Debt Snowball Calculator - GREAT tool!

**ellendanis** · 03-01-2008, 10:53 AM

We got all of our info gathered up and entered into this snowball calculator. We included the car payment and house payment . . . we will be completely DEBT FREE in 4 years (less if we apply bonuses, raises, garage sale money etc.)! While that is a long time - I am very encouraged because I had this idea that we might NEVER be out of debt!

One helpful tip - register/log in to the site (on the right side) before you figure your snowball. Then, you will be able to save the snowball for future reference!

Here's the link:

http://financialplan.about.com/gi/dy.../snowball.aspx

If the link doesn't post - go to financialplan.about.com and search for the debt snowball tool.

Hope this helps!
Ellen

**Marie78** · 03-01-2008, 11:42 AM

I saved this link to my favorites. I calculated my debt and if I paid what I am paying now without any extra I would be debt free in May 2010. However, I plan on paying extra money as I have it available and with my calcultions I should be debt free by June of 2009 (almost a year early) by paying more towards the debt from this year and next year's tax return, this year's stimulus check, my yearly bonus, and the two extra pay checks this year and hopefully next year.

**Samigirl** · 03-01-2008, 12:03 PM

What a great calendar. I've been looking for something like this. Thank you!

**happimommi** · 03-01-2008, 01:24 PM

Thanks for posting this....it was great to see a time frame and makes it easy to plan for.

**YankeeMom** · 03-02-2008, 11:45 AM

Has anyone actually gotten this one to work? I've tried it several times and every time it tells me I can pay it all off in one month

Yeah, if I could pay off $10k in one month, I wouldn't need a snowball calculator

**YankeeMom** · 03-02-2008, 11:46 AM

Never mind. I'm an idiot lol. I figured it out lol. Thanks!

**Russ** · 07-11-2008, 12:02 PM

Bumping this to the top because it is a good calculator.

**danni** · 07-11-2008, 01:21 PM

I love this calculator, I've been using it for a few months now. It says I will be debt free in 31 months, but it should be earlier than that because my budget doesn't include child support(too sporadic) or tax refunds. I love putting in our extra payments and seeing it change our payoff date.

**Frugal Nurse** · 07-11-2008, 01:24 PM

Here's another
http://cgi.money.cnn.com/tools/debtp...ebtplanner.jsp

or is it?

**MomToTwoBoys** · 07-11-2008, 01:40 PM

Oh this is fantastic! Thank you.

So I entered my numbers as I had them now, and it's saying it'll take me until June 2010 to pay off all four debts. I'm pretty happy with that, actually. Eighteen months to pay off almost 10k in debt is comfortable for me.

**FrugalMomof3** · 07-11-2008, 03:13 PM

Thanks for the link, I have bookmarked it

**AmyBoz** · 07-11-2008, 03:41 PM

Thank you for these links! So helpful!

**prftstrngr** · 07-11-2008, 04:27 PM

Thanks for the link....I think!! Now THAT was a very rude awakening! I punched in the numbers as best I could as some bills I just paid on and do not have a 100% accurate balance. Looks like I wont be debt free until 2016!!! ARRGGHH! Scarey!!!

**StaceyS** · 07-11-2008, 05:13 PM

Thanks!
I didn't think I'd use it, but it's really neat to figure out a time line. I've saved it to my favorites as well. Then I can adjust it when I'm lucky enough to make extra payments!