Quick Look
- The MoneySwell Cashflow Goals tool can be a helpful tool to help you track your debt payoff.
- Review the steps to take in each of the tabs (Plan, Update, Review) to understand how to use it.
<< Debt Consolidation Checklist
Three Steps for Debt with the MoneySwell Cashflow Goals Tool
- Plan Tab: Track the amount you plan to pay on your new loan each month under the “Expenses” section.
If you already use the MoneySwell CFG tool for a plan that ends before your planned debt payoff, calculate how much you want to pay off based on the timeframe your plan currently covers. Then once that plan ends make a new one and do the same again. For example, if your plan goes through December but you won’t pay off your debt until the following July, simply determine how much you can pay each month from now until December and add that in as an expense. Then, once December is completed, create a new plan that starts in January and ends in July.
- Update Tab: Each month, update what you actually paid.
- Review Tab: Track your progress in the Review tab.
Conclusion
Don’t forget to add your new loan or line of credit, and remove your just-paid-off one from your list of liability in the Assets and Liabilities tool. As you make progress toward paying down your debt, when you sync your accounts you’ll see your debt going down and your net worth improving.
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