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Eric Lentz paid off $53,000 in debt over 24 months. As he worked two full-time jobs and got intense on eliminating his loans he created an Excel spreadsheet to track the amount of money he had available to increase paying off his debt and stay motivated to stick to his plan. Eric continued to develop his program even after eliminating the last debt and now offers it on his website in a free and a Pro version with video tutorials at DebtSnowballCalculator.net.
Some of the many features included in every Pro version:
- Easy access
- No dependence on internet
- You can take it with you
- Free lifetime upgrades
- No macros used
- Monitor your checkbook balance (avoid overdraft)
- View cash-flow and ease the budgeting process with first and second half functionality
- Enter recurring payments and budgeted cash expenditures
- Include your mortgage, or don’t – it’s your choice!
- Run scenarios on how debt payoff is effected when you earn more/spend less
- Allocate $ for your emergency fund
- Monitor the amount you have paid off and remaining interest
- Stay motivated by watching your progress on the Results page!
Eric has allowed me to be an affiliate to offer the Pro version to listeners of the MoneyPlan SOS Podcast. I encourage every Coach to have this in their toolbox as an additional way to show clients how fast they can pay off their debt if they just pay attention!
Here is a fun video Eric helped me put together that shows what it would take for us to pay off our national debt in 12 1/2 years:
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Thanks for all the help, Steve! Much appreciated!
Thank YOU for the opportunity to talk about the Debt Snowball method. The spreadsheet I use has 5+ tabs that need to be manually entered (and to find the pay-off date takes a lot of scrolling down) but your’s is one/two pages. That’s awesome!
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Steve,
LOVED your interview with Eric!!
I find that people starting out so many times get bogged down on what method to use for maintaining a budget.
Enjoying your weekly itunes download!!
Jen
Great podcast! Eric has a lot of energy.
Thanks Jackie! Have you tried it yet? http://debtsnowballcalculator.net/moneyplansos
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