How to Track Debts

It's the Baby Step that gets the most attention, and for good reason: tracking your debts and paying them off. This is what breaks the chains for practically everyone who doesn't have control of their money. When you pay off that student loan or nix those credit card debts, the feeling of freedom is unbelievable!

Tracking your progress on those debts can be easily done on the EveryDollar website and app.

What to Know When Dealing with Debts

• EveryDollar lists debts smallest to largest. You can work the debt snowball method of paying off debt by listing them from smallest to largest balance (regardless of interest rate). By paying off the smallest debt first, you’ll get quick wins, stay motivated, and make real progress. 
• Make sure to fill out all the debt fields. Any debts you have in EveryDollar will have multiple fields for debt type, current balance, minimum payment, and more. Fill out all those fields when creating a debt. To adjust those fields on the website, click the debt and then click Debt Details on the right side of the screen. On the app, tap the debt, then tap Fund Details on the next page. Debts with a $0 balance will automatically show as paid off.
• EveryDollar shows you if you’re on or off track. ✨(EveryDollar Premium only)
  EveryDollar will let you know if your planned payment amounts will keep you on track to hit your debt-free goal. If they don't, EveryDollar will even suggest new amounts to straighten things out.
  

• You can adjust your debt-free date or extra payment anytime. ✨(EveryDollar Premium only)
  You can check and adjust your target debt-free date at any time using the Financial Roadmap. EveryDollar will update all your numbers to show you how much you’ll have to pay on each debt every month. If you can put any extra towards your smallest debt, then your debt-free date gets bumped up (yay!).

   

Next Steps

Check out how you should approach your mortgage as part of your overall debt picture.