01Looking For Our Spreadsheet Template?
We built something better instead. But first, why spreadsheets don't work for debt payoff (and the free template anyway if you want to try).
02What Is The Debt Snowball Method?
In one line: pay your debts smallest balance first, roll each cleared payment into the next, and let the quick wins keep you going. The full snowball method guide has the steps, a worked example and the psychology behind it.
This article is about one specific question: should you run that plan in a spreadsheet, or let something do the maths for you?
03Why Spreadsheets Don't Work For Debt Tracking
Spreadsheets seem like a good idea. They're not.
The reality:
• You have to update it manually every month - Open file, find it (where did I save it again?), enter new balances from 4 different statements
• Formulas break - Accidentally delete a cell, now nothing calculates
• Minimums change - Your £126 minimum becomes £98 after 6 months, formula's now wrong
• No reminders - You update it twice, forget about it, find it 8 months later feeling guilty
• Interest timing is weird - You pay £200, balance only drops £185 because interest posted mid-month
• It feels like homework - Month 3 you're done
Most people abandon them by Month 3. We did too, which is why we built TrySnowball.
04Free Template Anyway (If You're Determined)
Vertex42 is the best spreadsheet template we've found. It's what we used before building TrySnowball.
What it includes:
• Pre-built snowball and avalanche calculators
• Payment schedule projections
• Interest savings calculations
• Visual charts
The catch:
• US-focused (monthly interest, not daily APR like UK cards)
• You have to adapt it for UK debts
• Still requires manual monthly updates
• No reminders, no automatic tracking
It's good. But it's still a spreadsheet.
05Or Just Use TrySnowball Instead
It does everything the spreadsheet does, without the upkeep:
• Calculates your snowball order automatically
• Shows your debt-free date, and counts down to it
• Visual charts, so you see progress and not just numbers
• Optional monthly update reminders
• UK-specific: £, APR, overdrafts
• Takes about 30 seconds to update, not 15 minutes
Free tier: up to 12 debts, all features.