How to use the Debt Payoff and Savings Goal Planner

See when you'll be debt free, compare payoff methods, and keep savings goals on track. Here's every step.

Get this tool · $14Start here

Version 1.0 · 9 tabs · Excel and Google Sheets · Free Lifetime Updates

At a Glance
StepHow long
1Before you start1 min 2List your debts10 min 3Compare methodsSee step 4Plan your savingsSee step
Messages explainedSee them →

Before you start

The one rule: yellow cells with blue text are yours to fill in. Gray cells calculate on their own and are locked, so you can't erase a formula by accident.
  1. Your download is a zip with two files. Double-click it to open it. Start with the one marked with examples to see how everything works, then use the blank one for your household.
  2. Open the file in Microsoft Excel. Using Google Sheets? Upload it to Google Drive, then open it with Google Sheets.
  3. Start on the Start Here tab. It has the same steps, right inside the file.
  4. The sample data is there so you can see how everything works. Type over it with your own when you're ready.

Here's how to list your debts, pick a method, and see your debt-free date.

1List your debts (about 10 minutes)

  1. Open Start Here first. Yellow cells with blue text are yours to fill in. Italic yellow cells are optional. Gray cells calculate on their own.
  2. Open Debts. List each debt with its balance, APR and minimum payment. Leave your mortgage out.
  3. At the top, enter the total you can put toward debt each month and pick a payoff method.

2Compare methods

  1. Open Payoff Plan to compare smallest balance first, highest interest first, your own order and minimums only.
  2. Schedule shows every month: what you pay, the interest, and what's left on each debt.

3Plan your savings

  1. Fill in Emergency Fund. You can paste Monthly essential expenses from the Home Budget and Bill Planner.
  2. Add up to 10 goals on Savings Goals. The Dashboard pulls it all together.

What the messages mean

The tool watches your numbers and tells you in plain words when something needs a look. Here's every message you might see.

This debt will never be paid off at this payment
What it means: The payment doesn't cover the interest.
What to do: Raise the payment or the monthly amount.
Monthly amount below the minimums
What it means: Your monthly amount doesn't cover every minimum.
What to do: The minimums are paid anyway. Raise the monthly amount when you can.
Behind
What it means: A savings goal won't be reached by its date at the current amount.
What to do: Raise the monthly amount or move the date.

Using Google Sheets or your phone

  • To use Google Sheets, upload the file to Google Drive, then right-click it and choose Open with, then Google Sheets.
  • Dropdowns, colors, and every calculation work the same in Google Sheets.
  • On a phone, the Google Sheets and Excel apps work for quick changes. For setup and printing, a computer is easier.
  • Want to start fresh? Type over the yellow example cells. Don't delete rows, since other tabs may be reading them.

Ready when you are

That's the whole thing, nothing held back. See pricing and screenshots for this tool, or compare every home and money tool side by side.

Common questions

How do I type an APR?

19.99 or 19.99%. Both work.

What's rollover?

When a debt is paid off, its payment moves to the next debt on your list.

Quick reference from the Start Here tab

Welcome

Getting out of debt and saving at the same time is hard to plan in your head. This file shows when each debt will be paid off, how much interest you will pay, which payoff method saves the most, and how you are doing on your emergency fund and savings goals.

Where To Start

1

Open 'Debts'. List each debt with its balance, APR and minimum payment. Leave your mortgage out (the Mortgage Payoff and Home Equity Planner covers it).

2

At the top of 'Debts', enter the total you can put toward debt each month and pick a payoff method.

3

Open 'Payoff Plan' to compare smallest balance first, highest interest first, your own order and minimums only.

4

'Schedule' shows every month: what you pay, the interest and what is left on each debt.

5

Fill in 'Emergency Fund' and 'Savings Goals'. 'Dashboard' pulls it all together.

Which Cells To Edit

Yellow cells with blue text are yours to fill in. Italic yellow cells are optional. Gray cells calculate on their own and are locked.

Type an APR as 19.99 or 19.99%. Both work. A minimum like 'the greater of $35 or 2%' goes in as $35 and 2%.

Need to change a formula? In Excel go to Review, then Unprotect Sheet. In Google Sheets use Data, then Protect sheets and ranges. No password needed.

What The Results Mean

Estimated payoff: the month each debt reaches zero if you pay your monthly amount every month and add no new charges.

Status colors: green is good, amber is a heads-up, red needs fixing. "This debt will never be paid off at this payment" means the payment does not cover the interest.

Every result is Estimated. Lenders post payments on different days and rates can change, so your statements may differ a little.

The plan pays every minimum first, then sends all extra money to the top debt in your chosen order. Freed-up payments roll over to the next debt.

How To Clear The Examples And Reuse It

The example numbers are there so you can see how it works. They are marked with an "Example data" note on each tab. Type over them, or select the yellow cells and press Delete.

Prefer a clean start? Open the Blank version of this file. It has the same formulas with no examples.

Remove a debt or goal by clearing its row's contents. Please don't delete rows. To sort, select only the yellow columns and use Data > Sort.

Good To Know

APR vs simple interest: APR is the yearly rate on your statement. Card interest is charged every month on what you still owe (APR divided by 12), so a balance that is not paid down keeps costing more. Simple interest is charged only on the original amount.

Minimum payment: the least your lender accepts each month. Paying only the minimum keeps you in debt for years, and if it does not cover the monthly interest the debt will never be paid off.

Snowball vs avalanche: smallest balance first (snowball) clears small debts fast for quicker wins. Highest interest first (avalanche) usually saves the most interest. Both beat minimums only.

Rollover: when a debt is paid off, its payment moves to the next debt on your list, so your total monthly amount stays the same and the payoff speeds up.

Share box: the "Share with other EasyWorkTools Home tools" box on the Dashboard lists the numbers this file gives to and gets from the other Home tools. Copy them by hand. The labels match exactly, so it's clear where each one goes.

Getting Updates

Every update is free. When a new version is ready we email you, and you can download it any time.

Moving to a new version: copy the yellow cells from each sheet into the same sheets of the new file.

Using Google Sheets? Upload this file to Google Drive and open it with Google Sheets (or File, then Import, then Upload). The math works the same.

Your License

This file is licensed to one household. Please don't share, resell or post it online.

© 2026 EasyWorkTools. All rights reserved. easyworktools.com

Every tab

This file has 9 tabs, in this order:

  1. Start Here
  2. Dashboard
  3. Debts
  4. Payoff Plan
  5. Schedule
  6. Emergency Fund
  7. Savings Goals
  8. Plan Math
  9. Lists
Still stuck on something? Ask us. We answer within one business day, and we'll add the answer here for everyone.