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Personal loans, student loans and credit cards—oh my! If you’re juggling a few (or several) debts, life can feel pretty intense. Of course, you have to face reality to make it better … but it can be overwhelming and, sometimes, complicated to keep track of all the interest, minimum payments and due dates and figure out the smartest way to tackle those balances.
… that’s why so many people use snowball calculators. Enter your information and, boom! The numbers are crunched. You get an actionable plan that shows you which accounts to pay off first in order to be debt-free the soonest.
Pretty cool, right? Well, one such calculator, Undebt.it, has just upped the ante with …
When you sign up for the paid version of Undebt.it ($12/year), you have the option to connect to your YNAB account. When you link your account, Undebt.it will automatically import your YNAB data to reflect both your transaction information (e.g., debt payments and credit card purchases) and your updated account balances.
This means that, as you pay down your various debts or use your credit card to make purchases, you’ll only need to record the activity in YNAB. Undebt.it will sync with your YNAB account for the newest information and adjust accordingly.
With all of your information in Undebt.it, you can toggle between seven different debt repayment strategies to choose the one that works best for you. You also have an option to make additional payments towards your debt each month (which is an excellent choice, btw).
And, if you’re reluctant to connect a third-party application to your YNAB account, keep in mind that you can always revoke Undebt.it’s access, at any time, under your YNAB account settings. Look for “Authorized Apps” and click on the “revoke” link.
With Rule One, you know how many dollars you’re able to throw at your debt. With Undebt.it, you’ll know which debts to send your dollars to, first. And the beauty of both systems is that you (and your priorities) are the boss.
So, start working your plan. The sooner you bring those balances down, the less interest you’ll pay. And life starts feeling a lot more enjoyable when you know you’re on the right path.
If you need help, drop into one of our free, online classes, including Create a Debt Paydown Plan, Master Credit Cards with your Budget, or Credit Card Overspending. We’ve got the friendliest teachers around, and they’d be happy to answer your questions.
Remember, budgeting is not restrictive. You won’t be spending less, you’ll be spending right. You can do this! Today. Right now. What do you have to lose? Except all that debt and stress. (Ok, so kind of a lot.)
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