Saw your video this morning because I am working on something similar and wanted to send my thanks for the inspiration! You can refine this a little more by adding a function to the second debt's second row minimum payment, "=if(D4
I was crying, until I prayed and asked the Lord to help me find a way to get out of debt. I went to some programs people referred to me. I’m a very frugal person, but I’d didn’t have enough debt for anyone’s assistance. I once was blind and now I see! I am so grateful. The only thing I didn’t put on my list was my school loan. But, I’m on my way. Next my weight, but your method took a hundred pound off of my heart. 😊
Hey, thanks for this spreadsheet. I'm about to get radical in my quest to pay off my debt and being able to see how that looks in a spreadsheet was so cool. So here is to paying off 3 years plus of debt in less than 6 months starting January 1, 2025.
I appreciate the updated version with more accurate formulas for the interest rates. This is a really high quality spreadsheet and resource to help people pay off debt. Thanks for sharing it.
Absolutely! I make small little goofs all the time and forget how to do some things. And sometimes for me it's part of the process of getting things set up how I want them!
Jamie! You are amazing I have been searching high and low for spreadsheets that were practical and reliable and this is it. I hope that both sides of your pillows stay forever cool😂😂. Seriously thank you😊
@@taunifran3513 this is a great question. Any month that you pay more than the minimum you can change the amount in the “payment” column for just that month. Then because of the formulas, it will automatically adjust the remaining rows of that debt.
Begginer at Excel here, and iv done this exact step by step, but when i get to dragging down my payments to see when my debts would be paid off. It adds the percentages up after the 3rd column... for example, i have a 590 dollar debt with a minimum payment of $100 at 32%. i drag it down 4 columns, and the percentage is now up to 332% ... any help is much appriciated.
Hey Jordan! The issue here is with Excel's autfill series function. Like when you type in January and then drag down, it guesses you want the next months like February and March. Here's what you can do. After you drag down, there will be a symbol that looks like an orange/yellow + sign. If you click that, you can choose "COPY CELLS". That should adjust everything the way it should be.
How do you format the date to just be the "MONTH" and "YEAR"? I tried by clicking "Format" then "Number" but there was no option for formatting it to just the month and year.
You were in the right place. After you click "Format" and "Number", scroll to the bottom to find "Custom Date and Time". In that menu, you can choose the exact format you want for your date. I choose "Month" and "Year" for mine and then select the one that says "Aug 30". Hope that helps!
It all depends on how the date is formatted in your spreadsheet. I just checked mine and the same thing happened. Try this. After you change the top cell to Jan 25, check to see what the date shows in the formula bar. Mine showed 1/25/2024. All I did to fix it was change the date in the formula bar to 1/24/2025, and the dates fixed themselves below.
@ if your monthly payment varies each month, you can update it in the payment column for each month so that it is as accurate as possible. Fluctuating payments create more manual entering unfortunately.
My best guess is the way the date is formatted on your spreadsheet. If you click on "Format" then "Number" then "Custom Date and Time", you should be able to select "Month" and "Year" so it is formatted correctly. Let me know if that works! I can maybe make a video to demonstrate it.
Thank you very much for this. It works for me and the Mrs. Can you make a video or short explaining the formula for interest only loans. Also when I plug in my wife’s school loan $5.7k at 12.5% with a 70 something payment and drag down, the number starts ballooning out of control even it’s only went up 1k in 10 years. What am I missing?
@@Jussomerando677 the student loan total is increasing because of the high interest rate and low minimum payment. If you increase the payment enough to cover the interest, it will go down.
@@easilyartstudio2784 ooo, good question. I will try to do that. I haven’t used my iPad for making videos before so I’ll try to navigate that! Thanks for the suggestion!
You can buy a cheap portable fold in half keyboard and mouse for your iPad. I tried doing this on my iPad at first and it was WAY too hard and not efficient. And if you dont want to do that you can go to the library and use the computers there since google sheets is on the web.
@@joepushman4171 great question! Overall I think it would still be pretty accurate and better than nothing. You could look at your amortization schedule to try and get an idea of how much would be going to principal. If I was tracking my mortgage with this debt snowball spreadsheet, I would just use the formula in this video and then every year or so I might look to see how close the remaining balance is to the true amount, then adjust it in my spreadsheet.
You shouldn’t need to. I did this in Google sheets, but it should work equally fine in excel. Some of the buttons may be in different spots. What isn’t working in your spreadsheet?
Help please 🙏 what was the complete date formula please? It was hidden from mouse when you said put in 1 but my formula is doing something different 😅 Eg: =EDATE(A3,1) Also I want to say a big thank you for the video looking forward to sorting this out
@@MrJamieGriffin oh you’re right🤦♀️ I forgot to format the cell lol - thanks so much!! I’m starting the 50/30/20 budget then I’ll come back to this one - thanks again!!
