To get out of debt in 2025, your best first step is: understanding where your money is going and how much of it you can put toward your debt — that’s where a free debt payoff worksheet comes in handy!
The saying “every journey starts with the first step” might be an eye roll worthy cliche but it’s also pretty solid logic. It reminds us that complex journeys are easier to tackle when we break things down into manageable steps. The important thing is knowing what your first step is, then seeing it through wholeheartedly.
First, Gather Your Numbers
Make sure you can answer these questions.
- How much debt do you owe?
- What are the interest rates on your debt?
- How much are your minimum payments?
- What is your total monthly income after taxes?
- What are your total monthly expenses?
Try not to skip anything or skimp on your answers. Be as thorough as possible! It will be worth it.
These numbers are important because: Income – Expenses = Your Repayment Budget
Then, Add Your Info to The Debt Payoff Worksheet
Once you’ve pulled all your numbers, our free Debt Payoff Worksheet does the rest of the math for you! Just add your debt, income and expenses to the worksheet to figure out how much you can put toward your debt each month and how long it will take you to pay it off.
This worksheet is for educational purposes only.
The worksheet will help you:
- Determine your monthly debt repayment budget. See exactly how much you can realistically put towards your debt each month.
- Estimate your debt-free date. Get a clear timeline for when you can expect to be completely out of debt.
- Visualize the impact of different payments. Understand how increasing or decreasing your monthly payment can change your payoff timeline.
Simply click “File” and “Make a copy” to create your own editable version.
Need Help With Your Numbers?
Here is some quick advice for common roadblocks.
How do I find all my debts?
The best way to figure out all your debt and make sure you didn’t miss anything is to check your free credit report. Once you have an accurate list of all your debts, go to those accounts individually to figure out how much you owe per month and your APR.
How do I calculate my total income?
There are a couple of ways to do this. You can look at a recent paystub for your takehome amount after taxes. If your income changes month to month, look at your last tax return or try averaging your last 6 paychecks.
What should I include in my monthly expenses?
You’ll need to account for everything you spend! This includes all your recurring bills like housing, utilities, and subscriptions but don’t stop there! You also need to capture your variable costs like groceries, dining out, transportation (gas, public transit), household supplies, and entertainment. One option is to download your monthly bank statements and credit card bills, then add up everything you spent. Doing this will also help you see if there are some areas where you are overspending.
Monthly Payments Still Feel Overwhelming?
If you’ve used our worksheet but the repayment math still feels like more than you can afford, it might be time to reach out for professional help.
Debt Consolidation Specialists can take a look at your debts and budget and determine if more targeted debt consolidation options are worth pursuing.
