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Use this Free Debt Tracker Printable to Pay Down Debt Faster


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Debt is one of the great white financial whales, but tracking it makes it easier to pay off.It seems like everyone needs a good debt tracker printable- the ultimate tool to corral what you owe. After all, the average household in 2023 had over $100k in debt. (P.S. Did you know you could buy five Ford Mustangs with that much money?)

But before we can get you set up with your debt tracker (keep scrolling to get your hands on the template), you'll need to decide how you want to pay off debt because that will inform how you fill the tracker out.

The debt-tracking sheet below is just for you to track your payments and play around with your final debt payoff date. Actually paying it off? Well, that's up to you.

Want access to my free financial worksheets, including the debt tracker featured below? Click here to subscribe (it’s free!) and gain instant access.

First – A Primer On Debt Reduction Techniques

Below is a quick crash course in different debt solutions.

Many different debt reduction techniques are available. Some of the most common include:

#1 – Snowball

debt snowball: Made popular by Dave Ramsey, the debt snowball method is where you list your debts from smallest to largest and pay off the smallest debt first – then move along to the next. Once you pay off a card, you still use the money for that card's minimum payment to add to your payment for the next one (and so on and so on). You'll save more money in interest by using the avalanche method (below), but most people have great success with the snowball because those small wins keep you motivated for the long term.

#2 – Avalanche

debt avalanche: This works well when you have multiple credit card balances. Unlike the snowball method, you won't be targeting smaller accounts first. Make all of the minimum payments on each account, then put the remaining money you have to pay off debt toward the account with the highest interest rate. This will help you reduce the amount you pay in interest over time.

#3 – Consolidation

debt consolidation: This method consolidates all of your debt into one account, so you're only paying off one interest rate each month. In theory, this approach can be helpful. But in practice, it can get dangerous. It makes it easy for you to rack up even more on your credit cards and get yourself even more in debt.

No matter what method you choose, a debt tracker can help you in managing debt because it provides an opportunity to put all of your financial information in one place.

Want to get serious about slaying debt? Check out The Debt Master Plan – my 7-day guided strategy and companion excel sheet that will help you create the ultimate debt payoff plan. FBL Readers can take $10 off with code NEWYEARNEWYOU. Click here to explore.

How to Use Our Debt Tracker Printable

You can absolutely do this with just pen and paper! But I also offer a free debt tracker printable to my email subscribers. Click here to subscribe (it’s free!) and you can gain instant access.

Then, in the section underneath, track your payments as you make them.

The second sheet in the printable is for brainstorming two things:

  1. How you'll come up with extra income to accelerate your debt payoff.
  2. What you'll reward yourself with each time you pay off a balance.

Sounds pretty fun, right?

If you feel mathematically challenged, spreadsheets are a great solution to making sure you don't make any glaring errors when tackling your debt. Instead of crunching the numbers by hand, you'll be able to just put the numbers in each cell and watch the magic happen.

Why Should I Use a Debt Tracking Printable?

There are always going to be people who prefer digital tracking. (I added an excel sheet to the Debt Master Plan for those who do!) But there are sound benefits related to getting your debts down “on paper.” Truthfully, I like both.

1. It's a “Screenshot” of Your Financial Life

  • If you're utilizing credit from many different institutions, it can be hard to know all of your balances, rates and monthly payments off the top of your head.
  • A good debt tracker will let you input the details of all your loans and credit lines, letting you view your repayment information in one place.
  • No more bouncing from app to app or looking through old documents every month.

2. You'll Be Able to Set More Realistic Goals

  • Seeing the numbers on paper allows you to set realistic goals. You might be tempted to aim high in your debt repayment goals – that's great! – but it's just as important to set goals you can reasonably reach.
  • Because you'll have all your debt info in one place, it'll be even easier for you to prioritize what you want to pay off first.

3. You'll Stay on Top of Due Dates

  • Late payment is a big financial no-no. Not only does late payment affect your credit score, but you could also be paying more because of late charges. It's amazing the difference just having your dates in one place can make.
  • Your debt tracker will help you stay on top of what is due and when.