@@TameshaFrazier could you share a screenshot of what your spreadsheet looks like? You might be missing a parentheses somewhere in the formula is my first guess.
I'm a little confused on how this works with a mortgage payment. I created this and all my debt seems to line up well with my payment schedules however my montage column is showing that I will pay it off about 10 years early, before adding any extra payments. Any idea what I could be doing wrong?
Mortgages are a little trickier. I think @vandross3 makes a good suggestion to use an Amortization Schedule and track your mortgage separately from your debt snowball.
hm im not sure if this is a snowball debt calculator. Usually the left over amount after paying off debt 1 will be used towards debt 2 and so forth. This creates a snowball effect and should result in paying down the debt faster. This calculator seems to be determining when your debt will be paid off/interest incur if you paid the minimum payment.
@@sonphung4974 this is a debt snowball spreadsheet and shows how the debt gets paid off faster when you move payments to the next debt once one gets paid off.
Saw your video this morning because I am working on something similar and wanted to send my thanks for the inspiration! You can refine this a little more by adding a function to the second debt's second row minimum payment, "=if(D4
That is an AMAZING upgrade that makes for much less manual adjusting. Thanks for sharing this!
Thank you so much for taking the time to make this! Straight to the point and helpful
@@jofolky you’re welcome! Happy to hear it’s helping!
I was crying, until I prayed and asked the Lord to help me find a way to get out of debt. I went to some programs people referred to me. I’m a very frugal person, but I’d didn’t have enough debt for anyone’s assistance. I once was blind and now I see! I am so grateful. The only thing I didn’t put on my list was my school loan. But, I’m on my way. Next my weight, but your method took a hundred pound off of my heart. 😊
@@mychalreynolds2233 I’m glad this can help you feel in control of your debt!
Hey, thanks for this spreadsheet. I'm about to get radical in my quest to pay off my debt and being able to see how that looks in a spreadsheet was so cool. So here is to paying off 3 years plus of debt in less than 6 months starting January 1, 2025.
@@captcontrol cheers to being debt free real soon!
I appreciate the updated version with more accurate formulas for the interest rates. This is a really high quality spreadsheet and resource to help people pay off debt. Thanks for sharing it.
You’re welcome! This version of the debt snowball spreadsheet will give people a lot more accuracy to pursue being debt free!
Quick, easy to follow - I prefer making the sheets from scratch as it gives us more control over any changes we make. Cheers from the UK!
@@AlexMoseleyPhD thanks! I’m glad it was nice and simple to set up!
Thank you for showing your mistakes because you know we're going to make them too and now we know how to fix them
Absolutely! I make small little goofs all the time and forget how to do some things. And sometimes for me it's part of the process of getting things set up how I want them!
Jamie! You are amazing I have been searching high and low for spreadsheets that were practical and reliable and this is it. I hope that both sides of your pillows stay forever cool😂😂. Seriously thank you😊
Haha glad it’s helpful! That’s a fantastic well wish! 🤣
brilliant!!!
Thank you! Hope your debt snowball spreadsheet is going well so far!
thank you so much for this free tutorial ❤
@@kristinefano7799 you’re welcome! Glad it’s helpful!
Thank you so much, this really helped me a lot.
@@Tyler_LN glad to hear it!
Thank you so very much for this!!!❤😊 you help me out a lot!
@@katw4794 you’re welcome! Glad it’s helpful!
Thank you so much! My husband will think im actually smart! Haha
You're welcome! And you got this! Of course you're smart and clearly motivated to get out of debt!
Thank you Jamie😊
@@apriejohn you’re welcome!
What if one month you pay more than the minimum, how would you account for this on the spreadsheet?
@@taunifran3513 this is a great question. Any month that you pay more than the minimum you can change the amount in the “payment” column for just that month. Then because of the formulas, it will automatically adjust the remaining rows of that debt.
Begginer at Excel here, and iv done this exact step by step, but when i get to dragging down my payments to see when my debts would be paid off. It adds the percentages up after the 3rd column... for example, i have a 590 dollar debt with a minimum payment of $100 at 32%. i drag it down 4 columns, and the percentage is now up to 332% ... any help is much appriciated.
Hey Jordan! The issue here is with Excel's autfill series function. Like when you type in January and then drag down, it guesses you want the next months like February and March. Here's what you can do. After you drag down, there will be a symbol that looks like an orange/yellow + sign. If you click that, you can choose "COPY CELLS". That should adjust everything the way it should be.
How do you format the date to just be the "MONTH" and "YEAR"? I tried by clicking "Format" then "Number" but there was no option for formatting it to just the month and year.
You were in the right place. After you click "Format" and "Number", scroll to the bottom to find "Custom Date and Time". In that menu, you can choose the exact format you want for your date. I choose "Month" and "Year" for mine and then select the one that says "Aug 30". Hope that helps!
