How To Use the Debt Progress Trackers
Using Debt Progress Trackers helps track progress for every debt account on a monthly basis. I track all of my debt accounts which currently includes credit cards and student loans. These trackers help as I’m setting up my monthly debt payment plan and budgets.
To begin, I had to gather several account details before I could start tracking monthly progress. All my accounts are accessed online and I logged into each account to collect the following details:
- Total Amount Owed
- Interest % Rate
- Minimum Payment Amount
- Due Date
Prioritizing Debt List
After I chose to use the Avalanche method debt payment strategy, I stacked my debt progress trackers in order and entered the Priority Order fields on each tracker. The debt account with priority order #1 is the highest ranking debt to be paid off first. I began making minimum payments on all debts and applied any extra money toward the #1 priority debt.
As shown in the picture above, the Amazon account was paid off in three months. I updated the Paid off field with a check mark for YES! Plus, I highlighted it green just as an extra visual cue so that I knew to skip this tracker going forward. Then, the #2 priority debt then became the #1 priority and I continued to repeat the cycle.
All debt progress trackers are regularly updated with monthly payment details. I view the monthly statements to get information to update the due date, starting balance, and minimum due. Then, the trackers are updated when the monthly payment is completed. The remaining fields for paid date, payment amount and ending balance are noted to reflect payment details.
Moving Forward With Progress
Actively tracking the monthly debt progress helps keep me on point and motivated in my debt payoff journey. In addition, information from the debt progress trackers help as I fill out several other worksheets that I use together in my budget binder.
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