Do you track your debts?
What you can measure, you can improve.
And, measuring your debt can be a great way to know exactly where you are and see how you are doing.
It is also an easy way to decide what to pay off first.
Today, I am sharing my debt tracking spreadsheet.
I personally track my debts in the same Excel spreadsheet as my cash flow. I like to open a new tab each month so I can quickly see my progress from month-to-month. It is really motivating to see how far you have come!
After you enter your minimum payments and current balances, the spreadsheet will give each debt a score.
You can then sort the debts from lowest score to highest score.
You want to make the debts with the lowest scores your highest priority for paying off.
While the low scores will tend to be credit cards, the results may surprise you.
You have the option of also entering your projected pay off dates and APRs. While these are not necessary, APRs can be a tie-breaker between similar scores and payoff dates can be a fun way to count down to the debt balance hitting zero.
Download your spreadsheet here: https://docs.google.com/spreadsheets/d/1Z61tLpNAl6Q-G98q-vV2FOyEW0243ML98XplWn3qRBM/edit?usp=sharing