When you're juggling multiple debts, the smartest move is to pick one payoff strategy and pour every extra dollar into it while paying minimums on the rest. The avalanche method targets your highest-interest debt first, which saves you the most money mathematically; the snowball method targets your smallest balance first, which delivers quick wins that keep you motivated. There's no universally 'right' answer—avalanche wins on cost, snowball wins on psychology—so the best approach is to actually model both with your real numbers and compare the total interest paid and the payoff date side by side. A simple spreadsheet that lists each debt's balance, interest rate, and minimum payment, then automatically calculates both schedules, turns this from guesswork into a clear plan you can follow month by month. A ready-made Debt Payoff Optimizer template does all of this for you—just plug in your balances and it instantly shows which method gets you debt-free sooner and how much you'll save, so you can start today instead of building formulas from scratch.
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