Last week we discussed how to use a Google Sheet to track credit card debt. This week we will discuss how to use the same Sheet to track long-term debt such as student loans, car notes, mortgages, etc.
Similar to credit card tracking, your starting point is the debt’s current balance and annual percentage rate (APR). You can obtain this information from the most recent statement that you received. Let’s say that you have the following debt balances at 1/1/2020:
Car note – $17,567; APR – 4.7%
Student loan – $$32,354; APR – 6.9%
You would list the above on the Debt tab of the Sheet as follows:
Once you enter the balance and APR, amounts will appear on the Interest Charge and Balance columns on the rest of the Sheet. This is because the Sheet was set up to automatically calculate the monthly interest amount based on the APR that you entered.
Update the titles of the debt rows on each of the monthly budget tabs of the Sheet to match the titles that you entered on the Debt tab. In this example, since the pastel green column heading in the image above was changed from Debt #1 to Car Note, the name of pastel green row on the January (and all other months) tab of the Sheet should also be changed from Debt #1 to Car Note.