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Debt Tracker Printable
If you’re like a lot of people out there, you struggle with debt. It seems like no matter what you do, you never get ahead. In this article, we will explain the attached printable debt tracker and how you can use it to get a handle on your debt. This debt tracker has 52 lines, which means you can use one line per week.
Consider breaking up your debt into 52 payments. This makes the payments a lot smaller than they would be if you were paying them one month at a time – which means they’re much easier to handle.
On the other hand, you can use the tracker as a savings tool to help you save money to go towards paying off your debt.
Debt is a major headache for so many people. Whether it’s student loans, credit card debt, or something else altogether, the amount of money owed can be overwhelming and debilitating. The good news is that there are tools available to help you manage your debts and start building up some savings! One tool in particular is this Debt Tracker printable. This downloadable PDF will allow you to track all of your debts with ease – simply fill out the form below with all relevant information about each account (name of creditor, balance owed) then check off which accounts are paid off every month!
FREE Debt Tracker Printable
Download our free debt tracker printable to keep track of your payments and make paying off debt fun.
Free Debt Tracker Printable
Send download link to:
Related content: Get our free student loan calculator
Benefits of Using a Printable Debt Tracker Worksheet
While you may think that you’ve got an idea of how to get your debt under control, the truth is, it’s much easier to do so when you have an idea of what you owe. Print out this debt tracker and start using it. This will help you understand what you owe and then make a plan to get it all paid off.
The best way to get your debt paid off is one chunk at a time. Don’t feel like you have to make large payments. Remember, every little bit helps. You should never skip payments because you feel like you can’t make the full payment one month. Call the creditor and try to make arrangements with them to pay what you can.
Related content: Check out Payoff to help with credit card debt
52 Weeks to Resolving Debt
Take the debt tracker and write down your debts. Divide each one into 52 payments and then add those up to make a plan to get them paid down. Or you can use it to track your savings, which will be outlined in the plan below.
Each week, you are challenged to save a set amount of money to put toward paying down your debt. You can put it in savings, or you can use it to go ahead and pay a bill once you have enough to pay it off.
In addition to the set amount of money you should be saving each month, you’re going to be given a challenge to accomplish. This will help you avoid your debts increasing and perhaps even help you lower what you have. You’re given 4 weeks to reach the savings goal and complete the assigned task.
You can use a jar to save the money so that you can have a physical reminder of the growth of your savings. However, some people might find that too tempting to dip into when they want to splurge on something.
Another option is to have it auto drafted from your checking into your savings. That way, you never see it. Whichever way works for you, pick it and stick with it. This way, all of the money stays together.
Make sure that when you add to the savings (or when it’s auto drafted), write it down on your debt tracker so that you know exactly what you have. Again, there’s no rule that says you can only save the minimum. If you are able to, add more to it. The more money you save, the sooner you can color in your debt tracker printable coloring pages.
As your savings begins to add up, you can use it for 2 purposes:
- At the end of the month, use the savings toward a debt
- Save all of the money until the very end and use it to pay off a larger debt
Related content: Get the top debt payoff apps
52 Weeks of Saving Money Outline
Now, we will talk about how you are going to save money to put towards paying off your debts. You can do this each month, or you can wait until the end of the year and make one big payment on one of your debts. Make sure that you use the 52-week debt tracker to keep track of what you are doing.
Each week, write down what your savings is. Of course, this is simply a guide. If you can set aside more than this, please do. It will definitely make your life a lot easier in the end.
Month 1/Week 1 through 4
Each week, put aside $5 per week toward your debt. At the end of the month, you’ll have $20. While this doesn’t really seem like a whole lot, you’ll be surprised at how quickly it is going to add up.
Your first challenge is to sit down and create a budget that outlines each and every one of your monthly expenses. This will help you see where you are spending your money and how you ended up in debt to begin with.
Month 2/Week 5 through 8
During the second month, you should be putting away $7 per week toward your debt. At the end of month 2, you’ll have $28. If you have not paid a debt, you will have a total of $48.
Your second challenge is to contact your creditors to find out account balances. Then, discuss possibly getting your interest rates reduced or put a pause on them to avoid interest and fees adding up.
Month 3/Weeks 9 through 12
During the third month, you should put $10 per week toward your debt. This will give you another $40, for a grand total of $88 in 3 months.
Your third challenge is to take the time to update your subscriptions or bills to make sure that you have the most frugal and efficient plan to suit your needs. This includes dropping cable channels (or dropping it all together), canceling services that you don’t use, removing any insurance that you’re not using., etc.
