Create a debt reduction plan
You can take control of your finances and reduce or eliminate your debt (Money owed to another person or company, such as loans, credit card balances, or mortgages. ) with a debt reduction plan.
- Click Planning, click Planning Tools, and then click Debt Reduction Planner.
- Click Continue.
- If the accounts you want to track don’t exist in Money, click New Account, and then follow the instructions on the screen.
- Click each account you want to track under Debt Accounts Not in Debt Plan, and click Move Up. These will generally be your credit card debt and other high-interest loans (An agreement to borrow or lend money, usually with an interest charge on the amount borrowed.) .
- Click Next.
- For Base my plan on, click an option for your plan. You can base your plan on how much you want to pay each month and have Money tell you how soon you will be out of debt, or vice versa.
- Depending on your choice in Step 6, the Enter your monthly allocation for debt box or the Enter the date you want to be out of debt box displays. Enter the amount or the date.
- Move the slider to experiment with different amounts or dates. The Results section shows the effect on your debt plan.
- To make an extra payment, enter an amount in the Making a One-time, Extra Payment box.
- To view your payment schedule, click Next.
- To see a different view of your debt reduction plan, in the View box, click Payment Schedule Chart, Payment Schedule by Month, or Payment Schedule by Account.
- Click Next to see a list of recommended debt payments.
- To schedule a payment, select the check box next to the account.
- Click Finish.
Money will schedule a bill for each debt payment you check. If you already have a scheduled bill for the credit card or loan company, click Bills Summary on the Bills menu. Verify that the bill created by the Debt Reduction Planner is there, and then delete the bill you created.
Related topics
Track credit card spending
About integrating the debt plan with other Money files
