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Bills template google sheets for Administration

if you want to get out of debt as fast as humanly possible I highly recommend a debt snowball spreadsheet in this video I'm going to show you exactly step by step how to make your own depth snowball spreadsheet in either Excel or Google Sheets before you start typing stuff into your spreadsheet and actually building this is going to be really helpful to have your debt information handy so you're going to want to know the totals of each of your different debts and your interest rates if you know those two things you should be good to go to set up your debt snowball spreadsheet today all right the first thing that we're going to need to set up across the top is our payments and the names of our loans so I'm going to start in cell 2 and type payment and I'm going to call this loan a and it has a 3.3 percent interest rate I'm going to repeat that same thing for payment because each of these payment columns is going to represent the minimum payment or how much you're choosing to pay for each of these loans I'm going to set this up with three different debts of varying interest rates and varying amounts loan B is going to be five percent interest loan C is going to be four percent so you want to set Yours up just like I have so if you want to write minimum payment here instead of payment you can do that but the name of your loan it could be like the loan company that you have from if it's a student loan if it's a credit card the name of the credit card is fine and then the interest rate because we are going to need the interest rate all right next up underneath the name of the loan we're going to write your current total balance as of right now so the numbers I'm making up for this actually these are really close to the debts we had when we started our debt snowball spreadsheet this one's going to be 6 000 and lone C is going to be 15 000. okay and we are going to want to these to be currency so all of these all the way down I'm actually just going to do highlight these I like numbers to come up as currency so we're going to make sure we highlight those and change them to currency I'm going to Center them some of this is just formatting stuff that help make it easier to read all right on this one our minimum payment is going to be 100 this one our minimum payment is going to be 85 and this minimum payment is going to be 130 next step of this is going to be allocating our months of like when you're setting this up so right now I'm making this in January of 23. and then you've got to put your months in okay I do have a shortened formula that is going to help you do this so you can just kind of drag it down and so I'm going to type that in if you want to use it you can I think it's easier than typing each of these individually so if I type equals type in e-date I'm going to click on cell A3 a comma and then a one what this is going to do is going to essentially add one month to each of the boxes below it so I should just be able to drag this down for a while and oh it didn't work the way I wanted it to all right I think I know why um we do have to do some formatting with the date which is annoying um but we'll help you in the long run so I'm going to do that really quick I'm just going to go up to format our number we're going to do a custom date and time and I want it to be month and year so it was a little drop down and year apply all right so I'm going to try this again make this whole one month and year sorry sometimes just you start doing stuff and you realize you need to do formatting okay so we're going to apply that to all of those oh and then it automatically did it sweet look at that so we've got January to December 23 January through December 24. all right and I've got this through we'll go one more down December of 2027. okay that's most of the formatting we're gonna have to do now we're gonna have to do a little bit of math so this payment we can actually drag this all the way down because if this is a minimum payment this is going to be every single month you're going to make at least this payment okay and if you just click on each of these that little blue square it should allow you to drag it down I'm just going to drag all these down until the bottom of my dates that I've got listed all right and now this is where the math is going to come in we need to calculate our interest rate or our interest that we're going to pay every month and the method I'm going to show you is going to give you a good approximate interest rate that you're going to pay approximately every month on each of your loans so what that is going to look like we're going to go down and hit another formula equals we are going to take our total loan amounts we're going to click in that cell we're going to subtract our minimum payment and we're going to close that parentheses and now we're going to need to do a little a little bit of math what we're going to do is we're going to multiply our interest rate times our loan amount so in this case I'm just going to grab my phone here you can do the same thing for yours I'm going to take my 1500 and multiply it by the interest rate which is 3.3 but as a decimal exchange from percent to decimal so it's going to be times .033 so and then we're going to divide that by 12. okay so that's going to give us a average interest amount per month of about four dollars and 12 cents and so then we're going to add back in this formula for 12. and so that is going to give me my approximate how much it would be after paying one month and so after the moving payment and then adding in the interest rate so then what I want to do is I just want to take that same formula if I click this box it's going to do that formula every single month and we want to do that until we get to negative which is right here cool that means that right here in April of 2024 we will have paid this off that's awesome I'm going to repeat that same formula over here we're going to hit equals left parenthesis our loan amount minus our minimum payment and we're going to do add back in that interest so this is going to be six thousand times .05 equals 300 and we're going to divide that by 12 to get it monthly so this is going to be adding approximately 25 dollars back on in interest every single month so you can see that this is a higher interest rate on a higher amount so I'm going to have to add more interest or pay more in interest and you can see this loan balance is going down a lot slower than the last one and we can even get to here and not quite be done with it all you have to do is just really drag both of these numbers down until it gets to a point where that would be paid off looks like we're not quite there yet this one is a bugger holy cow we're getting there everybody we're getting there all right we finally got there we got it right to zero way down here and what you do because this is far in the future you just right keep dragging this down until you get to the correct year month and year to go with that okay so it looks like April of 2031 is when that one would be paid off all right and then we're going to repeat this one more time right so that's the essence of how you make a decimal ball spreadsheet and one thing I would do is I would do a couple formatting things I'm going to freeze the first row um and then if you had more loans like d c d e f g you just add those on here and do the exact same thing to get set up but then I want to show you once you've got the basic setup how the desk mobile works because the principle of the decimal spreadsheet is you're going to pay off your minimum smallest debt first and then once that is paid off you're going to roll over that minimum payment into your next loan to accelerate the debt repayment process and so the way you do that on your desktopall spreadsheet is once you get to here this 100 we no longer have to pay for loan a that is going to go over here and making this 185 dollars and the Simplicity of setting it up this way is all I have to do is change that 185 and then drag that down until this loan is paid off and you can see it is now paid off here December of 2026 versus April of December or April of 2031. so we've saved about five years on the loan repayment for this loan by simply rolling over a hundred dollars or adding a hundred extra dollars to that payment and now again I would do the same thing I paid off this loan now I have 185 dollars that I no longer have to pay for loan A or B that is going to roll over here 185 plus 130 is going to be 315. I'm going to change this to 315. we're going to watch the magic of this one too and now I just need to drag that payment down and you can see that oh look at that we're going to be debt free if these were your three loans and you're making these minimum payments um you're gonna be debt free in July of 2030 which is seven and a half years from when this would get set up compared to a lot longer than that so we're getting out of debt completely um probably three four five years faster at minimum than you would have been without using a decimal spreadsheet and that's why I love it the other option is the debt free Playbook which is a mini video course that I've made that helps you set up your debt snowball spreadsheet but also gives you some more advanced tips and strategies to pay off your debt faster and goes into more specific strategies for paying off student loans and paying off credit card debt the link is down in the description below and so go ahead and check that out so check out this next video on how to make a 50 30 20 budget to help you focus more of your energy on paying off debt and aligning your spending with your values