Month 4/Weeks 13 through 16
During the fourth month, you should be putting away $12 per week toward your debt- which will give you $48 for the month, bringing you to a total, of $136.
Your fourth challenge is to gather any of your existing savings to pay off a small debt if possible. If you can’t pay off a debt, reach out to your creditors to discuss what their payment options are if you are able to pay in full.
Keep in mind, at this point, you’re just researching your options. If you’re considering a debt payoff at a lower amount, you need to make sure it’s best in the long run because it can end up costing you more on your taxes.
Free Debt Tracker Printable
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Month 5/Weeks 17 through 20
During the fifth month, you should be putting away $15 per week towards paying off your debts. At the end of this month, you’ll have $60 for a grand total of $166.
Your challenge this month is to consider your sources of income and determine if it’s possible to add additional options to help boost your savings. This may include getting a second job, asking for a raise, a direct sales side business, or even a work at home opportunity.
Month 6/Weeks 21 through 24
This month, you will be putting aside $18 per week to go towards paying off your debts and at the end of the month, you’ll have an extra $72. This brings you to a total savings of $238 for six months. As you can see, it’s starting to add up.
Your challenge this month is to consider downsizing to create some extra cash within your budget. This may mean cleaning our closest and having a yard sale or even selling your vehicle to get a more affordable option that uses less gasoline or has lower monthly payments.
Month 7/Weeks 25 through 28
This month, you should be putting aside $20 per week to go toward paying off debt. At the end of this month, you’ll have an extra $80. This will bring you to a total of $318, as long as you haven’t used it on anything yet.
Your challenge this month is to take a look at your current balances and use the savings to pay one off if you can. If not, consider reaching out to your creditors again to see if they are willing to offer lower interest rates at that time.
Month 8/Weeks 29 through 32
This month, you should be putting aside $22 per week to go towards paying off debt. At the end of this four weeks, you’ll have an additional $88 in your savings. This will bring the total to $406, unless you have been able to use the money to pay off one or more of your debts.
Your challenge this month is to speak with your utility companies to find out if they offer leveled billing. This can help you know exactly what your utility bills will be from one month to the next. This may not necessarily help with saving money- but it does make it easier to budget.
Month 9/Weeks 33 through 36
During this month, you should be putting away $25 per week to go towards reducing your debt. At the end of this month, you’ll have an extra $100, bringing your total to $506.
Your challenge this month is to start buying holiday gifts and avoid creating debt for presents. Pay attention to sales during this time and try to avoid paying full price for anything. Additionally, speak with your loved ones about doing a Secret Santa experience so that you are not buying so many gifts this year.
Month 10/Weeks 37 through 40
This month, you’ll be putting away $28 per week to help pay off your debt. By the end of this month, you will have put away an extra $112 to cover your debt, which brings you to a total of $618.
Your challenge this month is to take some time to look over your insurance policies. Look for any plans that may suit your needs for lower premiums. Also consider looking to other insurance companies for cheaper rates. You might be surprised at what you find from a company you didn’t consider before.
Month 11/Weeks 41 through 44
This month, you will be putting away $30 per week to go towards paying down you’re dead. By the end of this month, you’ll have an extra $120 set aside, bringing your total savings to $738.
The challenge for this month is to have a “no spend” month where you don’t spend anything in addition to your monthly bills. This means that you eat at home instead of getting take out, don’t go shopping for new clothes, and don’t splurge on anything beyond immediate needs within your household.
Month 12/Weeks 45 through 48
This month, put aside $33 per week to go towards paying off your debt. After these four weeks, you’ll have an extra $132, which brings your total savings for 12 months to $870.
The challenge for this month is to start putting together your budget for next year. Consider whether you need to make any changes to what you’re doing and what your finances look like in regard to paying down your debt.
Month 13/Weeks 49 through 52
This is where the debt payoff challenge is starting to come to a close. You will put aside $35 per week for this month. At the end, you will have an extra $140 to add to your savings, bringing your total to $1,010.
The challenge for this month is to pay off at least one of your debts. If all of them are higher than what you have saved, then work on the one with the highest interest rate.
Download Your Debt Payoff Tracker
Get your free debt payoff tracker below to print out and start using immediately.
Free Debt Tracker Printable
Send download link to:
Conclusion
If this plan doesn’t work for you, find one that does. You will find that it’s much easier to do with a debt tracker such as this one to help keep you focused. You can use it to list your savings or use it to list out your debts- whatever method works best for you.
