balance to largest balance. Include the interest rate and minimum payment required for each one.
- Make the minimum payments on every debt except for the one with the smallest balance. Put everything else you can toward that smallest debt until it’s paid off.
- Once that first debt is paid off, add its minimum payment to the minimum payment of your next-smallest debt. Continue until all of your debts are paid off.
Does The Debt Snowball Method Work?
There are many explanations for why the debt snowball method works, but here’s the simplest and shortest:
When you pay off your smallest debts first, you can experience quick wins.
Quick wins motivate you and inspire you to stay on track with your plan.
The snowball system also uses momentum—the more small debts you clear, the more money you have to throw at the larger ones.
It’s a simple, easy to stick to, non-mathematical way of tackling even the most overwhelming amount of debt.
How to Stay Motivated When Paying Your Debt
If you really want to become debt-free, you need to commit long-term.
That means you need to know how to stay motivated when it feels like your progress is too slow — or when you feel like giving up completely.
Stay on course using these tips:
1. Celebrate every small win. Buy yourself a latte, or go to a movie – it’s okay to reward yourself sometimes.
2. Know your “why.” Is it a comfortable retirement? A college fund for your kid or traveling the world? Keep your eyes on the prize when the going gets tough.
3. Set up automatic bank transfers for your payments so you don’t have to think about it.
4. Tell your family and friends about your plan, so they can help keep you accountable and motivated.
5. Get together with other people who are using the Debt Snowball method and share successes, challenges, ideas, and encouragement.
It’s never too late to get control of your finances. With a little hard work and the right tools like printable trackers, you can get out of debt and start living the life you’ve always dreamed of.