Mastering Your Finances: The Snowball Debt Strategy in Excel

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  • čas přidán 27. 09. 2023
  • 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.
    Click to Download Resource
    www.officenewb.com/post/maste...
    Microsoft Excel - Managing Personal Finances with Excel Course:
    www.udemy.com/course/microsof...

Komentáře • 44

  • @Recovery12Life
    @Recovery12Life Před měsícem +3

    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

    • @OfficeNewb
      @OfficeNewb  Před měsícem

      You're Welcome! Thank you for watching!

  • @premmohite3788
    @premmohite3788 Před 3 měsíci +1

    Thx for the free excel file. Commenting so this video gets more views

  • @juanbon5996
    @juanbon5996 Před 10 měsíci +1

    Great tool to help manage debt. Thanks!!!

  • @user-ri7sw2wt6f
    @user-ri7sw2wt6f Před 10 měsíci +1

    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.

  • @juanchevere10
    @juanchevere10 Před 10 měsíci +2

    This is great. I'm taking your Excel course from Udemy and enjoying learning from you. Thank you for this very helpful resource. Cheers!

  • @Mk1West
    @Mk1West Před 3 měsíci +1

    Thank you. So much help for free!

  • @jenniferbrown7539
    @jenniferbrown7539 Před měsícem

    Been looking around for this and you're by far the ONLY non boring one. I wonder if you're a teacher. :)

    • @OfficeNewb
      @OfficeNewb  Před měsícem

      I have Microsoft course on Udemy.com

  • @mickeyreyes3189
    @mickeyreyes3189 Před 3 měsíci +1

    Thank you so much for this and for the free download!

    • @OfficeNewb
      @OfficeNewb  Před 3 měsíci

      You're very welcome!

    • @mickeyreyes3189
      @mickeyreyes3189 Před 3 měsíci

      @@OfficeNewb How can I add more lines to the data entry table?

  • @ehtshamcheema
    @ehtshamcheema Před 10 měsíci +1

    i love you kyleeeeeeeeeee

  • @billgyrotech
    @billgyrotech Před 6 měsíci

    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.

    • @ChopperGreg
      @ChopperGreg Před 6 měsíci +1

      That’s called the debt avalanche method, in case you wanted to search for another video or workbook.

  • @elpolynesian
    @elpolynesian Před měsícem

    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.

  • @lindavorce2055
    @lindavorce2055 Před 4 dny

    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

  • @BLBudgeting
    @BLBudgeting Před 5 měsíci

    This is great thank you! Do you know how to make the amount of months into an actual month/year?

    • @OfficeNewb
      @OfficeNewb  Před 5 měsíci

      Check out the cell under Payoff Date.

  • @alexskillen9094
    @alexskillen9094 Před měsícem

    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

  • @salenaclayton381
    @salenaclayton381 Před 2 měsíci

    When inserting the additional table rows, the formulas no longer calculate correctly. Can you provide additional guidance? Great video

    • @OfficeNewb
      @OfficeNewb  Před 2 měsíci

      Are you clicking and dragging the lower right corner of the table to add rows?

  • @CR-tanglewood
    @CR-tanglewood Před 6 měsíci +2

    Is there anyway to expand this as I have about 30 revolving debts that I would like to include? Thanks in advance!

    • @OfficeNewb
      @OfficeNewb  Před 6 měsíci

      You can insert new row in the table to add more loans/Credit cards

    • @danlillis2152
      @danlillis2152 Před 11 dny

      @@OfficeNewb Does that create a new column to track the payment and balance for that loan?

  • @ehtshamcheema
    @ehtshamcheema Před 10 měsíci

    Are you offering any course where you have taught how to create such type of sheets?

    • @OfficeNewb
      @OfficeNewb  Před 10 měsíci

      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.

  • @Parneetkaur20998
    @Parneetkaur20998 Před 10 měsíci +1

    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

    • @OfficeNewb
      @OfficeNewb  Před 10 měsíci

      The beginner to advanced Excel course will be very helpful in an office position. You will need to practice.

  • @ehtshamcheema
    @ehtshamcheema Před 10 měsíci

    please upload this video again

    • @OfficeNewb
      @OfficeNewb  Před 10 měsíci

      Is there something wrong with the current video?

  • @PippiL1970
    @PippiL1970 Před 2 měsíci

    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.

    • @OfficeNewb
      @OfficeNewb  Před 2 měsíci

      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

  • @Sam-fg6bt
    @Sam-fg6bt Před měsícem

    how can i change the currency to gbp and will it work the same? cheers

    • @OfficeNewb
      @OfficeNewb  Před měsícem

      Is GBP your default currency on your system? You can select all the cell and change the currency symbol.

  • @nuthans3579
    @nuthans3579 Před 10 měsíci

    Hi i already took your excel course in Udemy, but it's not opening

    • @OfficeNewb
      @OfficeNewb  Před 10 měsíci

      Try accessing the course through a different browser. If that doesn't work, try reaching out to Udemy support.