How do I track my car loan I’m working to pay off?

Whether you’re using the Free or Plus Version of Goodbudget, you can track as many Debt Accounts as you need, and we recommend using a Debt Account to track your car loan. They’re also great for tracking your debt payoff progress for things like student loans, and credit cards that you’re working to pay off.

Check out the video below to see how to add your car loan as a Debt Account in Goodbudget. Or, follow the text below to set it up.

Step 1. Click on Add/Edit on the Accounts

Step 2. Click on ‘+Add’ under the ‘Debt’ section

Step 3. Give the Account a Name, like Car Loan, and enter the Current Balance in the field provided.

Step 4. The ‘Working to pay off’ option is selected by default. If you currently pay off that balance every month, select that option instead. When you do, the Debt Account will become a standard Credit Card Account when you save your changes.

Step 5. Now, you can select an Envelope to link the Account to. If you have an existing Envelope that you’ve been making debt payments out of, select that Envelope. Or, you can make a [NEW] Envelope if you don’t have one already.

Note: If you link an existing payment Envelope to your new Debt Account, and you already have scheduled payments set up, you’ll need to create new scheduled payments so that they are connected to your debt accounts. Click on the “Add Transaction” icon on the web and select the “Debt Transaction” tab to create a payment. Don’t forget to delete your old payments as they will not update your new debt account.

Step 6. Enter your Monthly Payment, and, optionally, the Interest Rate. If you’re not sure, just estimate and update this information when you know for sure.

Step 7. When you’re done, press Save Changes.

Now that you’ve created the Account, you can monitor its balance from the Accounts tab.

As you make debt payments, you’ll see the red bar get shorter and shorter until it disappears!

Once you set up your Debt Accounts, see how you can fill your Debt Payment Envelope, and how to add a Debt Transaction.

We want to make sure that you get answers to your questions! Feel free to email if you’re unable to find the answer to your question in this article. 

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