Shoeaholic No More



May 2014



Estimated Debt Free Date

Written by , Posted in Money & Finances

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After doing a bunch of searching around the internet and following the advice of some fellow PF bloggers {you know who you are, *cough, Debt Debs, cough* 🙂 } I finally plugged all of my debt info into a payment calculator that can be found here.


This calculator is an excel document and I found it very helpful. You can tell it which payment method you are using (snowball or avalanche) ir in which order you’d like to pay down your debts if you are doing your own method. It even calculates how much total interest you’ll pay based on your repayment plan.

I spent a couple of hours entering my all my debt info and messing around with the different payment methods until I decided how I’d pay off my debts. I detailed that plan in a past post.

The second tab shows a payment schedule for your debts and automatically applies the snowball to the next debt after one is paid off. There is also a column (highlighted in yellow) where you can add your snowflake payments as they change each month.


Using a combination of the snowball and snowflake methods along with a bit of the avalanche method, the calculator estimated that I will pay off all of my consumer debt by July 2017! In 38 months from now, I will be debt free! (besides my mortgage)

I hesitated for quite a while before calculating my debt free date because I was afraid of what the calculator would show me. I was afraid it would be so far away that I’d be discouraged. But as it turns out, knowing this date is actually pretty encouraging, especially considering this debt free date doesn’t take into account any extra I apply from tax returns and/or annual bonuses and I only projected my snowflake payments through the end of 2014.

Ideally, I’d like to be debt free before 2017, so I’m setting my personal goal debt free date in December 2016! If I can do that, it will speed up my 5 year plan somewhat, which is great!

What is your debt free date?

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Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.


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