4. Keep Motivated

  • Debt repayment burnout is real and dangerous. It can start with “Well, I've repaid a lot lately. I should treat myself” and end with “How did I max out my card again?” The trick to avoiding burnout is in not denying yourself rewards – but rewarding yourself responsibly.
  • Think of little treats for yourself when you reach a milestone of repayment or other financial goals. Aim to spend no more than 5% of the total balance you just paid off.
  • Use cash, obviously.
  • Write these rewards down on your debt tracker, so you don't lose sight of your goals!

How can I use a debt tracker to pay off debt faster?

A debt tracker can help you pay off debt faster because it's a visual reminder of what you're working for. It will help keep you motivated, but it won't pull in extra money. Below are some of my favorite ways to make extra money, so you can log more (or better still – even bigger) payments on your debt tracker. 

#1 – Try a No-Spend Challenge

Remember after the holiday season, when everyone shuts themselves inside the first few weeks of January in an attempt to salvage their finances after a decadent holiday season? Yeah, that can work for any season. Anytime you want to save a little cash is the perfect time to attempt a no-spend challenge.

Click here to read how to properly put one together. The key is in the preparation.

#2 – Sell Your Unwanted Items

Kondo mania is sweeping the nation, thanks to Marie Kondo's show on Netflix. Declutter your own home and profit by putting no-longer-used items up for sale on places such as Craigslist or eBay. My rule is that if I haven't used it or touched it in a year, get rid of it.

You would be surprised how much you can make just from selling your old items.

#3 – Start a Small Side Hustle

I'm the queen of side hustles, or at least writing about them. See below:

#4 – Leverage Technology to Save…Automatically

One of the best ways to save money is to automate your savings into a separate account. Then when you hit a certain amount, you can make an additional payment toward your debt. Doing this is as simple as logging into your online banking portal and scheduling an automatic transfer from your checking to savings on the 1st of every month. Be aggressive – think of how much you can save, then add an additional 1%.

My favorite money-saving app is Qapital. While it does cost a monthly subscription (I pay $3/mo), it helps me save extra by rounding up when I use my card, works for travel, clothing and debt payoff too. I love it so much and it is the only money-saving app I use, year after year. Click here to try and get $25.
 

12 more ways to pay off debt

Ready to get super aggressive with your debt payoff? Having a debt-tracking template will help you to really visualize your progress. When you can see your hard work, then you'll be more motivated to keep going. I like to recommend the following ways to pay off debt for anyone who wants to go “above and beyond” with their debt payments each month.

  1. 6 ways to get a handle on any shopping problems.
  2. Evaluate 0% balance transfer card offers to lower interest.
  3. 10 steps to shop your closet (so you don't buy new clothes on a credit card)!
  4. If you've got a lot of debt, consolidating it to a lower interest rate and smaller payment may be the best option for you. (Admittedly, this isn't right for everyone.)
  5. Evaluate one of these gig economy jobs for $1,000+ per month.
  6. Cut one of these five items from your budget first.
  7. Try starting your own small business as a side hustle. (Here's my guide on how to do that!)
  8. Try a no-spend challenge!
  9. Purge your closets and sell what you can for extra cash.
  10. Scour Craigslist for the legit side jobs you can do to earn extra money.
  11. Work with a debt management company.
  12. Follow others online who are publicly paying off debt to help yourself stay motivated and accountable.

The TL;DR

Nearly everyone has some sort of debt, whether credit card debt, auto loans, medical debt or something else. But repayment seems to be increasingly out of reach for many. Student loans are crippling young adults' financial well-being, and an increasing variety of credit options are available. I know that if you're reading this, you're well aware that debt can be a vicious cycle of overuse and slow repayment.

Just remember, you're doing GREAT work – more than most individuals will do. By downloading the debt tracker, you'll get ahead of your debt situation now. Once you're debt-free, you'll have some amazing options and be in a better position to live out your best life.

Are you ready to pay down debt? (Here's how I paid off $8,000 in just 90 days.)

Get my newsletter by entering your email address below, and access the FREE two-page debt tracker to finally get a handle on your debt.

 

Ready to download the debt tracker printable? Click here to subscribe and gain access.
Want to take your money management to the next level in 2024? Learn more about The Financial Best Life Blueprint, our digital product that comes with e-books, excel spreadsheets and more to help you take control of your finances, eliminate the overwhelm that comes with managing money, and achieve your money goals faster. FBL readers can get the Blueprint for just $5, by using code BESTLIFE. Click here to explore.