Case: Do you want to save and live your best life possible?
- Interest: The Savings Snowball Calculator is a simple, easy-to-use Excel spreadsheet that can help you estimate how long it may take you to reach your short-to-mid term goals. You can customize the plan and experiment with saving different amounts.
- Desire: The Savings Snowball Calculator is perfect for anyone who wants to start saving more of their money but doesn’t know where or how to start! It’s also great if you’re looking for an alternative way of managing your finances and want something different than what traditional bank accounts offer. This spreadsheet will help you get started on the right foot so that all of your savings go where they need to go – into the right accounts – at the right time – in order for them not only work for the future but also now.
- Action: Download our free template today!
About Snowball Debt and Savings Calculator Excel Template
The snowball is the amount of budget figure of savings left over after making minimum payments. You throw the snowball at your top priority goal until it is completed, then you throw it at the next goal. Your snowball can increase as you pay off debts and roll the previously required minimum payment into your snowball.
Example of Snowball calculator use
Let’s say you can afford to pay $200 per month towards your savings and debt payoff goals, which are (in order of priority):
- Save $1000 as a safety reserve.
- Pay off a credit card (which has a minimum payment of $30).
- Save $3000 in an emergency fund.
At first, the only required monthly payment is $30, so you have a snowball of $200-$30 = $170 that you will put into the safety reserve.
As soon as you have reached $1000 in your safety reserve, the $170 snowball is used to pay down the credit card.
After the credit card is paid off, the snowball grows to $200 (because you are no longer paying $30 on the credit card). The entire $200 can be applied to the emergency fund.
Download and use Savings and Debt Snowball Calculator in Excel
To use this free savings and debt snowball calculator excel template, you should have Microsoft Office/ Microsoft Excel installed in your system.
After installing Excel or Spreadsheet, download the zip file of this template, extract the template using WinRAR or 7Zip decompressing software. Once extracted, you can open the file using Excel and start entering data or customizing the template.