August ’14 Feature Updates

Debt Details Changes

transaction_details_updates

Lots of housekeeping in these recent updates; a lot of behind the scenes fixes and changes to the “debt details” page. The first thing you’ll notice is some more info in the “payment transactions” section. Now you have a previous balance and new balance fields so you can track balance changes more effectively.

Here are the other “debt detail” changes in no particular order:

  • The next due date logic has been tweaked a little. Before it would just keep pushing the “next due date” out further if multiple payments were made in a month. Now it won’t push the next due date out past the end of the next month
  • There were two bugs where “purchase” transactions weren’t calculated correctly; these have now been fixed.
  • The balance will now be adjusted if a transaction is deleted. It will just add the amount of the payment back onto the balance. If you need to factor in accrued interest, then you’ll need to manually adjust the balance.
  • If you delete the debt, the payment transactions will be deleted. These weren’t being cleaned out before and were affecting the “payments made this month” calculation.

As always, there may still be some bugs in there so please use the contact page to let me know and I’ll do my best to get it straightened out.

Student Loan debts

I’ve been getting a lot of feedback about student loan debts and how they can be added to the payment plan. Right now, there is problem with loans with low payments relative to the balance and interest rates. Undebt.it won’t let you put in a debt that has a minimum payment that’s too low to ever pay off the debt. However, some student loans use a graduated payment plan which adjusts the monthly payment. I’d like to get some more info from those of you who have loans before I put too much time into this. I’m looking for real-life examples that I can test with. The info I need is the basic stuff: interest rate, balance, monthly payment and what type of loan it is.

Last updated: September 5, 2014 at 15:20 pm

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8 Responses

  1. Lauren says:

    Thanks for the updates! Would it be possible to add a feature where the columns in the “Debt List” are sortable? Sorry I can’t help with the student loan question; mine is the same payment every month.

    • Jeff says:

      I actually just finished the sortable table part last night. It will be part of the website redesign coming in a week or two. Thanks

  2. lee says:

    i don’t know if this is the right place to leave this request but dont know anywhere else to ask. I’m new to your program.

    Is there a way to add utilities bills, gas, groceries etc to the spreadshet? to have a running list of where every dollar is desigated to go?

  3. For the student loans, I think there are 2 use cases of interest.
    1) People that are deferring payment accrue interest without making any payments but the accumulated interest only capitalizes at the end of deferment (no compound interest). I think a way of doing that is by adding options to the promo offer (two boxes: deferment until, is interest subsidized during deferment)
    2) People that are on income based payment often have payments smaller than enough to ever pay off the debt (and there is a loan forgiveness eventually). I think this debt shouldn’t be added to a debt calculator for snowball since people using it won’t care about the actual balance.

  4. Hannah says:

    @lee you should use Every Dollar or my favorite YNAB (You Need a Budget) if want a budgeting program, this is strictly a debt snowball/payoff program. The way I handle my credit cards there, since I try not to use them, is I make them off-budget accounts and then it’s just a category to budget to.

    • Jeff says:

      Hannah & Lee, I’m putting the finishing touches on bill payment support. Not a full budgeting app at this point, but it will let you see what you have to pay and see the bill history…about 90% done right now.

  5. Tammy Woodard says:

    Thank you for this program! Just left tmmo snowball tool and signed up with you. Is there any chance that the bill program will become a budget app? It’s so nice when you could see all your stuff on one site. Like the old tmmo you had budget and snowball tools together.

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