Tracking debts can be done on the computer version of EveryDollar at everydollar.com and on the EveryDollar mobile app.
Here, are some things to know and do:
Check all your debts and make sure they’re correct.
Any debt that you have in EveryDollar will have additional fields. Make sure you check the total balance, not just your minimum payment. Update your balances as your debts accrue interest since your debts are not connected to individual accounts. Debts with a $0 balance will automatically show as paid off.
List debts from smallest to largest
You can work the debt snowball method of paying off debt by listing debts from smallest to largest (regardless of interest rate). By focusing on your smallest debt first, you’ll get quick wins, stay motivated, and make real progress toward your debts.
💡 Pro Tip: Don't stress about figuring out what order all the debts should go in. EveryDollar will sort your debts from smallest to largest automatically!
We’ll show you if you’re on or off track. ✨(EveryDollar Premium only)
EveryDollar will let you know if your planned amounts will keep you on track. We’ll even suggest a new amount to help keep you on track if things are a little off.
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, and we’ll update all of 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!). Just go to the Debt Snowball Tool on the Baby Steps Tracker (click HERE to check it out).
Wondering where to put your mortgage in EveryDollar? Read our article here: Is the Mortgage Entered as Housing or Debt?