Debt Thermometer Visualization Sheet
Using a debt visualization sheet is a great way to visualize your progress in paying off your debts.Published Aug 24, 2016 by lobo235
Last updated on Aug 24, 2016
If you're like most Americans you have gotten yourself into an uncomfortable amount of debt at one time or another in your life. The appeal of getting something new without having to save up for it is very tempting and many end up getting a line of credit or a credit card in order to make the purchase. Eventually, the credit card statement arrives in the mail and the realization that you are now in debt hits you like a ton of bricks. So, how do you pay it off?
In an effort to get some of my own debts paid off I am utilizing the 'debt snowball' method where you pay everything you can to your debt with the lowest balance first. Once that debt is paid off you pay as much as you can to the next smallest debt. Your momentum 'snowballs' as the money you were paying toward your old debts can now be used to pay off larger debts. This process works really well if you're able to visualize your progress and many have turned to some type of coloring sheet to express how much debt remains and how much has already been paid off. Today, I'm going to share a coloring sheet that I created for this purpose which is what I call a debt thermometer.
The debt thermometer visualization sheet allows you to easily keep track of each of your debts and what your current balance is for each. It also allows you to keep track of your progress in paying off each debt in a very visual way. I have printed this sheet off and written in the name of the debt above each thermometer. I then write the total balance of the debt at the bottom of the thermometer and divide the total debt by 10 (since there are ten large marks on the thermometer) and use this number to figure out what I want to write for each of the gradations of the debt thermometer.
Here is a link to download the debt thermometer visualization sheet:
Please let us know in the comments if you use this sheet and tell us about your journey to becoming debt-free!
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