Mastering Your Finances: The Snowball Debt Strategy in Excel
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- Опубликовано: 22 авг 2024
- Take control of your Debt with The Snowball Debt Strategy!
The term "snowball debt" typically refers to a debt repayment strategy aimed at eliminating multiple debts, especially credit card debts, in a systematic and motivating way. The key principle behind the snowball debt method is to start by paying off the smallest debts first while making minimum payments on larger debts. As each small debt is paid off, you roll the amount you were paying on that debt into the next smallest debt. This creates a snowball effect, where your debt payments grow larger over time, making it easier to pay off larger debts as you progress.
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Microsoft Excel - Managing Personal Finances with Excel Course:
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This is the only one i have found that takes the payment from paid off debts and adds it to the next in line bravo my man thank you
You're Welcome! Thank you for watching!
This is great. I'm taking your Excel course from Udemy and enjoying learning from you. Thank you for this very helpful resource. Cheers!
You're very welcome!
Thank you. So much help for free!
You're welcome!
Great video! My wife and I used this exact method to get out of debt several years ago. Wish I had this Excel tool back then. lol. Thanks for posting.
Thanks for sharing!
Could you share the formula on linking the personal budget course with bills to link with this snowball debt spreadsheet? This stuff was extremely helpful for me.
Been looking around for this and you're by far the ONLY non boring one. I wonder if you're a teacher. :)
I have Microsoft course on Udemy.com
This is awesome! Thanks for sharing the excel document. You may have it in your course, but do you happen to have a budget excel document that operates I similar manner with inputs?
No, sorry
Thx for the free excel file. Commenting so this video gets more views
Thank you
Thank you so much for this and for the free download!
You're very welcome!
@@OfficeNewb How can I add more lines to the data entry table?
Great tool to help manage debt. Thanks!!!
Glad it was helpful!
I think I found one mistake in your worksheet, I might be wrong but can you please check. I am refering same example in this video @10:26 if you see last payment of credit card 1 is 63.24 but payment 37 for credit card 2 should be 125+200-63.24. Can you please let me know if payment 37 for credit card 2 should be 325 or 325-63.24 as we are still paying out the credit card 1.
When inserting the additional table rows, the formulas no longer calculate correctly. Can you provide additional guidance? Great video
Are you clicking and dragging the lower right corner of the table to add rows?
i love you kyleeeeeeeeeee
Thank you!
Do you insert the balance that something was at the beginnging or currently. Eg a phone on 0% interest 24 months and you have 7 left. It doesnt seem to calculate the duration left, correctly
Thanks for your wonderful workbook. I was wondering if you can apply a different payoff strategy to your workbook. I would like to compare paying lowest balance first vs highest interest first.
That’s called the debt avalanche method, in case you wanted to search for another video or workbook.
can you make a one time payment without going over to the next loan? I want to make a big payment one time only and I don't to add to the next loan, please help
Is there anyway to expand this as I have about 30 revolving debts that I would like to include? Thanks in advance!
You can insert new row in the table to add more loans/Credit cards
@@OfficeNewb Does that create a new column to track the payment and balance for that loan?
This is great thank you! Do you know how to make the amount of months into an actual month/year?
Check out the cell under Payoff Date.
Help! I clicked on the download but when it loads and I click on it, it just starts me over on your video and doesn't give me a sheet.
You clicked on the link below the video to go to the Office Newb Blog? After you click on the link or copy and paste the link into your browser you will find the resource file there. Here is also a link to the Blog.
www.officenewb.com/post/mastering-your-finances-the-snowball-debt-strategy
Sir , i have bought your course recently to study excel deeply and increase my skill set , i wanted to learn from basics to advance . It is going very well , but i have a question after completing it. Will i be able to work in office , maintaining financial data efficiently in excel , as my background is totally from commerce stream and i would likely make in career in finance or management
The beginner to advanced Excel course will be very helpful in an office position. You will need to practice.
how can i change the currency to gbp and will it work the same? cheers
Is GBP your default currency on your system? You can select all the cell and change the currency symbol.
Are you offering any course where you have taught how to create such type of sheets?
Not this sheet but a course on managing personal finances with Excel. It has a lot of information that will help in creating a sheet like this.
please upload this video again
Is there something wrong with the current video?
Hi i already took your excel course in Udemy, but it's not opening
Try accessing the course through a different browser. If that doesn't work, try reaching out to Udemy support.