How much interest are you paying on your debt? Most people never stop to think about it… yet the answer drastically affects their financial lives.
I’m talking specifically about how much money you pay to finance your debt. If you have a mortgage, student loans, auto loans, and/or credit cards you are likely paying interest on all of that debt. How much interest are you paying per year? How much per month? How much per day?
If you know the answer to this question you will know how many hours/day you have to work each day just to cover the interest on your debt, and I guarantee it will motivate you to get out of debt faster.
Use the spreadsheet I use to figure it all out…
How Much Interest spreadsheet
Use this spreadsheet to determine exactly how much interest you are paying each month and to track your progress.
The spreadsheet includes:
- 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!
How Much Interest – Google Docs Template
How Much Interest – Microsoft Excel Template
- Download template for Excel
How Much Interest – OpenOffice Template
- Download template for OpenOffice
How much interest are you paying?
Let us know how much you’re paying by leaving a comment… and if you have feedback on ways to improve the spreadsheet, please let me know.