How to Build a Good Debt Tracker on Google Sheets (Free Template) 2025

  • 16 January 2025
  • 7 mins read

Table of Content

Table of Contents

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.

Why Use Google Sheets for Debt Tracking?

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.

How to Build a Good Debt Tracker On Google Sheets 

Here's how to do it step-by-step:

  1. Start by opening a new Google Sheets document.
  2. Create column headers and label the first row with the following headings:
  • Creditor Name: The name of the company or person you owe money to
  • Total Debt: The total amount of money you owe
  • Minimum Payment: The minimum amount you need to pay each month
  • Interest Rate: The interest rate on the debt
  • Payment Due Date: When the payment is due each month
  • Amount Paid: How much you've already paid this month
  • Remaining Balance: How much you still owe after making the payment
  • Payoff Date: When you plan to finish paying off the debt
  1. Under each header, fill in the details of your debts. For example:
  • Creditor Name: Credit Card, Student Loan, Personal Loan.
  • Total Debt: 5000, 3000, 2000.
  • Minimum Payment: 100, 50, 150.
  • Interest Rate: 15%, 5%, 10%.
  • Payment Due Date: 15th, 1st, 20th.
  • Amount Paid: 100, 50, 150 (you'll update this each month).
  • Remaining Balance: Will be updated automatically (we'll set this up in the next step).
  1. To see how much you still owe, subtract what you’ve paid from the total debt. For example, if you owe $5000 and have paid $100, you still owe $4900.
  1. Each time you make a payment, write it down in the Amount Paid column. Your remaining balance will be updated.
  1. Decide when you want to finish paying off your debt. Keep an eye on your progress to stay on track.

Free Debt Tracker Template

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. 

Some Tips for Maintaining Your Debt Tracker

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. 

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Frequently Asked Questions (FAQs)

  • Can I track multiple loans on a single Google Sheet?

    Plus

    Yes, you can track multiple loans in one sheet. Just add a new row for each loan and fill in the details.

  • How do I calculate the total interest on a loan?

    Plus

    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.

  • Can I access my tracker from any device?

    Plus

    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.

  • Can I share my debt tracker with others?

    Plus

    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.

Wrap Up!

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!