Credit Card Accounts represent owed balances that you accrue and then pay off in full each month, and Debt Accounts represent owed balances that you’re working to pay off over time. To put it another way, if you pay your credit card in full each month, it should be put into Goodbudget as a Credit … Read more
You can change which Envelope is connected to your Debt Account through the Add/Edit Accounts page. From that page, scroll down to the Debt Accounts section, then click “Edit” on the Debt Account whose Envelope you wish to change. The lower-left most dropdown option in the Debt Account edit menu will allow you to change … Read more
Goodbudget’s Debt features are optimized to be used for monthly payoff, but that does not stop you from doing non-monthly payments if that’s more convenient for you! There are two issues you might run into when trying to use the Debt features with a non-monthly payment schedule. The first is that when you create your … Read more
When you use Debt Accounts to track your debt payoff progress, you’ll track that progress using Debt Payment and Charge transactions. Debt Payment transactions decrease your debt balance, and Charge transactions increase the amount you owe on your debt. Charge transactions can include interest charges, fees, and any other charges that increase your debt balance. … Read more
Whether you’re using the Free or Plus Version of Goodbudget, you can track as many Debt Accounts as you need. They’re also great for tracking your debt payoff progress for things like car loans, student loans, and credit cards that you’re working to pay off. Check out the instructions below to see how to add … Read more
Paying off debt is a great financial goal. Whether you’re using the Free or Plus Version of Goodbudget, you’ll be able to track as many Debt Accounts as you need to make that happen. If you’re not tracking your debt payoff progress with a Debt Account, you can learn how to do so here. See … Read more
Q: Can I track Debt Accounts using the Goodbudget mobile app? iPhone If you’re using the Goodbudget iPhone app, you’ll be able to view the Debt Progress Report, as well as add and edit Debt Accounts and Debt Payment Transactions from within the app. Android If you’re using the Goodbudget Android app, you’ll be able … Read more
Q: I just made a new Debt Account, but I want it to show the progress I’ve made so far. How can I do that? When you make a new Debt Account, the balance bar will start off completely full and get smaller as you make future payments. Any past progress you made on that … Read more
Paying off debt is a great way to become financially stable and to make space in your budget for other money goals. The key to paying off debt is finding a system that helps motivate and encourage you along the way. The Debt Snowball method is one we recognize for its ability to build momentum, … Read more
A reality that we face is that debt will accrue interest over time. How you record an interest charge in Goodbudget will depend on how you’re tracking the debt balances. Option 1: You track your debt payoff progress with a Debt Account If you’re using a Debt Account to track your debt payoff progress on … Read more
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