When this tool started out, Jeff very simply had a ‘Debt Snowball’ table that plotted out the hard stuff for you, did the math and ran the iterations. Amazing enough, right? Now, Undebt.it has so many tools, features and awesomeness, Jeff’s actually gone and created an ‘Easy Mode’ to help simplify. Take advantage of this tool, starting today.
There are dozens of powerful features – and more being added constantly. Here are 6 of my favorite things about Undebt.it (though, there are many more where this came from!)
1. Accounts View
This is the first step if you’re new to undebt.it. Add your accounts. Bonus if yo’ure a YNAB user – those accounts will sync up with the accounts list here. The basics display such as account name, balance, interest rate, payments, etc. This overview table also let’s you activate or deactive accounts for the purpose of including them or not in your payoff plan. For instance, you may want to not see all your debts at once (I know – but stick with me here) in the pay off plan. Maybe all your consumer debts are included, but you’d like to leave your house, car or student loan off the pay off plan until the consumer debt is gone.
The ‘Paid Off’ column is a big winner too – that’s the date! Follow the plan, the tool has done the rest. Pay the amount you can, and this is when that debt will be GONE. Change the amount you pay (pay more to pay off the debt faster, pay less and the debt paid off date moves out more) to see how this impacts the date paid off, which leads me to point number two of amazingness of this tool.
2. Debt Free Countdown
This little gem packs a serious punch with me. Very simply, those big, blue graph bars make me mad. Super mad. I want them to be very small. That date? I hate that date. I can’t stand that it (mathematically) will take that long to get where I want to be – Debt Free. I want to do everything in my power to see that date move up, those bars move down, and that balance disapear. This little summary sits innocently up in the right corner, taunting me to save a little more, forgo that coffee and get out of this mess all that much sooner. Stupid, amazing little toolbar.
3. Debt Budget and Snowball Amount
This other toolbar sites ontop of the debt pay off table. Its great – look at it! Does all the math for you. Ever ask yourself these questions? Well – now you have the answers right at your finger tips, and an easy dashboard for introspection and adjustments.
How much can I afford towards my debts each month, including minimum payments? That’s your ‘Monthly Budget’.
Of my Monthly Budget for debt payments, how much of that budget is just my minimum payments? That’s your ‘Min. Payments’.
Of my Monthly Budget for debt payments, how much of that budget is extra towards my debt each month? That’s your ‘Snowball Amt.’
How much have you paid towards your debt? That’s your ‘Payments Made’.
And my personal favorite…..
How much progress have you made? That’s your ‘Overall progress’ towards being debt free! So in this example, I’ve paid off nearly 20% of my debt. I love seeing that number go up, up and up. I’ll probably have a whole seperate post when it says ‘100%’ . Maybe I’ll start a budget category now to celebrate. More to come.
4. Debt Payoff Strategy
This is SUPER COOL. One of the best things about this tool is how easily you can compare the various methods of pay off strategy. Some like the ‘Snowball’ method, some the ‘Avalanche’, sometimes a custom pay off order – who knows! Use a proven method, or find something to help your particular situation. This table highlights the total paid, and pay off duration for each method. A great, one-stop-shop for debt pay off strategies.
5. Use Promotional Rate
For either student loans with deffered interest, or a credit card balance transger with an introductory rate, undebt.it can still take these variables into account to provide accurate debt free forecasting. Powerful feature if you’re a credit-card-balance-transfer-juggler-extrordinaire. This is much better than adjusting the rate manually, since this using the promotional rate can account for variations in payment strategies and long term impact.
6. The Debt Snowball Table
This is the heart of undebt.it. This little gem gives you a birds-eye view of your payment plan over time. Its a blue print to becoming debt free. The value is more than the math – the value is in perspective. Seeing how small changes or tweaks in your snowball amount can impact your future self. That is very powerful indeed.
I very much encourage anyone looking to get out of debt to plug in all their debt accounts to undebt.it and play around with different strategies, budgets and payoff methods. See what you can come up with, stick to and make happen.