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Home » Printables

Debt Tracker Printable FREE

Published: Aug 25, 2022 · Modified: Mar 8, 2023 by Ginny · This post may contain affiliate links.

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This FREE Debt Tracker Printable Worksheet is crucial to help your household take control of finances and pay off your debt. This tool is such a huge money maker! WHAT? MONEY MAKER? How can that be? 

young husband and wife looking at their bills with a copt of the debt payoff printable on the table.
Take Control with this Debt Payoff Printable
Contents hide
1 📎 Why You’ll Love
2 📒 How to Use
3 📱 Monitoring
4 💰 Mini Budget Binder
5 💵 Key Budgeting Tools
6 Monthly Calendars

This is the next installment of the Mini Financial Binder. We are kicking off this year with a series of free printables to help you take control of your budget. Included is the Daily Spending Log, Expense Tracker, Debt Payoff Tracker (this one), Monthly Bill Worksheet and as a bonus, you can get the Monthly Goals and Yearly Goals Trackers! 

Tracking your balances and paying off the high interest debts first is a powerful tool in your personal finance plans.  Spend a few minutes and look at how much interest you are paying each month. Now look at what our country is at under the US Debt Clock. Scary, right?

I realized that focusing on paying down the debts with the highest interest will make you money.  You avoid paying super high interest by focusing on those debts first.

📎 Why You’ll Love

Helps Pay Down Debt | This seems basic but until you start seeing the amount you OWE go down on the sheet, you won’t realize the impact that you are going to have on your family’s household budget.

Pay Less Interest Charges on What You Owe | Using the sheet as it is, you will start paying off the debt with the HIGHEST interest, which means you are paying the most on this debt per month. Once you pay that down, you have more money to pay off the remaining debt.

Visual Makes You Angry at Interest Charges | Granted, that sounds bad but you want to be mad and change your behavior to NOT having interest charging or rolling debt because it is costing you so much money.

savor and savvy printable

Snag our 72 Page Printable Home Binder Today →

📒 How to Use

This free printable debt payoff pdf is arguably the single-most important sheet in all of the Mini Binder! If you have outstanding debt (and who doesn’t?), then record the key details on this worksheet and use it as a tool to get ahead with your budgeting. 

Let’s take this one step by step.

Step One: Collect all of your current outstanding debt that charges interest. I usually don’t count the mortgage, but you certainly can. Usually, the interest on the mortgage is much less than other consumer debt or student loan debt.

debt payoff worksheet with account information, interest rates, and balances by month.
Debt Payoff Printable Tracker

Step Two: Fill in each section of the Debt Payoff Printable. There is room for two Payees for each sheet. Print off as many as you need. Now is not the time to overthink how many you SHOULD have. It is what it is.  Print what you need and just move forward. 

Step Three: There are two different trains of thought here and you should do which one will work best for your personality.

  • Option One: Look for the bill that has the highest interest (Avalanche Method) and work at paying that one off first. This means that you work at paying more than the minimum due each month to knock it out the fastest. The idea here is that you should eliminate the highest interest charges first. After you paid off the highest rate debt, move on to the next one.
  • Option Two:  Look at the debt that has the lowest balance. It doesn’t matter what the interest rate is, but the smaller balance will be paid off more quickly. Dave Ramsey suggests you use this Snowball Method once you have $1000 in emergency funds. That will be a huge victory and you’ll feel like you are stronger to crush the next one even faster. This isn’t the smartest financial move, but it does help you feel like this is not an unwinnable task!  (I like the feeling of victory when I paid off a balance)

You need to decide which one works best for your personality. Traditionally, it is best to work off the highest interest rate first but I also like to encourage people to get out of debt in anyway possible. 

The great thing is, the numbers don’t lie. 

📱 Monitoring

Paying down debt can take time.  It isn’t an overnight effort. After a couple of months of tracking, start really analyzing how you are doing.

