Step 3: Use Excel Formulas to Project Your Credit Card Balances Into the Future Now that you can make a personal budget that is well organized and structured in a way thats very easy to follow, the next step is attacking that nagging credit card debt.
The quick and easy technique to fix this is using the.
Read More and debt planning tools How to See if You're in Financial Trouble and What To Do About It How to See if You're in Financial Trouble and What To Do About It Read More available out there.
Each month will have a new calculated balance based on the previous months balance.Instead of paying 100 on Capital One and taking until 2025 to pay that balance off, I paid 200 extra and will have it paid off by February 2022.Without clear lines separating the major sections of your budget, youll have a hard time zoning in on the area that youre interested.The best way to organize a budget spreadsheet is by shading each summary section between your major groups.Here is how it works.View Freeze Panes.In these next examples, Ive used the same formatting techniques to create a list of credit card balances and monthly payments.Step 1: Structure a Personal Budget Spreadsheet That Doesnt Drive You Nuts.
Years ago, my wife and I were saddled with so much debt that we thought it would take the rest of our lives, or at least the next sixty years, to pay it all off.
It's tough to stay motivated to keep paying off your debt, but visualizing it can make the process easier.
After youve entered in your current balance in the top cell (for example, in this case, Capital One is 3,000 in the next cell below it you would enter a formula that multiplies that balance by your cards interest rate and divides by twelve.
Set up your debt log in the same way split and freeze the panes, but this time list each month along the left, and your credit card balances How to Save Thousands With a Credit Card Balance Transfer How to Save Thousands With a Credit.That is your estimated monthly interest.A lot of people give up after the first attempt.Once youve got that first cell calculated correctly, you can duplicate the formula for every month below it by clicking and holding the small box to the lower right of the cell you just calculated, and dragging it down as far as you like.If you have additional credit card balances, you simply snowball the payment and eliminate your debt in months rather than years.I remember looking for a free budget spreadsheet Save Money and Set Budgets With 5 Apps, Sites, and Free Ebooks Save Money and Set Budgets With 5 Apps, Sites, and Free Ebooks The ability to manage you finances and save money is a crucial life.Then I take that 300 and add it to the existing payments on my other credit cards.By using the ability to autofill the monthly balance calculations, I tested different scenarios to pay off debts faster.