As promised… today I am releasing my new spreadsheet out into the wild! Hopefully it has the desired effect of helping people learn to detest their debt. It worked for me… it can work for you too!
If you want to read up on the history of how this spreadsheet came about, see the following articles:
- How Much Our Debt Costs – November 2009
- Interest Amount Paid – Establish a Proper Relationship with Your Debt
- How much Interest are YOU Paying?
- How Much Does Your Debt Cost? – on FiveCentNickel.com
So without further ado…
Introducing the “How Much Your Debt Costs Spreadsheet”
Please notice that the spreadsheet includes the following:
- The Data Sheet – This is the main sheet where you input the data and see all the calculations take place.
- The Chart Sheet – (on Google Docs version only) This a cool chart that graphs out your monthly progress over the course of the year.
- The Print Sheet – This sheet pulls your monthly interest amounts, puts them in bold red font for you to print off and stick on your fridge. This will help motivate you and your family to continue to destroy your debt!
Below is the Google Docs Template…
Here is the Microsoft Excel Template…
- Download template for Excel
Here is the OpenOffice Template…
- Download template for OpenOffice
Rate It and Give Feedback
If you use the template via Google Docs you have the ability to rate it. Please do so.
Also, if you have any feedback for me – things that can improve the spreadsheet – please leave them in the comments.
PDF 
{ 11 comments… read them below or add one }
Can’t find template for excel
Link fixed! Thanks Katherine.
it’s very simple and user friendly!
.-= Lydia aka Ms. MoneyChat´s last blog ..5 Challenges of the Great Exodus =-.
I definitely like the visual effect of having a graph to show the distinction. Staring at numbers month to month cna sometimes make you feel like you are making no progress. I borrowed your idea but switched the interest as the lower section so its easier to visualize it decreasing over time. Great job. Thanks!
I know it’s a few days late for the comment, but I just finished filling in the spreadsheet for all of 2009. It took a little while to get all the data.
HOLY COW!!! I pay alot of interest. It’s very eye opening to see it all on one sheet for the whole year.
I’m crunching some more numbers but the sheet is showing me that I need to pay my 2nd mortgage off first. In my current snowball it’s last. It will save me almost $3,000 in interest to move it to the front of the line. Moving me 2 months closer to debt freedom by doing so.
I know Dave says don’t do it. But Mr. Ramsey also knows that his message is about behaviors. We’ve crossed that bridge and are working on straight mathematics now.
So here’s my feedback on the spreadsheet Matt. I love it. It’s such a simple tool but once someone understands what it tell you, it’s soooo valuable.
Thanks a ton,
Jeff@deliverawaydebt
Matt,
This sounds like a great exercise. I’m sure I’ll find it terrifying.
Best, and great site!
-elysia
Thanks Elysia… and make sure to do use the spreadsheet, it may be a little scary, but it will help so much in the long run.
I promise you’ll never view your debt the same way again! Which is a great thing
Matt,
Well, I’ve been working on debt reduction just since last April, and even that has definitely helped how I look at debt, but these calculations add a level I’d missed before. Although happily I can see that at *least* we’re paying more in principal than in interest, the amount of interest we pay per month looks like it’s only gone down 189$ per month in the last year.
I have managed to get rid of one credit card and have hopes of eliminating another this year, which should help. I almost wish we had those little debts here there and everywhere, those would be a lot easier to pick off. Oh well! At least we’re making progress and I can see the light. I think I might also take on your 75% debt/25% savings ratio. I don’t feel like that $1k emergency fund is enough…
Good idea. I now advise people to save $1,000 quickly, then switch to the 75/25 method until your Emergency Fund is funded with one month worth of expenses, then switch to either 100% debt reduction or whatever ratio you’re comfortable with.
Even if you decide to make your ration 95/5… I think it is always a good idea to pay yourself at least something. It’s just a good habit.
We did the 75/25 with our ‘snowball’ until our 1-month buffer (we use YNAB) was filled. Being able to live 2 paychecks ahead has freed up so much cash/relieved so much stress. Thanks for giving this advice…people should really benefit from this approach.
Thanks Michelle, glad it works for you too. Like you said, the added security is a fantastic feeling – especially when we’re in the midst of a down economy like this.
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