Dec 11, 2019 · If you’re not a spreadsheet wizard, below is a downloadable form that you can use as a jumping off point: FREE BALANCE SHEET TEMPLATE > Once you’ve got your balance sheet in order, you can move on to creating your income statement. The steps are a little different but the process isn’t complicated. Here’s what you need to do: It’s the idea that when paying off your debts, you should start with the smallest balance debt first. Once you pay off that debt, you put extra money plus that debt’s monthly minimum payment towards your next smallest debt, and so on. The idea here is that you get a quick win up front by paying off one or two of your smaller debts quickly.