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Debt Payoff Planner
Compare the snowball and avalanche methods and track your progress
Educational only, not financial advice. This planner is a general organizing tool. It doesn't account for fees, penalties, promotional rates, or your personal circumstances. If you're struggling to make payments, contact your lenders early and consider free, non-profit debt advice services in your country.
How to Use This Planner
List every debt in the Debt Inventory (balance, interest rate, minimum payment). Your statements or online accounts will have these details.
Work out your monthly debt budget: total minimum payments plus any extra you can add.
Compare the two methods by ordering your debts both ways:
Snowball: smallest balance first. Quick wins build motivation.
Avalanche: highest interest rate first. Usually saves the most interest over time.
Choose one method and write your payoff order.
Each month: pay every minimum, put all extra money toward the target debt, and update the tracker.
When a debt is paid off, roll its full payment (minimum + extra) into the next debt on your list. That rolling payment is what speeds things up.
Celebrate milestones (cheaply!).
1. Debt Inventory
Date started: ____________
# | Debt name / lender | Type (card, loan, etc.) | Current balance | Interest rate (APR %) | Minimum payment | Due date |
|---|---|---|---|---|---|---|
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
Totals |
2. Monthly Debt Budget
Item | Amount |
|---|---|
Total minimum payments | |
+ Extra I can pay each month | |
= Total monthly debt payment |
Where the extra could come from: ______________________________
3. Snowball vs. Avalanche
Snowball order (smallest balance → largest)
Order | Debt | Balance | Rate |
|---|---|---|---|
1st | |||
2nd | |||
3rd | |||
4th | |||
5th | |||
6th |
Avalanche order (highest rate → lowest)
Order | Debt | Rate | Balance |
|---|---|---|---|
1st | |||
2nd | |||
3rd | |||
4th | |||
5th | |||
6th |
Which one fits me?
Question | Yes / No |
|---|---|
Do I need quick wins to stay motivated? (→ snowball) | |
Do I have one or more debts with a much higher rate than the others? (→ avalanche) | |
Are both orders nearly the same? (→ either works) |
My chosen method: ☐ Snowball ☐ Avalanche ☐ A mix (explain): ______________
My payoff order: 1. ______ 2. ______ 3. ______ 4. ______ 5. ______ 6. ______
4. Worked Example (Fictional Numbers)
Debt | Balance | Rate | Minimum |
|---|---|---|---|
Store card | 400 | 24% | 25 |
Credit card | 2,500 | 21% | 60 |
Car loan | 5,000 | 7% | 150 |
Total monthly debt budget: 335 (235 minimums + 100 extra).
Snowball: store card first (smallest), then credit card, then car loan.
Avalanche: store card first (highest rate), then credit card, then car loan.
Here both methods give the same order. Once the store card is gone, its 25 + 100 extra = 125 rolls onto the credit card, which then gets 185 a month.
5. Monthly Payment Tracker
Write the target debt at the top. Record the payment and new balance each month.
Month | Target debt | Extra paid | Debt 1 balance | Debt 2 balance | Debt 3 balance | Debt 4 balance | Debt 5 balance | Debt 6 balance | Total owed |
|---|---|---|---|---|---|---|---|---|---|
Start | |||||||||
1 | |||||||||
2 | |||||||||
3 | |||||||||
4 | |||||||||
5 | |||||||||
6 | |||||||||
7 |
6. Progress Bar
Total debt at start: ________. Shade one box for every 10% paid off.
10% | 20% | 30% | 40% | 50% | 60% | 70% | 80% | 90% | 100% |
|---|---|---|---|---|---|---|---|---|---|
☐ | ☐ | ☐ | ☐ | ☐ | ☐ | ☐ | ☐ | ☐ | ☐ |
7. Paid-Off Log
Debt | Date paid off | How I celebrated |
|---|
8. Monthly Reflection
Did I pay every minimum on time? ☐ Yes ☐ No
Did I use any credit this month? ☐ No ☐ Yes — why: ______________
Where did the extra money come from? ______________
Anything to adjust next month? ______________
Tips: avoid adding new debt while paying off old debt; check whether your lenders charge early repayment fees; and keep a small emergency fund so a surprise bill doesn't land back on a card.
Sample product from a Fora-made demo creator page. Educational only, not financial advice.
What you get
- 4-page printable template
- Debt Inventory
- Monthly Debt Budget
- Snowball vs. Avalanche