Paying off debt can be an ever-changing, unique journey. And keeping track of your individual process can help you create your own financial plan and budget, and make any necessary changes as you go. A debt payoff tracker is a tool that can make it easy to track your progress while paying off debt. Debt payoff trackers are available through different software and apps, or you can simply use some printable templates.
Choosing a template on your own may be overwhelming, so we decided to do the research and make an essential guide for you. Below are some commonly used debt payoff tracking apps, software, and templates.
Software and Apps that Provide a Debt Payoff Tracker and Debt Payoff Plan
Apps and software can reduce the amount of work you have to do. For most of these, setting up, linking your financial accounts, and updating your finances is all you will have to do.
Providing specific goals is another great perk that comes with these debt payoff trackers. They can help you keep up to date on your credit score and give some common debt payoff strategies so you don’t have to do the research yourself.
Keep in mind that many of these software and apps are paid; however, you may find some free ones on the list. Below are a few that come with their own unique pros and cons depending on your financial goals:
Quicken
Quicken is primarily a financial tracking software that includes a section for debt.
Most users rate Quicken as the best debt payoff app available for the price. Some of the benefits include automatic categories for your expenses and debts, a variety of interfaces, tools for debt reduction, provided security, and have a 30-day money-back guarantee.
The basic program is $35.99 per year or the pro version for $46.76 per year. Quicken may be the perfect tool for those looking for a complete overhaul of their finances. But for those looking for a simple step-by-step plan, Quicken may be a little too thorough.
Tally
Tally is essentially a debt payoff assistant for credit card debt. The app can offer borrowers advice on what credit card debt to pay off first through their unique technology. They can also provide users with a line of credit with low APRs, which can help with credit card payoff, even for a low credit score. This debt tracker app is $4.99 a month.
Qube Money
Qube Money helps with your entire finances—so budgeting, investing, and debt reduction. Regarding the perks of debt reduction tools, Qube Money provides optimization and automation for debt repayment. Additionally, it can help you find more money in your budget to pay off loans or credit cards. Qube Money is also the only debt tracker app that uses the envelope budgeting method, which can be more helpful for some compared to the debt snowball or avalanche method.
BabySteps (Connected to Ramsey+)
BabySteps uses the debt snowball method for paying off debt and is linked to Ramsey+. In addition to a debt payment plan, BabySteps provides advice for better financial habits and money tips for different financial goals. Some key features include an easy way to move your money around, a payoff date right off the bat, tracking savings, and advice from experts. This app is free to use with a Ramsey+ subscription, which costs $129.99 a year, and you can try it free for 7 days.
Undebt.it
Undebt.it is a free calculator that helps you use the snowball method or the avalanche method on your phone or computer. The app is straightforward to set up and use but won’t do the work of showing you what works best for your goals. For those looking for a simple calculator, Undebt.it is an excellent place to start.
ZilchWorks
ZilchWorks analyzes all your debts to show you the best way to pay them off. It does the hard work of creating a step-by-step plan that will be the most cost-effective and efficient for your particular debts. Users also get a payoff date once they set up the program. ZilchWorks only has a one-time payment of $39.95. There isn’t an app available, but you can download the software on your computer. One thing to keep in mind is that you’ll only get a debt planner and not an entire budgeting system—which is perfect for some, not so much for others.
Qoins
Qoins helps users pay off their debt by finding extra money from purchases automatically, so you don’t have to think about it. It will also pay your bills once you set up the necessary accounts. Qoins makes it simple to start a debt repayment plan without taking giant steps. The app is $4.99 a month.
Debt Payoff Tracker Templates You Can Print or Use Digitally
A debt payoff planner template may be the right option if apps or software don’t work for you. All kinds of options are available, from simple printer-friendly options you can also use on a tablet or phone. Or templates that can be imported straight into excel as spreadsheets.
When getting started with one of these templates, you will have to manually gather all the necessary information on the money that you owe. This information will include interest rates, the current balance on each debt, and the minimum monthly payment amount. You should also know how much money is coming in for the month and what you spend outside of debt payments. There are many free options for printable debt payoff plans and spreadsheets you will come across. Below are a few options to look into:
Vertex 42’s Spreadsheet
Vertex 42 provides spreadsheets for different debt payoff strategies you can choose from. Once you select an option, you can simply import it into Excel. Many of them are free.
