The easiest way to create a debt snowball spreadsheet in either Google Sheets or Excel is by downloading a customizable and easy-to-use template.
But if you’re ambitious and want to create one yourself, start by collecting your individual debts and interest rates. In the spreadsheet software of your choosing, plug in “Payment” into Column B with the amount you pay each month below. Add the name of your debt and interest rate into Column C, with the balance you owe in the row below. Continue this in as many columns as you have debts. In Column A, add dates for each corresponding payment.
Calculate the amount of interest you’ll pay with each payment by using the following formula:
(Total amount owed x interest rate) / 12 = Monthly interest payment
Then in cell C3, create a formula from your total balance (C2) minus your payment (B3) plus your monthly interest rate:
(C2-B3) + monthly interest payment = remaining balance
To duplicate this formula, click on cell C3, then click and drag the small blue box in the bottom right corner of the cell until the remaining balance reaches zero.
Use the same tactic for each of your debts to create the rest of your “debt log.” From here, adjust payment amounts to see how the debt snowball would help you pay off your debt more quickly.