Did you take a credit card and continue to charge? Seeing your progress is why this printable is so crucial to your budgeting success!! 

Are you seeing the balance go down a little, but not as much as you hoped? Ok, so that is the time to make decisions in your life.  The Daily Spending Log will help you see where you are spending money. I had an eye opening experience when I saw how much I spent each month on expensive coffees. SCARY!  

The key to this is to keep working – and keep working – and keep working! Don’t give up until it is all paid off. 

💰 Mini Budget Binder

In the Mini Budget Binder, you are going to be collecting into one planner: 

  • Binder Cover Sheet <– Free PDF!
  • Expense Tracker 
  • Daily Spending Log 
  • Debt Payoff Log Tracker (this one) 
  • Monthly Bill Worksheet 
  • $1000 Emergency Fund Savings Challenge
  • Yearly Financial Goals (newsletter sign up here)
  • Monthly Financial Goals (newsletter sign up here)
cover sheet for the free mini finance printable binder.
Mini Finance Binder Cover Sheet

Please only use this for personal use.

💵 Key Budgeting Tools

52 Week Challenge – I love turning saving into a game.  It brings out some good-natured competition in my home and do some more research on it. It is a tried and true method that has been successful for many years! 

Fun Printable with the Yearly Goal and some Pennies to get the Savings Started
Tape this Handy Printable to your Penny Jar or set it on the counter next to it. It is a great daily reminder of your savings goal!

Penny Challenge – Will saving a single penny help you meet your goals?  You betcha! You will be amazed at how fast pennies add up and how it is a fun challenge (especially if you involve kids!) I love to encourage beginners to start here. Everyone can find one penny to start this, right?

Money Envelope Template – If you haven’t heard of the Cash Envelope System, stick around as it’s a really popular and effective budgeting technique! It helped me when I realized how much money I was spending on things that weren’t that important.

Grocery Comparison Sheet – This is so helpful, it should be illegal.  We all know groceries are cheaper at one store than another, right?  When I spent the time to write down my typical grocery list, I found that there were big price differences.  It felt like I was counting cards in Vegas! 😁 It totally changed the way I shopped for my staple groceries.

20 Free Budget Printables – I consolidated my favorite free printables into one spot.  Check them out and see which ones will help you! 

Monthly Calendars

January Calendar

February Calendar

March Calendar

April Calendar

May Calendar

June Calendar

July Calendar

August Calendar

September Calendar

October Calendar

November Calendar

December Calendar

Related Articles

  • 108 page budget binder worksheet and a note that reads take control of your budget this year.
    Budget Binder Planner and Worksheets
  • step by step instructions with the printables used to help you create a budget.
    Savvy Budget Planner: Free 13 Pages
  • two printable pages for the debt snowball method to help you get out from under your bills
    Debt Snowball Printable FREE
  • 20 Free Budget Printables to make sticking to your budgeting goals easier! Featuring meal planners, budget worksheets, binder covers, cash envelope printable and more.
    20 Free Budget Printables
Debt Tracker Printable  FREEDebt Tracker Printable  FREE
« Monthly Bill Organizer and Tracker Worksheet FREE
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About Ginny

Hi! My name is Ginny and I know how busy life can be! I am a mom working hard to prepare healthy meals for my family that is always on the go!

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Comments

  1. VERON YUSAK says

    July 06, 2021 at 9:40 pm

    THANK YOU SO MUCH..I AM A MOM WORKING FROM HOME AND JUGGLING HOW TO MANAGE MY FAMILY FINANCIAL AND TAKING CARE OF THE HOUSELHOLD..

    Reply
    • Ginny says

      July 10, 2021 at 12:07 pm

      Best of luck using it! I know it helped with us and I hope it does the same for you and your family. Cheers!

      Reply

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Family Photo Hi! I'm Ginny and for over 30 years, I've been creating simple and easy recipes without sacrificing on taste for our family on the go. I can't wait to show you how to do the same for your family. Read More...

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