Debt Buster Spreadsheet - Get it now!

Jo4

Can anyone help me? When I change the debt amounts the chart does not change. Also, although I have changed the names of the debts the names of the debt in the chart does not change. How can I overcome these problems, what am I doing wrong?

Jo4

Typical, as soon as I ask for help I think I have got it sorted.

judi24

Thanks for this. Although it's simple I think it's very useful. I'm not a whiz with the spreadsheet but have had a go at doing my own but your is much easier to use and looks good. Thanks again.

ThankYouAndEnjoy!

Hello Eagerlearner

I too am concerned about the spreadsheet, as others have said, not only does the spreadsheet not take into account interest, it does also not take into account the reduction in payment based on (example) 2% of outstanding balance. Eg

3000 debt - 2% equal £60

The minimum payment will not stay at £60 as 1stly - without taking interest into account (month 1) 3000-60 = 2940 --- (month 2) 2% of £2940 = £58.80

With interest taken into account, over the course of the year on a £3000 debt with minimum payments you would have only paid apprx £250 off your debt (at around 15.9%), not the 720 (60*12) as in the spreadsheet.

Yes, the spreadsheet is simple, but we are in debt because we could not manage our money, either through preference or out of our control. By taking this spreadsheet at face value and using it as a tool, people may get the wrong assumption of the fiancial position they are in, and make decisions that will worsen their respective situations.

I have taken your spreadsheet and amended it to take into account reduced minimal payments and interest. I believe it gives a much more accurate position of finances. If you wish, i could Pm this to you for your thoughts??

EagerLearner

Hi Jo4 and Judi24 - glad you are enjoying using it - remember interest on debts is not included, so do remember to add that later!

The spreadsheet is simple as I could not please all people... so, I ended up doing a simple one that would work for all, and advanced users can add more to it, rather than scaring off beginners ;o)

Please leave feedback here as each time you do the post gets bumped up the board, and more people see it, so more can benefit - enjoy!

Thankyouandenjoy - I created this as a basic tool, as you have already spotted. I have alot going on at the mo (see sig re court case) so if you would like to post your own version of this spreadsheet yourself, please do go ahead as I want it to be useful but can't dedicate time to making it more advanced / adding the extras folks want re debt. I am sure many would be grateful to you and as I am not in debt myself you would no doubt be more aware of what's needed and have more time ;o)

Jo4

EagerLearner wrote: »

Hi Jo4 and Judi24 - glad you are enjoying using it - remember interest on debts is not included, so do remember to add that later!

I have the debt done in many spreadsheets and they all come back with the same debt free date. In another spreadsheet, I done myself, I have included the rate of interest.

For your spreadsheet I will put in the difference in what was owing at the start of the month and what is showing as owing at the end of the month. The amount will therefore include opening balance, amount paid, interest and closing balance.

THANKS EagerLearner for a fantastic spreadsheet and as you point out it is a good foundation for anyone who wants to build on it. :T

fruitycar

thanks EL, looking forward to getting the daily clicks info. :beer:

Crown

Just wanted to say I am using your spreadsheet and still ove it. I do however think that newbies should be aware of the interest problem that "ThankYouAndEnjoy!" has mentioned.

Its a great basic tool but you will need something more if you want to work out your interest too, If its not to cheecky could I ask you send me a copy of the amended spreadsheet "ThankYouAndEnjoy!"?

Lucy1982_2

Love the sheet. Thanks a lot. Although one that would calculate the interest to would be fab. I'm really thick when it comes to working out interest payments!!

EagerLearner

Glad everyone is enjoying it - for any newbies as I had mentioned earlier in the thread this Debt tool does not include interest. You will need to work that out in addition to the spreadsheet. I started out with a 'savings pot' which then people asked me to turn into a 'debt pot' - I did what I could but please use it as a starting point and add to it as needed.

I suggest that from my sig you download the FRILLS spreadsheet, which already includes the Debt Buster - then you have all the tools on one sheet.

Good luck and report back to this thread with your money-saving-debt-stomping activities!