Debt Payoff and Planner

Paying off debt may be daunting but if you can set a goal, make a plan and do, you will see light at the end of what may feel like an endless, dark tunnel. 

Start by listing out all of your debts, the due dates and minimum payments. Then tally up what your minimum monthly debt payments will be. Keep this number in mind when you setup your annual budget. To start, you will finish here until you have setup your annual budget.

Once you are ready to setup your annual budget, take whatever money you have left after covering you main expenses and set a goal with this money to pay down your debts. There are many motivating resources out there to help you get the encouragement you need to keep with this goal. There will be many temptations (vacations, new toys, new cars) to keep you from moving towards your goal. Find something (a podcast, a book, a friend or family member) to help keep you motivated. 

Go back to your debts list and find the smallest debt and put all the goal debt payoff money towards this debt. Go to the next month (if you are doing this in Decenber, fill out January) in the Debt Payoff and Planner chart and list the end of the month balance on all of your debts. List the interest rates and your goal payment for each debt. Some might be the minimum payment. Now add these to your annual budget. 

At the end of each month, enter how much you paid on each debt and the end balance. Take this balance and enter it in the beginning balance for the next month and continue all year. If you find that you aren't paying the goal amount each month, but just the minimums, review your budget and see where you are overspending. If it is unavoidable expenses or an unrealistic budget, find a way to earn more income for the next few months to get you started. 

As you payoff the smallest balance, move the goal amount and the minimum payment to the next debt. Be proud of yourself! This is hard work and a necessary work to help you work towards living your dream life. 

To begin paying off debt and establishing a budget, check out our Level 1 Family Finance Planner: 

To start budgeting more in-depth and to plan for your spending for the year, check out Level 2 at:

If you are looking for just a debt payoff worksheet check out my debt snowball planner:



Family Finance Planner - Level 3 - Wealth Accumulation
Family Finance...
Planning and Creati...
By Victoria Smith
Photo book


Leave a comment

Please note, comments must be approved before they are published