Debt Snowball Website or App...

[STLDisney_Freak]

My husband and I are in the process of trying to cut some debt out of our lives. He recently got a second job so that we could apply that money to getting rid of our debt. We are wanting to do a debt snowball method. I have been searching around to find a good app or website to input information in. I downloaded the debt Free app on my iphone and input our information, but I do not like that it doesn't give somewhat of a spreadsheet to follow. We have also put our information in the undebt.it website and this one does give a spreadsheet to follow and so far is my favorite. I wanted to see if anyone else has any recommendations out there for apps or website.

 

[davper]

A debt snowball is easy.
You pay minimums on all your debt. Then you put as much money as you can into the smallest debt until it is gone. You then you apply all the money you were paying on that bill and apply it to the next smallest and so one.

Example
Debt A) $10000 debt with $300 minimum
Debt B) $5000 Debt with $150 Minimum
Debt C) $2000 Debt with $60 minimum

$750 each month to pay down debt with.

Pay minimums on debts A & B of $450 total
Pay $300 to Debt C until gone.

Then pay $450 ($300 from Debt C plus the $150 minimum of Debt B) to Debt B until gone

Then pay $750 to debt A until gone.

Interest rate doesn't matter. Always pay the lowest amount debt first. The idea is that you get the high of paying off a debt quickly and that motivates you to keep going.

Google Dave Ramsey and Financial Peace University. There you will find everything you need, but at a cost.

 

[NinaBella]

I

 

[davper]

The OP asked about the debt snowball, so that is what I gave them.

IF you are doing the debt snowball, then the rate doesn't matter. The smallest debt is paid first.

IF you are trying to payoff with the least amount, then pay the highest interest rate first.

The idea of the snowball is so that you get quick wins in your goal and you are motivated to do more to pay them off. This also limits the number of debts that could post detrimental info to your credit report.

Paying off the highest interest first could mean that you are keeping around a low priced debt for years when it could be paid off in a few months.

 

[OKgirl]

Have you checked Ready for Zero? They have a website and app that I like. You can link your account information so it will automatically update daily with both interest rates and account balances. This is how I realized (unexpectedly) that our HELOC rate went from 1.9% to 5.25% last month. It also shows a chart of your debt decreasing over time.

 

[hmwinter85]

This is the template I'm using to track our debt repayment.

http://www.vertex42.com/Calculators/debt-reduction-calculator.html

I downloaded the free template. I like that once you have all your info on the calculator tab you can play around with the order you are repaying to see what they interest can be. I also like that on the payment schedule tab you can track additional payments and see how that will affect your plan.

 

[STLDisney_Freak]

This is the template I'm using to track our debt repayment.

http://www.vertex42.com/Calculators/debt-reduction-calculator.html

I downloaded the free template. I like that once you have all your info on the calculator tab you can play around with the order you are repaying to see what they interest can be. I also like that on the payment schedule tab you can track additional payments and see how that will affect your plan.

I downloaded this...LOVE IT! I think it will easier for DH and I if we can visually see everything...Thank you everyone for your advice!