Get out of debt ASAP with the help of a google sheet!

I created this Google Sheet template to help people better manage their debt and hopefully go debt free within a relatively short period of time, depending of course on your circumstances. I believe that most people get stuck in debt because they can't visualize it. But once you can see and track your debt amounts, interest charged and repayments, you will have created a practical plan to go debt free.

I actually was once in a lot of debt and I created a similar sheet to help me get out of it. I was debt free within 14 months! That's what encouraged me to share how I did it with others, so that they could also get out of debt soon.

The Google Sheet is very easy and simple to use.

There are basically 3 work sheets:

1. Debt Remaining
2. Debt Repayment Progress
3. Debt Summary

The idea is that you would enter your current total debt in cell B2 of the "Debt Remaining" work sheet as shown in the example below:

Cell B2 is highlighted in yellow so that you know that you need to start there by manually adding your total debt at the beginning of the tracking period (example: Dec 2021).

Then you would update the Month, Monthly Repayment and Interest Charged values accordingly. The Total Debt Remaining (column B) values will be updated automatically. Be careful not to delete any other cells in column B, as they contain formulas. If you accidentally delete the value of a cell in column B, you will see the following alert "You’re trying to edit part of this sheet that shouldn’t be changed accidentally. Edit anyway?"

After you update the values in the Debt Remaining work sheet, click on the Debt Repayment Progress work sheet to see a snapshot of your current debt position and a forecast of when you could realistically get out of debt if you manage to repay more or less of your debt.

This would look as follows:

You can see in the example above that based on my entries in the Debt Remaining work sheet, I can see not only a snapshot of my current debt position, but also a time in the future where I could go completely debt free (Total Debt Remaining line, colored red) provided I stick with the values entered in column B of the Debt Remaining sheet.

For instance, in the above example, I would go debt free in Feb 2024.

The chart also shows you your monthly repayments so you can see which months you can realistically pay more towards your debts. For example, if you know that you're going to be earning more money in Aug 2023, which means you can afford to pay more towards your debts, you would enter that amount (e.g. $6,000) in cell C22 of the Debt Remaining sheet as shown in the following example:

Notice how the color of cell C2 stands out from the other cells in column B, that's because it contains the highest value of $6,000 in comparison to the other cells in the column. The opposite is also true. For instance, the cells that contain the smallest amounts (relatively speaking) are almost white, indicating that you are paying the least towards your debts in those months.

The same principle applies to the Interest Charged values in column D. The months where you paid the highest interest appear in darker red.

Lastly, the Debt Summary work sheet shows you a snapshot of your debt position and when you could expect to be out of debt should you stick to the plan.

Except for cell D6, the cells are protected as they contain formula and update automatically from values entered in the Debt Remaining sheet. You can update cell D6 to "days", "weeks", "years" etc if you intend column A of the Debt Remaining sheet to represent those periods, rather than months.

I hope that my Google Sheet will help you go debt free asap.

If you decide to buy this Google Sheet, you will need to make a copy of it (as shown below) to save in your Google Drive. Remember to be signed in to your Google Drive otherwise the Make a copy feature will not work.

If you have any questions or need further assistance, please don't hesitate to get in touch.

Please subscribe to my profile to get notified when I create new google sheets templates.

Many more cool templates coming soon :)

P.S. If you have an idea or special request for a google sheet template, let me know please and I will create it.

Best wishes,

zedbrc