The Debt Progress sheet is where the magic happens. It’s where you’ll choose which debt accounts you want to track, set your monthly payment goal, choose the month you’re starting your debt freedom journey, configure the specifics for each debt account, choose a payoff method, and get a customized analysis of your debt payoff journey. Check out the training video at the bottom.
Configure Accounts to Track
Use the Accounts to Track table to choose and configure the accounts for which you’d like to track debt payoff progress.
- Use the dropdown to select an account. You will only see liability accounts here. If you don’t see a manual account you added listed here, make sure you saved your manually added accounts to Balance History on the Accounts sheet.
- Enter the interest rate for the account (column C).
- Enter the Minimum Monthly Payment for the account (Column D).
- (optional) Set a rank for the account (Column E). This is necessary if you want to use the Lowest Ranked First payoff method.
Once you have the above three required details entered into the Accounts to Track table you should see the rest of the table populate with the starting and current balance for the account. You’ll also see progress so far (it’s okay if there isn’t any!), monthly interest cost for the debt, remaining interest cost for the lifetime of the debt, your estimated payoff date, and the recommended amount you should pay each month.
From here you’ll further customize the details in this table by choosing a starting month, monthly payment goal, and payoff method.
Read what's next: Choosing a Start Month and Monthly Payment Goal