I'm having an issue formatting the date. I'm creating the sheet to start Jan 25 but when I follow your steps, it adds Feb 24.🥺
It all depends on how the date is formatted in your spreadsheet. I just checked mine and the same thing happened. Try this. After you change the top cell to Jan 25, check to see what the date shows in the formula bar. Mine showed 1/25/2024. All I did to fix it was change the date in the formula bar to 1/24/2025, and the dates fixed themselves below.
@ ok thanks. Lastly, since the monthly payments for the credit cards will change; do we update that on the second row of spreadsheet every month?
@ if your monthly payment varies each month, you can update it in the payment column for each month so that it is as accurate as possible. Fluctuating payments create more manual entering unfortunately.
Why do I keep getting 45689 instead of consecutive dates? I have done exactly what you are doing several times. Any ideas?
My best guess is the way the date is formatted on your spreadsheet. If you click on "Format" then "Number" then "Custom Date and Time", you should be able to select "Month" and "Year" so it is formatted correctly. Let me know if that works! I can maybe make a video to demonstrate it.
My minimum payment and interest rate keeps growing when i drag down. Can you help?
@@kinoBot1103 could you email me a screenshot so I have a better idea of what you mean. Send it to mrjamiegriffin.pf@gmail.com
Same. Were you able to figure it out?
@MaraniceP i hat to copy and paste more manually if that helps.
Thank you very much for this. It works for me and the Mrs.
Can you make a video or short explaining the formula for interest only loans. Also when I plug in my wife’s school loan $5.7k at 12.5% with a 70 something payment and drag down, the number starts ballooning out of control even it’s only went up 1k in 10 years. What am I missing?
@@Jussomerando677 the student loan total is increasing because of the high interest rate and low minimum payment. If you increase the payment enough to cover the interest, it will go down.
Will you make a video on doing this on an iPad? Not everyone has access to to a laptop or computer. Thanks!
@@easilyartstudio2784 ooo, good question. I will try to do that. I haven’t used my iPad for making videos before so I’ll try to navigate that! Thanks for the suggestion!
You can buy a cheap portable fold in half keyboard and mouse for your iPad. I tried doing this on my iPad at first and it was WAY too hard and not efficient. And if you dont want to do that you can go to the library and use the computers there since google sheets is on the web.
How does this work for mortgage, since each monthly payment changes by a few dollars to the principle payment.
@@joepushman4171 great question! Overall I think it would still be pretty accurate and better than nothing. You could look at your amortization schedule to try and get an idea of how much would be going to principal. If I was tracking my mortgage with this debt snowball spreadsheet, I would just use the formula in this video and then every year or so I might look to see how close the remaining balance is to the true amount, then adjust it in my spreadsheet.
@@MrJamieGriffin ok great idea, I was thinking the same. Thank you for the response.
following your video step by step and everything isnt working for me. Do I need to have office 24 for this or no?
You shouldn’t need to. I did this in Google sheets, but it should work equally fine in excel. Some of the buttons may be in different spots. What isn’t working in your spreadsheet?
@ once I got office to work on my computer, it worked out for me. Thank you
@ awesome to hear!
Help please 🙏 what was the complete date formula please? It was hidden from mouse when you said put in 1 but my formula is doing something different 😅
Eg: =EDATE(A3,1)
Also I want to say a big thank you for the video looking forward to sorting this out
@@sarahq8728 that formula looks correct to me! You might need to format how the date looks though to get the same abbreviation as I did in this video.
@@MrJamieGriffin oh you’re right🤦♀️ I forgot to format the cell lol - thanks so much!!
I’m starting the 50/30/20 budget then I’ll come back to this one - thanks again!!
@@sarahq8728 that’s a perfect combination!
Formula keeps coming to error
@@TameshaFrazier could you share a screenshot of what your spreadsheet looks like? You might be missing a parentheses somewhere in the formula is my first guess.
I'm a little confused on how this works with a mortgage payment. I created this and all my debt seems to line up well with my payment schedules however my montage column is showing that I will pay it off about 10 years early, before adding any extra payments. Any idea what I could be doing wrong?
For mortgage payment I will suggest you use an Amortization Schedule. Excel has a pre populates one with formulas.
Mortgages are a little trickier. I think @vandross3 makes a good suggestion to use an Amortization Schedule and track your mortgage separately from your debt snowball.
hm im not sure if this is a snowball debt calculator. Usually the left over amount after paying off debt 1 will be used towards debt 2 and so forth. This creates a snowball effect and should result in paying down the debt faster. This calculator seems to be determining when your debt will be paid off/interest incur if you paid the minimum payment.
@@sonphung4974 this is a debt snowball spreadsheet and shows how the debt gets paid off faster when you move payments to the next debt once one gets paid off.
This helped me a lot thank you!!!
@@selime123 I’m happy to hear it!