How To Make/Create Personal Loan Tracker Templates in Google Sheets
Personal loan trackers are one of the ways people can manage the finances of their property and gain financial power to obtain something. The challenge right after is paying off their loans which requires a lot of management, which you can do efficiently by using personal loan trackers.
Create a Personal Loan Tracker in Google Sheets – Step-by-Step Guide
Personal loan trackers are easy to prepare in Google Sheets. If this is your first time preparing one, just refer to this step-by-step guide. You’ll have your tracker in no time.
Step 1: Choose the Personal Loan Tracker Template
The Personal Loan Tracker Template will save you from the hassles of creating a tracker from scratch. It can automatically compute balance, interest, and other amounts about your personal loan. You can grab a copy of its Google Sheets version from its product page on this site.
Step 2: Open the Personal Loan Tracker Template in Google Sheets
Under the Download Template section, click the ‘Google Sheets’ button to own and open a copy of the template in Google Sheets format.
Step 3: Input the Creditor Information
Write the company name of your creditor followed by their address and contact number. This is critical information in case you need to contact your creditor for certain concerns or inquiries.
Step 4: Specify the Date, Account Number, and Credit Type
Write the date when you created the tracker, indicate your account number, and specify the credit type of your loan. Insert those pieces of info on the upper right side of the tracker document.
Step 5: Input the Needed Data in the Loan Details and Loan Summary Sections
The data you’ll input in the Loan Details and Loan Summar sections directly influences the data that your tracker will present. That said, make sure to input the right data in those sections, most especially the balance, interest rates, and monthly payments.
Step 6: Check the Payment Schedule Table
The template’s payment schedule table will automatically present the accurate numbers thanks to its use of the Google Sheets formula. The formula gathers information from the Loan Details and Loan Summar sections and presents the right numbers on the table. So in this step, all you have to do is check the payment schedule table and indicate the month in the Month column.
Step 7: Print Your Loan Tracker
If you want to secure a printed copy of your tracker, simply open the File menu in Google Sheets and click the Print option. This will automatically start the printing process.
FAQs
What are the essential components of a personal loan tracker in Google Sheets?
Include the loan amount, interest rate, payment schedule, and remaining balance in your template.
How do I calculate interest in a Google Sheets loan tracker?
Use the =IPMT function in Google Sheets to calculate the interest for each payment.
Can I set up automatic payment reminders in Google Sheets?
Yes, you can use Google Calendar integration for automatic payment reminders.
Is it possible to track multiple loans in one Google Sheets document?
Yes, you can track multiple loans by creating separate sheets or columns for each loan.
How do I ensure the accuracy of my loan tracker?
Regularly update your payments and cross-check with bank statements for accuracy.
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