Our Free Getting Out of Debt Worksheet

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Self Reflection and Planning Worksheet


A pdf of this worksheet is available for download at the end of the article.

  1. Do I have a tendency to spend more than I earn? On what non-necessities do I frequently spend my money? (Examples include clothes, restaurant food, vacations, and so on.)

    2. ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  2. Can I afford my regular daily purchases? If not, how much am I short each day or week? What do I go without that I absolutely need?

    3. ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  3. Am I able to make my monthly payments on all of my debts? Do I make them in a timely fashion? Do I ever pay extra? Could I ever pay extra, given my financial situation right now?

    4. ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  4. Do I have savings I could use to sustain myself for 3-6 months if I lost my job today? How much would 3-6 months of savings be for the bare necessities? How much would it be to maintain my current standard of living for six months?

    5. _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  5. Write a list of my debts, from smallest to largest. Each debt gets its own line. Be sure to include personal debts, such as money owed to a friend, as well as debts without interest, such as medical bills. Debts that are in collections also count. So does the mortgage.

    6. ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
    ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

    Next to each debt above, add the interest rate and monthly payment. Yes, you really do have to go look this up if you don’t know off-hand!

  6. List some ways I can cut down my expenses. These could include staying out of restaurants, setting a budget for the holidays, or trading down to a less expensive car.

    7. ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
    ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  7. List some ideas to make extra money that I’m willing to do. I might even find some of these prospects exciting!

    8. ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
    ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  8. Name five grocery items I purchase regularly, but that I don’t actually need to survive.

    9. ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  9. Think of three things I will do when I’m free of debt. They could be as small as taking a trip to the nearest ocean, lake, or ski resort, or as big as quitting my job to pursue a long-neglected dream.

    10. ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Download Getting Out of Debt Worksheet for free.

Disclaimer for ManageYourMoney.ca

The information provided on ManageYourMoney.ca is intended for educational and informational purposes only. It should not be taken as financial advice. The opinions shared are those of the authors and are meant to encourage sensible financial habits and decision-making. We recommend that you do your own research or consult a certified financial advisor before making any financial or investment decisions. All investments come with risks, and there is no guarantee of success. Past performance is not a reliable indicator of future results. Always consider your personal financial situation and risk tolerance before pursuing any investment opportunities.

As always, I am not a qualified financial advisor. I just relate financial management to my own experience which may not resemble yours at all. Advice is frequently worth exactly what you paid for it. Most of mine came from expensive experiences.

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