Money Excel DebtTracker Spreadsheet
Money Excel provides different views of your finances after you enter your debt. You can choose to implement whatever method you would like to tackle your debt. Money Excel also provides other worksheets and visual tools, all for free.
A Cultivated Nest’s Debt Snowball Worksheet
This free printable worksheet helps you keep track of the debt snowball method. A simple table can track your debts, monthly payments, and balances as they change.
Debt Snowball Form by Well Kept Wallet
Well Kept Wallet provides a free debt snowball form that helps you look at the extra cash you have and how you can use it to pay off debt. Using it is simple; print or download it and simply keep track of your progress.
Simply Unscripted Snowball Printable Tracker
Simply unscripted provides a free printable worksheet to track all your debts’ starting balances and new balances from month to month.
Benefits of Debt Payoff Apps and Templates
Most people understand the primary benefits that can come with debt payoff trackers, benefits mentioned above like narrowing down on a financial plan and getting a big picture of your finances. However, some are specifically tailored to some issues that the average person struggles with when trying to tackle debt. Here are a few examples:
Paying off Multiple Debts
When you have multiple debts, it may be hard to keep track of all of them. With debt payoff apps and templates, you can get an organized view of precisely what you owe and to whom.
Tracking How Much Interest You are Paying
Debt payoff trackers can help you understand how much interest you are paying each month on top of the principal amount.
Help With Additional Payments for Each Debt
Sometimes you may be only paying the minimum amount for each debt, and although that can still help you pay off debt overtime, it isn’t the most cost-effective choice. The valuable thing with debt tracking is that it can help you see how long it will take to repay a loan, regardless of the payment amount. And for those focusing on becoming debt-free, using the methods from these planners can help you achieve that quicker by showing you which debt to pay off first and which one you can keep paying the minimum amount.
Help You Put Extra Cash Towards Debts
Using a planner can help you prioritize the way you spend your income. And so, let’s say you have some extra money left over for the month. Instead of spending it or putting it into savings, a plan will help you determine whether it is better used to pay off your debt.
Provide You With a Payoff Timeline
A payoff timeline is a huge advantage with a debt payoff planner app and spreadsheet. You can get an estimated payoff date for each loan/debt or your debts altogether. Having a clear timeline is essential when you have specific financial goals, such as improving your credit score or buying a home. And if you don’t know long you will be carrying your debts; it can hinder financial progress and access.
Introductions To Different Payoff Methods (Debt Snowball and Debt Avalanche)
The great thing about debt payoff trackers is that they implement proven methods to help you pay off debt. The debt snowball method and the Debt avalanche method are primarily used with these debt trackers. Once you finish using them, the chances are that you will know the process without having to actively think about using these tools moving forward.
Can Act as Payment Reminders for Multiple Debts
Have a difficult time remembering to pay your bills on time? The great thing about debt payoff apps and templates is that updating them can be great reminders for upcoming bill payments.
Can Help You Categorize Multiple Debts to Figure Out the Best Payoff Options
Not all debts are the same; there is revolving credit vs. a fixed line of credit, secured vs. unsecured loans, long-term vs. short-term debt, high-interest vs. low-interest debt, and online vs. in-person loans. And there are even debts/loans that cater specifically to bad credit, like loans you can get with no credit check!
All these different loan types may require different payoff methods, and it will be important to tackle them strategically. When using a tracker to pay off your debt, it can help you organize your loans and credit cards into categories to decide what makes sense to pay off first.
Steps To Take After Choosing a Debt Payoff Planner
Once you decide on a debt payoff plan, it can be helpful to incorporate other financial planning tools to help you reach any goals that you have. Tools like budgeting, savings, and taking steps to improve your credit score will help you achieve those short-term and long-term financial goals.
One thing to keep in mind with a debt payoff plan is to find an option that is the most convenient for your lifestyle. In some cases, a more custom plan with professional help may be necessary to pay off your debt. Another thing to keep in mind when you start a debt payoff app or template is whether your payoff plan is working. In some cases, you may need to think about changing bad financial habits before you get into debt payoff.
A debt payoff plan can be a fantastic tool to tackle various debts at once. Most debt payoff plans will encompass the debt avalanche or snowball method. And both options have helped many people pay off debt faster and even become entirely free of debt.
