Reduce debt using this free to try debt reduction calculator for Microsoft Excel and Open Office. These spreadsheets help the user follow Dave Ramsey's Debt Snowball advice to eliminate debt and finding financial freedom. Even when all the monthly household budget amounts can be kept in a mental file, a dramatic improvement is realized when the finances are put in a spreadsheet or personal financial calculator.
The free worksheets are available for download and easy to use. The user enters the numbers in the assigned field as directed by the spreadsheet. Created by Vertex42 who also created other home budget spreadsheets including, the mortgage payment calculator that can compare monthly payments for different mortgages, the mortgage payment calculator for the iPhone, and an auto loan calculator.
Download Free Debt Management Software
Reduce the household budget by managing the debt using built-in formulas that automatically calculate the total owed and total interest paid. It is easy to use. Downloading this financial tool will save hours compared to developing and entering the formulas from scratch.
Download the Debt Reduction Calculator by clicking this link.
Manage Household Budget
There are three tabs at the bottom of the spreadsheet. These are the Calculator, Payment Schedule and Chart. The budget spreadsheet explains different methods of managing debt such as the "Snowball" and the "Avalanche" methods.
The Excel financial spreadsheet allows debt to be entered into the Creditor Information Table in the Calculator Tab. The information is automatically processed. The strategy bar is positioned below the Creditor Information Table and the user can choose either the Snowball or the Avalanche method to manage debts.
Custom options are also available. The payment Schedule tab displays how much the monthly payments would be and how long it will take to pay off the total debt with the options chosen. The Chart tab gives a visual representation of how the interest will decrease over time and reduce the amount owed. The chart is a very dramatic and motivating feature of this free Excel and OpenOffice spreadsheet.
The Debt Snowball or Avalanche?
The Snowball method is recommended by Dave Ramsey in his Total Money Makeover system. This method guides the user to pay the debt with the lowest balance first. The Avalanche method guides the user to pay the highest interest rate first.
An easy to follow payment schedule can be printed out to help keep track of progress. The Snowball growth chart is a visual representation of how the debt reduction grows over time until all debt is wiped out.
Take Control of the Household Monthly Bills
This program is a free download and provides detailed instructions about how to enter the right information in the right area. It is simple and easy to use and helps the home budget get back under control. Debt reduction can help many people recover from hard times and bad luck. The Microsoft Excel spreadsheet helps reduce household budgets by reducing credit card debt, car loans, student loans and personal debts.
Reference:
CnetDownload.com. Debt Reduction Calculator for Excel 1.2 (accessed Deember 18, 2010).
Jennifer Terry - Jennifer Terry has worked to promote self-determination and consumer education for 10 years. She has been writing since 2004 and has been ...
