Debt payoff plan: a month-by-month schedule to zero
Three cards, a car loan and a student loan, each with its own rate and due date, make it hard to see an end. This prompt has your todo.is agent compare the snowball and avalanche methods on your real numbers, pick an order, and build an Excel schedule that shows the month each debt is gone.
The prompt
- Make me a debt payoff plan. My debts are: [DEBTS WITH BALANCE, RATE AND MINIMUM]. I can put [MONTHLY AMOUNT] a month in total toward debt. Compare the snowball method (smallest balance first) and the avalanche method (highest rate first): total interest paid and payoff date for each. Recommend one for me, knowing that [WHAT MATTERS MOST TO ME]. Build an Excel file with a month-by-month schedule showing each payment, interest and remaining balance, and a chart of total debt over time. Add a one-page PDF summary I can stick on the fridge. Every [REMINDER DAY], message me on WhatsApp with which debt gets the extra payment this month.
What to change
- [DEBTS WITH BALANCE, RATE AND MINIMUM]: E.g. "Visa 4,200 at 24.9%, min 120; car loan 8,900 at 7.5%, min 260". Or attach statements.
- [MONTHLY AMOUNT]: The total you can pay each month, including all minimums, e.g. "900".
- [WHAT MATTERS MOST TO ME]: E.g. "quick wins keep me motivated" or "paying the least interest".
- [REMINDER DAY]: E.g. "1st of the month at 9:00" or "the day after payday". Remove this sentence if you don't want reminders.
Example result
- Your debts (illustrative example)
- • Store card: 650 at 29.9%, minimum 25
- • Visa: 4,200 at 24.9%, minimum 120
- • Mastercard: 2,300 at 19.9%, minimum 65
- • Car loan: 8,900 at 7.5%, minimum 260
- • Student loan: 11,400 at 4.5%, minimum 140
- Total: 27,450 · Minimums: 610 · You pay: 900 a month (290 extra)
- Snowball vs avalanche
- • Snowball (smallest first): store card, Mastercard, Visa, car, student loan. Debt-free in 40 months, about 5,020 interest.
- • Avalanche (highest rate first): store card, Visa, Mastercard, car, student loan. Debt-free in 38 months, about 3,880 interest.
- Recommendation: avalanche
- Your smallest debt also has the highest rate, so you still get a quick win in month 2. After that, avalanche saves about 1,140 and two months.
- Your order and milestones
- • Month 1–2: 290 extra to the store card. Paid off in month 2.
- • Month 3–15: extra goes to Visa (now 315 extra). Paid off in month 15.
- • Month 16–21: roll everything into Mastercard. Paid off in month 21.
- • Month 22–31: car loan gets 760 a month. Paid off in month 31.
- • Month 32–38: student loan gets the full 900. Debt-free.
- Rules that make it work
- • Pay every minimum on time, always. Only the extra moves.
- • When a debt is gone, its minimum rolls into the next one.
- • Don't close paid-off cards right away if you want to keep your credit history; just stop using them.
- • Keep a small buffer (even 500) so a surprise bill doesn't go back on a card.
- In the Excel file
- • Schedule: one row per month per debt: payment, interest, balance
- • Chart: total debt falling to zero
- • Settings: change the monthly amount and the dates update
How to do it with todo.is
- Copy the prompt and list each debt with its balance, interest rate and minimum payment.
- Paste it into todo.is on the Today screen, or attach recent statements and let your agent read the numbers.
- You get an Excel schedule, a one-page PDF summary and a clear recommendation.
- When something changes (a raise, a bonus, a new rate), tell your agent and ask it to redo the schedule.
Tips for a better result
- Use the APR from your latest statement, not the rate you remember signing up for.
- Ask your agent to model a balance transfer or consolidation loan next to your plan, including the transfer fee, before you apply.
- Put windfalls (tax refunds, bonuses) straight onto the current target debt and ask for an updated payoff date.
- The monthly reminder can also ask you for your new balances so your agent keeps the sheet current.
debt payoff plan: FAQ
- Is snowball or avalanche better? Avalanche pays the least interest. Snowball pays off small debts first, which helps some people stick with it. The best one is the plan you will follow, so compare both on your numbers.
- How do I start a debt payoff plan? List every debt with balance, rate and minimum, decide a fixed monthly total you can afford, pay all minimums and send the rest to one target debt at a time.
- Should I save or pay off debt first? Many people keep a small emergency buffer first so new costs don't go on a card, then attack high-interest debt. For your situation, a financial adviser or non-profit credit counsellor can help.
- Is it safe to attach my statements? Files stay in your own agent workspace and only your agent uses them. Never send card numbers, PINs or banking passwords.
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