Managing debt and monthly expenses can feel overwhelming and time consuming for most of us. But you might be overlooking the simplest and minimal tool to track debt every month, which is Google Sheets.
And trust me you don’t need any technical expertise to create a debt tracker to organize your payments, track progress, and avoid missing deadlines. This blog covers a step-by-step guide on how to build a good debt tracker on Google Sheets for debt management.
Google Sheets is free, customizable, and accessible from any device with an internet connection. It allows you to organize data, perform calculations, and update your tracker. Also, you can share it with others if needed, like a financial advisor or family member.
Here's how to do it step-by-step:
This sheet helps you organize and track your debt, making it easier to see how much you owe and how much you’ve paid off. If you wish to use this deb tracker, click on this link and make a copy of the sheet.
Maintaining your debt tracker effectively ensures you stay organized, meet your financial goals, and manage your payments on time. Here are some tips:
If you're working with a partner or financial advisor, consider sharing the tracker sheet to collaborate effectively, ensuring everyone is on the same page.
Set payment reminders using Google Calendar to ensure you never miss a due date.
Regularly review and update your debt tracker to stay aligned with your financial goals.
Yes, you can track multiple loans in one sheet. Just add a new row for each loan and fill in the details.
To calculate total interest, use a formula based on the loan amount, interest rate, and how long you'll pay it. You can also use online calculators to help with this.
Yes, since Google Sheets is online, you can access the debt tracker from any device, including your mobile phone, tablet, or computer as long as you have an internet connection.
Yes, you can easily share your tracker with others, like a financial advisor or family member, and allow them to view or edit it based on what you choose.
Building a debt tracker on Google Sheets is an excellent way to organize and manage your finances. By using clear headers, formulas, and regular updates, you can control your debt and work towards financial freedom. Start today and make tracking your debt simpler than ever!