Keeping your debt balance updated in EveryDollar is super important. After all, you want to know how much you have left to pay off, right? There are two methods available to update debt balances:
- Track an expense transaction directly on the debt
- Manually update the debt
Track a transaction directly on the debt
When you track a transaction into a debt line, it will automatically update the balance of the debt accordingly. You may need to refresh your budget for the change to reflect properly.
If you have your bank account and credit card connected to EveryDollar, then making a payment will produce one positive and one negative transaction. Apply the negative transaction to the debt line and delete the positive one.
Manually update the debt
Simply entering the payment will not keep your debts in sync with what you actually owe. Banks and creditors charge fees and interest on debts, which requires a balance update to reflect those interest charges.
Here's how to manually update the debt on the computer version of EveryDollar at everydollar.com:
- Start on the main Budget page.
- Click the debt item in question. This will reveal a detail window on the right side.
- Locate Debt Details and click Edit to reveal fields available to edit.
- Edit your debt as necessary.
- Click the blue Save button.
Pro Tip: If you see an exclamation point next to your debt item, this is likely showing as a reminder to update any interest or fees that have been charged to the debt account.
Next Steps
Update your progress on the Debt Snowball in the Financial Roadmap!