Uploaded March 2025 | Updated September 2026, 2 weeks ago
When I set out to get out of debt, I had goals and checkpoints. I had it all planned on paper. I had a budget and could see where my money was going by category. But the tool I found most helpful to know what to pay first was this free spreadsheet by vertex42. They have had it online for years and I've used it since at least 2015. The free version is limited to 10 debts (and I had way more but I show you how to make it work by simply going with the 10 largest debts, paying them off and reloading with the next 10).
What I like most about this spreadsheet is it allows you to clearly see which debt has the most interest paid every month, how long it will take you to pay off debt using snowball, avalanche, custom, or nothing.
I forgot to mention that every couple of months I would save the spreadsheet under a new name, i.e. March-2025-debt, with updated figures so I could look back and see where I started and what I've accomplished.
This spreadsheet, since it's free, should be in everyone's get out of debt arsenal. Even if you don't own Microsoft office, it works great with OpenOffice calc (free) which is what I used all these years and it would probably also work with google sheets if you imported it, although I have never tried, which is also free.
The vertex42 website goes way more into its features than I did in this video so its a good read. They also have some versions not free you could review and purchase for cheaper than a fast food family meal by todays standards. So check it out ... I can lead you to water, but I can't make you drink.
vertex42 spreadsheet: vertex42.com/Calculators/debt-reduction-calculator.html
When I set out to get out of debt, I had goals and checkpoints. I had it all planned on paper. I had a budget and could see where my money was going by category. But the tool I found most helpful to know what to pay first was this free spreadsheet by vertex42. They have had it online for years and I've used it since at least 2015. The free version is limited to 10 debts (and I had way more but I show you how to make it work by simply going with the 10 largest debts, paying them off and reloading with the next 10).
What I like most about this spreadsheet is it allows you to clearly see which debt has the most interest paid every month, how long it will take you to pay off debt using snowball, avalanche, custom, or nothing.
I forgot to mention that every couple of months I would save the spreadsheet under a new name, i.e. March-2025-debt, with updated figures so I could look back and see where I started and what I've accomplished.
This spreadsheet, since it's free, should be in everyone's get out of debt arsenal. Even if you don't own Microsoft office, it works great with OpenOffice calc (free) which is what I used all these years and it would probably also work with google sheets if you imported it, although I have never tried, which is also free.
The vertex42 website goes way more into its features than I did in this video so its a good read. They also have some versions not free you could review and purchase for cheaper than a fast food family meal by todays standards. So check it out ... I can lead you to water, but I can't make you drink.
vertex42 spreadsheet: vertex42.com/Calculators/debt-reduction-calculator.html
