If you’re currently on a debt-free journey or looking to begin getting out of debt, these printable debt tracker worksheets are a great way to track your progress and stay motivated along the way…plus, they’re FREE!
Why You Need a Debt Payoff Tracker
Obviously, you can work to get out of debt without using any types of charts or trackers, but in my personal experience, the debt payoff journey can often be a long and arduous one – especially if you’re someone with little motivation to become debt-free in the first place.
Personal finance is personal – that means that each persons’ journey and the decisions they make in their financial life will look different than yours or mine – and I think most of us understand this, right?
Therefore, if we look at debt repayment through that lens, it makes sense that some will have a much easier time getting out of debt than others.
You may find yourself struggling along the path to taking back control of your finances, especially if you have a large amount of total debt.
You may be having difficulty sticking to your game plan to stop spending as much money and putting all extra money towards your debt payments each month.
I get it.
I know exactly how you feel because I felt the same way…
I’m a spender at heart so pruning our monthly budget as much as possible to squeeze every last dime out just to send it off in an attempt to chip away at our outstanding debts often felt a little bit like torture to me.
But here’s what I found:
Motivation is great…but it’s fleeting.
Motivation is often the first thing that pushes us to start but it tends to come and go depending on your mood, energy level, stress level, etc., and rarely stays consistent for a long time.
If you know getting and/or staying motivated is a struggle for you, you’re going to need some more creative ideas.
That’s where the Debt Payoff Planner comes in…
» READ MORE: How to Stay Motivated While Paying Off Debt
Free Printable Debt Tracker
Regardless of your debt payoff goal, using debt payoff worksheets are a great way to keep yourself engaged in your debt-free journey for the long run.
Sure, these debt payoff printables may seem like simple pdf files (and okay, yeah, they actually are 🤣) but don’t underestimate them…
In fact, they’re very powerful tools in the fight against your monthly debt and credit card balances.
Whether you’re trying to pay off your student loans, a car loan, or your credit card debt using a visual tracker is a great way to not only keep track of your diminishing debt balance but also to remind you of the small wins you have along the way.
And, if you happen to be a visual person there’s no better way to track your progress than by using some type of debt payment tracker.
Using the Debt Payoff Planner
Each printable worksheet in this free download can be used with any system you are following to get out of debt.
If you prefer to use the debt snowball method, you will be ordering your individual debts beginning with the smallest debt through the largest debt (regardless of how much interest you’re paying).
If you’re unfamiliar with the debt snowball strategy – a debt payoff method made popular by Dave Ramsey – you can learn more about its benefits and how it works here.
If you prefer to use the debt avalanche method you’ll want to order your individual debts beginning with the highest interest rate through the lowest interest rate.
As with the debt snowball method, you will make your minimum payment on each debt and focus all extra money on only one debt at a time.
It is your decision whether you want to track your minimum monthly payment and your extra payments separately (this may require printing additional worksheets along the way) or record a total of all the money paid on each debt throughout the entire month.
How to Use the Debt Inventory Worksheet
Whether you’re using one of the tried and true methods listed above to pay off your debt or forging your own path altogether, completing the Debt Inventory Worksheet first is the best way to get crystal clear on how much debt you have and establish a baseline.
In order to get where you want to go, it’s essential you have a true understanding of where you are starting from.
Taking inventory of all current debts will give you clarity on your current situation.
To begin, first, enter the date you are getting started – don’t skip this…trust me, you’ll want to have this date to look back on once you’ve reached your goal.
Next, enter your goal date.
This is the date by which you are going to work to have all of your debt paid off; it may be helpful to determine this date after you finish completing this worksheet.
Next, enter the details of each debt into the columns including the name of the debt, the interest rate, current balance, and your monthly minimum payment.
Note: Many people choose to exclude their mortgage when working to become debt-free. This is completely up to you but since a mortgage tends to be a much larger debt, decide with your spouse/partner whether or not you want to include your mortgage in your debt payoff plan.
Once you have the financial information for each of your debts, grab a calculator and total them all up…
Then, use the first column (labeled: #) to prioritize your debts.
Enter #1 for the first debt you will focus on paying off and continue to number each debt according to the order you plan to focus on them.
For example, if you plan to follow the debt avalanche system, mark the debt with the highest interest rate as #1, the second-highest rate as #2, and so on.
Once you assign a priority to each debt, you have a clear roadmap of how you will navigate your debt-free journey!
How to Use the Debt Payment Tracker
After you have created your roadmap the next steps are to begin making extra payments on your debts.
You can easily keep track of your debt payments with the Debt Payment Tracker.
When it comes to my personal finances I try to keep things as simple as possible, I love using printable templates but I find when they’re too busy or complicated it tends to become overwhelming, that’s why this tracker is designed to be simplistic to keep you focused on your goal.
My recommendation would be to print out a new Debt Payment Tracker sheet each time you begin to focus on a new debt.
Begin by entering the debt name, the total balance of the debt, minimum monthly payment, and goal date at the top of the sheet.
Note: For the goal date on the worksheet you want to set a goal of when you plan to pay off this specific debt. This will be different than the goal date you chose when completing your Debt Inventory Worksheet.
Each time you make a payment on this specific debt, enter the information on your tracker – you can enter both minimum payments and any extra payments you make on this debt.
Enjoy watching your balance shrink each time you make a payment on your debt.
When the debt is paid in full cross it off your Debt Inventory Worksheet with a big, fat marker, print out a fresh Debt Payment Tracker, and get to work paying off the next debt on your priority list.
» READ MORE: The Most Effective Methods For Getting Out Of Debt
How to Use the Debt Payoff Chart
This chart is a fun way to track your progress while working towards your big goal of becoming debt-free.
Similar to the Debt Payment Tracker, you can choose to print a fresh chart for each of your debts or you can use your total debt number from your Debt Inventory Worksheet and use the tracker to display the progress throughout your debt-free journey as a whole.
For example, if after completing your Debt Inventory Worksheet, you determined you are $26,000 in debt (after adding all of your debt together), enter that number as your “Total Balance” in your Debt Payoff Chart.
To determine how much each icon is worth simply divide your “Total Balance” by 100 (as there are 100 icons on the chart).
In our example, we would divide $26,000 by 100 and that would give us a value of $260 for each icon.
Each time you paid $260 towards your total debt you would color in one icon on your chart.
Be sure to hang your chart in a location you are sure to see multiple times a day to keep your goal of financial freedom fresh in your mind throughout the day.
Note: If you prefer to use a fresh chart for each of your debts be sure to adjust your “Goal Date” and “Current Balance” to reflect each specific debt instead of your total debt.
How to Download Your Free Debt Worksheets
These debt payoff worksheets are an instant download: simply enter your name and email address in the form below and you’ll receive an email with a link to download your printable pdfs.
Once you sign up, the worksheets are yours to keep and print as often as you’d like (for your personal use only, please).
It’s a good idea to print out your worksheets while it’s fresh in your mind and your feeling pumped to get rid of your debt.
Don’t put your financial future on hold – today is the perfect time to create your personal debt payoff plan and start tracking your way to debt freedom!