And Went on to Pay off over $150,000 of Debt in Just 3 Years to Become Debt Free!
Proven to Organize Your Finances Fast & Help You save Money!
- Helps you create a clear plan for your financial future so you can enjoy financial freedom much, much sooner.
- Quickly and easily map out your finances andinstantly see the horrifying and often surprising expenses that kill your bank balance so you can fix the leaks for animmediate impact on your financial situation.
- See where and how to save money so you can take back control of your finances and say goodbye to the stress and anxiety of a paycheck to paycheck lifestyle caused by not keeping a budget.
- Instantly test how making small changes to your daily expenses create life changing differences to your future so you canreign in your finances and hit your financial goals, guaranteed!
- Make light work of maintaining and tracking your money so you can spend more time enjoying life and focus on the things that matter most to you.
- Weekly tracking means you cancorrect your course before an overspending tragedy happens and the early warning makessticking to your budget a breeze which means hitting your financial goals will be easier than ever before.
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Get Access To This Budgeting Spreadsheet & Kick Stress To The Curb!
Start fixing up your finances in no time! This spreadsheet tracks your cash quickly and easily. You’ll see exactly where your money is going and know where you need to fix any problems. Don’t delay, the sooner you start the sooner you’ll be able to do away with the stress and anxiety that comes with having your finances out of control!
Check out what one of the readers of my blog had to say about this spreadsheet.
She emailed me in December 2017 to tell me what a massive difference this had made to her finances…
Elizabeth Maersk
If it weren’t for your spreadsheet, My husband and I wouldn’t be paying off around 22k of debt and helping us also put money aside in emergency cash. We didn’t have to ask family for a loan 2 wks back when our suv broke down. We paid for the parts ourselves and fixed it. We wouldn’t have been able to do that if I hadn’t ran into your blog and got the spreadsheet. Every budgeting sheet i tried before never helped. So Thank you for providing the tools we needed. I found and started the spreadsheet on July 21st 2017 and in March 2018 We will be 100% debt free!
…and then updated me again in March 2018 to tell me she was debt free!
I thought I would update you since the last time we emailed! I’m happy to say We have paid off everything with the exception on on credit card of $4000 We have added it up And we have paid off around $24000-$25000 after this last Credit Card is paid off. I can’t thank you enough for the tools you have given me to help my family become debt free in 8 months! Thank you so Much!
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I’m so confident this spreadsheet will pay for itself I’m going to offer you a money back guarantee. If you plug in your financial figures into this spreadsheet it will help you see more clearly where your money is going and give you a clear picture of where you need to make changes to get to where you want to be. If it doesn’t do that within 30 days, I’ll give you your money back!
About Me
Hi there, I’m Lloyd Phillips, I run a blog called The Extra Income Project. In 2014 I was drowning in debt. I was missing bills and incurring penalties on late payments.
Under the stress and pressure of getting on top of my finances I tried every budgeting system under the sun to get my finances organized but nothing worked!
Eventually I created my own spreadsheet system that was both simple to use but powerful. It helped me regain control of my finances fast. As soon as I started using this spreadsheet I was able to start fixing my finances with ease.
Within 6 weeks I had paid off $5,000 of debt. Three years later I’d cleared $150,000 of debt to become debt free. A year after that, my partner and I were buying a house together.
Being successful with money starts with being organized with your cash and knowing where it’s going.
This spreadsheet will get you on top of your finances and help you do away with the stress and worry that comes when your finances are out of control!
FAQs
Here are some tips to help you get started:
- Create a budget. ...
- Prioritize your debts. ...
- Make more than the minimum payment on your debts. ...
- Consider debt consolidation. ...
- Set savings goals. ...
- Automate your savings. ...
- Cut back on unnecessary expenses.
A straightforward financial planning system for those who just want an easy way to plan and keep track of their budget and finances. In the 50/30/20 budget system, 50% of your income is allocated to needs, 30% to wants, and 20% to savings or paying off debt.
What are the 3 biggest strategies for paying down debt? ›
What's the best way to pay off debt?
- The snowball method. Pay the smallest debt as fast as possible. Pay minimums on all other debt. Then pay that extra toward the next largest debt. ...
- Debt avalanche. Pay the largest or highest interest rate debt as fast as possible. Pay minimums on all other debt. ...
- Debt consolidation.
Here are 11 strategies from Harzog, Pizel, Nitzsche and other experts on how to attack big debts.
- Calculate what you owe. ...
- Cut expenses. ...
- Make a budget. ...
- Earn more money. ...
- Quit using credit cards. ...
- Transfer balances to get a lower interest rate. ...
- Call your credit card company. ...
- Get counseling.
The "snowball method," simply put, means paying off the smallest of all your loans as quickly as possible. Once that debt is paid, you take the money you were putting toward that payment and roll it onto the next-smallest debt owed. Ideally, this process would continue until all accounts are paid off.
What is the debt avalanche method? ›
The debt avalanche is a systematic way of paying down debt to save money on interest. Individuals who use the debt avalanche strategy make the minimum payment on each debt, then use any remaining available funds to pay the debt with the highest interest rates.
What is a debt worksheet? ›
The goal with the debt worksheet is to get all of the information about debts someone owes in one place. Start by helping someone brainstorm all of the debts they owe. You can also recommend reviewing their credit report to identity debt that is current, in collections, or resulting from judgments.
How do I create a spreadsheet to calculate expenses? ›
How Do You Create an Expense Sheet?
- Choose a template or expense-tracking software.
- Edit the columns and categories (such as rent or mileage) as needed.
- Add itemized expenses with costs.
- Add up the total.
- Attach or save your corresponding receipts.
- Print or email the report.
Key Takeaways
The 50/30/20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should be split between savings and debt repayment (20%) and everything else that you might want (30%).
What is the 50 30 20 rule of budgeting Excel spreadsheet? ›
50% of your income goes to NEEDS: core living expenses – rent, mortgage, groceries, bills, transportation, insurance. 30% goes to WANTS: entertainment, eating out, certain subscriptions, fun stuff! 20% goes to FREEDOM: eliminating debts and saving for emergencies and then retirement.
Google Sheets has plenty of budget templates and spreadsheets to choose from, and unlike Microsoft Office, it's free with your Gmail account. If you love looking at the numbers and tracking every last penny, then a Google Sheets budget spreadsheet will be perfect for you.
How do I create a savings budget in Excel? ›
How to create a budget in Excel manually
- Create budget headers. After opening Excel, include your budget's column names. ...
- Enter the expenses, costs, and income. Include your estimated expenses or costs in the created columns. ...
- Calculate the balance. ...
- Create visualizations.
Creating a budgeting plan for your household can feel overwhelming and hard, but Excel can help you get organized and on track with a variety of free and premium budgeting templates.
What is the budget rule to pay off debt? ›
Follow the 50/30/20 rule
The next 30% should be allocated to your “wants” (dining out, vacations, etc.), and the remaining 20% goes toward your financial goals, whether that be paying off debt or saving for the future. Depending on what kind of debt you have, it might fall in any of these three categories.
What is the best budget plan to get out of debt? ›
The two most common debt payoff methods are known as the snowball method and the avalanche method. Both of these plans have their pros and cons. With the snowball method, you focus on paying off the smallest balance first.
What is the 50 20 30 budget rule? ›
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
