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Figure Out What to Pay off First (or next) with a Debt Priority Worksheet - Free Printable

I'm sharing with you the Debt Priority Worksheet from my Big Finance Pack FREE!

You can find the rest of the Big Finance Pack HERE.

Debt Priority Worksheet

I love this page because it gives a method to figure out what to pay off first. It can be so hard to decide which method is best, Debt Snowball? Debt Avalanche? Something else?

To figure out our plan I basically did what I've recreated on this sheet. I ranked our debts by interest rate, by amount, and by annoyance, then put them in custom order for us. Ours ended up mostly in Debt Snowball order, with a few variations, and it was just right for us.

You can figure out what is just right for you with this page too. 

Download the Debt Priority Worksheet here.

Debt Free Charts Big Finance Pack Debt Priority Worksheet Budget Printable Planner Binder

How to Use the Debt Priority Worksheet

1. List your debts

List all your debts, in any order, including the current interest rate, current minimum payment, and current balance.

2. Rank by Balance

Rank your debts according to the balance, with the lowest balance being ranked #1, and work all the way through your list, ranking them all. The debt with the highest amount should have the highest number.

3. Rank by Interest Rate

Next, rank your debt according to the highest interest in the same manner, with #1 being the highest interest. If you have multiple debts with the exact same interest rate, you can choose to rank those in any order you like (I would likely go with the highest balance among them getting the higher rank, but you do you).

4. Rank by Annoyance

The last ranking is by annoyance. You don't need to rank all your debts in this column, and actually you don't have to use this column at all if you don't need it. But if you do, rank your most annoying debt as #1, and so on.

5. Customize your Priority Ranking

Once you have all your debts ranked with numbers, use that information to make up your own custom priority ranking in the last column. 

There is no perfect order, so don't get stuck thinking you can't start if you don't have it just right. I wouldn't spend more than a few minutes on step 5, figuring out your priority ranking order. Make a choice and get started. If in a month or two it doesn't feel right, you can change it around if you like. 

That's it. Now start paying off your personal #1 debt with confidence.

This is just one page from the Big Finance Pack, which is chock-full of useful and fun pages to help you get your entire money life on track.

You can find the rest of the pack HERE.

6 Ways to Make Paying Off Debt FUN!
How to Make Your Debt-Free Journey Fun
The Top 10 Free Debt Payoff Trackers

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Let customers speak for us

3818 reviews
Great resource to make finance visual and fun

I purchased and downloaded many of the money/debt tracking charts. I like that you can color them how you want or purchased color print versions. When I look at our finance board in our room it looks less daunting and more achievable just from these charts. Thank you for these wonderful resources to help us little people stay on track and keep our money strait!

6 Month Emergency Fund Tracking Chart

Visa Tracking Chart
Dana Anderson
Visa Debt

Super cute and specific to my goal to pay off my visa card

really great

I work in the finance industry - helping people who are struggling to pay their bills- these really help in breaking down the payments and giving people the visual sense of accomplishment

Debt Freedom Starter Pack
Sharon Windvogel
Debt Free Starter

I want to say thank you Heidi for these amazing charts. I love them and use it for everything. I have forms on my bathroom wall where i can see my progress. I currently have the Christmas chart and I'm saving for Christmas. I am almost halfway from my desired goal. Our currency in South Africa is in Rands and my current savings is R10 000. I have my daily challenges in order to save small amounts of money and it really adds up. Even saving R5 a day makes a huge difference . Coloring in those charts are fhe fun part because you can see the progress. Saving for a car as well. Have been driving my one for almost 14 years but I want to buy a car cash. Thank you for giving me the ability to do that. Then I have the 2 that I'm paying of debt. Progressing very well. I have shared these charts with my sister and friends and are super excited. Wish I could sent a photo of my charts. I'm super excited. Thank you Heidi. You have taken me to a place where I will be debt free one day. You have given me the tools to do that and I am ever grateful to you. May you be blessed in abundance for what you are doing for us..you are awesome