Debt payoff calculators usually include information for only one loan, so you need multiple sheets if you have multiple loans.
With a debt payoff toolkit, you get a coordinated set of spreadsheets that work together to give you a complete view of your current debts. Toolkits usually include a list of all debts, a payoff strategy calculator, a monthly payment tracker, and a progress dashboard.
In this guide, we’ll go over what is included in a complete debt payoff toolkit, how everything fits together, where to find pre-built options, and what to do if you want to build a kit yourself.
What a complete debt payoff toolkit includes
A fully built debt payoff toolkit usually has five coordinated components.
1. Debt inventory sheet
This is the foundation of the toolkit. It’s a complete list of every debt you’re carrying (including credit cards, student loans, auto loans, personal loans, mortgage, etc.) with current balance, interest rate, minimum payment, creditor name, and account number. This is your master view of your total debt and also the input sheet that the other toolkit components reference.
2. Strategy calculator
This is a side-by-side comparison of payoff approaches. You enter your total extra monthly payment amount, and the calculator shows the payoff order under the avalanche method (highest rate first), the payoff order under the snowball method (smallest balance first), the total interest paid under each approach, and the debt-free date under each approach. For most people, the difference in total interest is smaller than expected, and the calculator makes that concrete so that you can choose the approach you’ll actually follow through on.
3. Amortization and payment tracker
This is a month-by-month tracking of actual payments made, updated balances, and progress toward paying off each debt. This sheet shows that as you pay off individual debts, your monthly cash flow increases. Then, the payment that was going to the first debt can roll to the second (the “snowball” or “avalanche roll”). The tracker shows you how that roll accelerates your remaining payoff timeline.
4. Progress dashboard
This is a single summary view that answers “How am I doing?” at a glance. Key metrics include total debt at start vs. today, percentage paid off, total interest paid to date, projected debt-free date at current pace, and a trend chart showing total debt declining over time. It’s updated automatically as you record payments in the tracker sheet.
5. Net worth integration (optional)
You can also include a link between your debt totals and a net worth calculation. This shows how your debt payoff progress contributes to net worth growth over time and is particularly motivating for people who started with more debt than assets.
How the components connect
Each sheet in the toolkit feeds into the other sheets. The Debt Inventory feeds the Strategy Calculator, which informs the Payment Tracker (updated monthly), which feeds the Progress Dashboard, which can optionally connect to a Net Worth view.
The Debt Inventory is the only sheet you update regularly. You’ll update current balances after each month’s payments. Everything else recalculates automatically from that single input.
This is where the toolkit approach beats single spreadsheets. You change numbers in one place, and the whole toolkit updates. Your entire dashboard reflects your current situation, not last month’s data.
Pre-built toolkit options
Tiller’s Debt Payoff Planner
Tiller’s Debt Payoff Planner is the most complete pre-built option for the toolkit approach. It supports both snowball and avalanche strategies, projects your debt-free date, shows total interest costs under each approach, and connects to Tiller’s automated bank feed so that your loan balances update daily without manual entry.
For Tiller subscribers, the planner integrates with the Foundation Template’s budgeting and net worth tracking, showing debt payoff progress alongside your monthly spending and overall net worth in a single connected spreadsheet.
Tiller Community Debt Snowball Spreadsheet and Payoff Planner
This is a Tiller community-built template that includes a multi-debt tracking structure with support for both snowball and avalanche. It’s free for Tiller subscribers and can be installed directly from the Tiller Community Solutions add-on.
Individual component pages
If you’re building your own toolkit from individual pieces, Tiller also offers standalone pages for the Debt Avalanche Planner Spreadsheet, Loan Payoff Tracking Spreadsheets, and Debt Snowball Spreadsheets. You can combine these into a single master spreadsheet.
Keeping the toolkit current with Tiller
The biggest maintenance burden in any debt payoff toolkit is balance updates. Every month, you need to log in to each servicer, find the current balance, and enter it into your spreadsheet. If you have more than a couple forms of debt, that can take up a lot of time. And it’s easy to skip when it becomes too time-consuming.
Tiller connects your loan accounts, credit cards, and lines of credit directly to Google Sheets or Excel and updates the balances daily. When you open your toolkit, the Debt Inventory reflects current balances from all connected accounts. The Strategy Calculator recalculates, and the Dashboard updates. All you have to do is review the numbers.
Frequently asked questions
Q: What should a monthly budget spreadsheet include?
At minimum, it should include an income section, expense categories with monthly targets, an actual spending column (either manually entered or pulled from a transaction log via SUMIF formulas), a budget vs. actual difference column, and a monthly summary. Useful additions include conditional formatting that flags categories that are over budget, a month selector to switch between months, and a savings rate calculation. Templates that connect to automated bank feeds eliminate the manual data entry step.
Q: What is the best free monthly budget spreadsheet for Google Sheets or Microsoft Excel?
For a quick start, Google Sheets’ built-in Monthly Budget template (accessible from the template gallery) or Microsoft’s monthly budget template are the easiest options. For a more polished free template, Vertex42’s monthly budget spreadsheet offers better structure and is available for both Google Sheets and Excel. For a template built to grow with you, Tiller’s free monthly budget template is designed to work with automated bank feeds, but functions as a manual template as well.
Q: How many budget categories should a monthly budget spreadsheet have?
12–18 categories is the recommended range for most people. Fewer than 10 doesn’t give you enough insight into where your money goes, but more than 20 is usually too many to be helpful. Common starting categories include Housing, Utilities, Groceries, Dining Out, Transportation, Insurance, Healthcare, Personal Care, Entertainment, Subscriptions, Savings, and Miscellaneous. After a month or two, you can refine your categories based on your actual spending patterns.
Q: How do I connect my monthly budget sheet to my transaction list in Google Sheets or Excel?
Use a SUMIFS formula in your Actual column that pulls spending from your Transactions sheet filtered by category and month. Store the year in one cell and month number in another; update those two cells to switch months.
Q: Can I use a monthly budget template for variable or freelance income?
Yes, with a few adjustments. Use a conservative income estimate rather than your best month. It’s better to have money left over than to overspend based on optimistic projections. Add a buffer or savings category to capture the difference in high-income months. Some templates designed for variable income include a rolling average income calculation or an “available to budget” approach similar to zero-based budgeting.
Q: How does Tiller’s monthly budget template compare to free options?
Free templates give you a good structure, including categories, formulas, and layout, but you enter every transaction yourself. Tiller’s Foundation Template adds automated bank feeds, so transactions from all connected accounts arrive daily in your spreadsheet, and your monthly budget-vs.-actual totals update automatically. The structure is similar to a good free template; the difference is that your data stays up to date without manual work. Tiller costs $99/year after a 30-day free trial.
