Add a debt payoff calculator/goal [edited] (4 Merged Votes)
It would be helpful if Simplifi added a "payoff debt" feature in goals that would allow analysis using tools like the debt snowball.
Comments
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@Jreno2012 Great suggestion!
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USAA had a really great debt calculator that showed you how much you need to pay on your debt in an "avalanche" effect in order to pay debt off quickly. Unfortunately, they will be getting rid of this feature. I was looking for a suitable replacement, but this is apparently not it.
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@rkratt1987 Great suggestion!
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@Coach Paco Any updates on this feature? I could've really used it recently!
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@SimplifineHowareyou
We're still looking to add this to our roadmap of future features but still no eta if this will be implemented but with the amount of positive votes on this post I can see it being added in the future
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I think this would be a great feature to round out the idea of a one-stop shop for finance. Being able to tie debt payoff into accounts and the spending plan and goals would be a real winner, and definitely entice people to give Simplifi a try.5
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@Coach Paco
I think this could be a similar request to to my comment here: https://community.simplifimoney.com/discussion/382/recurring-transaction-for-savings-goals-and-make-it-a-part-of-my-spending-plan-edited/p1
Suggestion:- Rename Savings Goals to just Goals, because people also have goals of getting out of debt
- Allow the tracking of accounts (Savings/Checking/Credit Card)
I'd like to be able to track the payoff of a certain 0% APR credit card (which is a separate account) to ensure it's paid off in full before the APR period expires. I'd like to be able to know how much per month, etc is needed to make it $0 by a certain date.
So the goal would have:- Account (balance)
- Target amount (balance)
- Date
Thoughts?5 -
@Coach Paco
Version two of this feature could combine multiple accounts together instead of just using a single account. I see two uses for this:- Combine multiple credit cards together to target paying off overall debt. IE: Add these three card's balances together, and a goal is to pay off X amount per month (or to reach X amount by date)
- Combine multiple retirement accounts together to target an amount to reach by a certain year. This might help people see what they need to be saving to hit retirement? Or perhaps this feature is too advanced for Simplifi, since it should also most likely calculate interest rates, etc.
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It would be nice to have something similar to the Savings goal for loan payoffs, as nice as saving is my current goal is to pay off my student loans ASAP.0
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Just adding on here as this feature is something I desperately need! lol Simplifi is great for those that are 'on top' of everything and just need to track what is going where, but I have about 50k in debt spread across a few credit cards and loans. I've decided to try a budgeting tool to help me track my spending (so I can see where I'm overspending eliminate some things) and to help me figure out how to start cutting out my debt. I saw in a different forum or help topic on Simplifi that pointed me to this tool (Unbury.me) which is exactly what I'd like to see in this application. It allows for you to put in your debt accounts, with interest rates, and then shows you ways cut it down using either Avalanche or Snowball methods.
Once this functionality is in there, it would be great to then utilize the goals area like folks mentioned above to set which cards you want to cut down first AND build out plans under 'Spending Plan' section that allows us to see how much money we have left to work with after applying to our debts.7 -
I would like to propose that you create debt payoff goals similar to the savings goals. This way an account like a credit card or equity line can be tracked against a goal and progress could be measured. It would show up on the dashboard and have all the features of the savings goals but for debt pay. I know it would help people to visualize their progress.3
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The is the biggest feature missing for me! Creating debt payoff goals would be a huge help for our family!5
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Upvote for this feature!5
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For any Simplifi marketing/product manager people reading these suggestions, this function would also further separate you from all the other similar apps out there. Right now, one of your only unique features is KINDA the "spending plan" and resulting projected cash flow (which is the ONLY reason I am here). Build on that strength and unique function. This debt-centric functionality suggested here would only strengthen that.
I'll reiterate what someone above said - currently, Simplifi seems to be built around people with no prior CC debt. First of all, how common is that?! Second, be bold...be the ones that tackle that kind of complex 'problem' in your app, and do it well. You will have clients for life, and loyal (and you will likely pull clients from YNAB, who pay considerably more for that kind of functionality)6 -
Add more debt payoff tracker features like the original Quicken program! A payoff calculator and a way to view all of your debt and what various payoff methods look like to help you reach your goal of becoming debt free!1
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Hello! New to forum and so I apologize if already suggested, but would it be possible to implement a payoff goal system/setup similar to that already available in the Mint web app (I realize, or if I remember correctly, Quicken and Intuit are no longer associated)?
I.e., using the balances pulled in for each liability and, if necessary, manually inputting the interest rate and current monthly payments, and then lumping them together... for example, pay off credit cards. Then entering how much you believe you'll have available to put toward that debt (say $600/mo) or how quickly you'd like to pay it off. Then from there, it provides a goal with break down of where to apply money first (usually focused on those debts with highest interest rates first) and how much to apply there, then other debts, until eventually $0.
Thanks, love the app!0 -
It's been a while, but quicken had a debt payoff calculator, which i believed used the account's apr field. To the best of my knowledge, Simplifi does not store the current APR anywhere.
I would like to suggest it adds that field as a prerequisite to enabling this feature.
I might like a field that toggles 'rewards' if the credit card has rewards or not.
And then provide some kind of non-alphabetical account sorting and instead sorting by APR on the dashboard, perhaps with a little icon that indicates the card has rewards.
-Rob—
Rob Wilkens2 -
this!! please!! I would love to have this as a simplifi feature, able to sync debts and payments with my account data.
a special ask: please include a “promotional APR” feature, where you can enter a time period that a promotion APR is active on the account (0% to whatever reduced rate). I’ve only ever seen this feature on ONE snowball calculator and that’s the one I’ve used for a decade.
my main finance goal atm is to get out of debt. I have been searching for years for a smart snowball calculator. I would really love simplifi to be the solution!1 -
Upvote for this feature!
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Another vote for this. it's hard to see the full financial picture without a tracker like this. It'd be a huge help.
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Any updates about this feature request?
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[removed] Any updates? This request is > 2 years old, and still not in the product. I'm sure many like myself are looking at other products that include this functionality.
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Hello All,
At this time, there are no further updates on this request. As soon as any news becomes available, we'll be sure to update this post accordingly.
Thanks!
-Coach Natalie
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I would like this feature as well.
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Please please please give us a tab where we can track debt payment more clearly. Your "Goals" section has been so helpful in my savings goals, but debt payment could REALLY benefit from it's own tab where we can watch it move towards 0, pick a method of debt repayment, see how long it'll take to reach out goal, get rewarded for staying on track, etc.
Thank you!
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Please please please. This is the only missing feature! Student loans are back, Simplifi. We could really use the feature.
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bump Please please please. This is the only missing feature! Student loans are back, Simplifi. We could really use the feature.
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Came here to also chime in and say I would love this feature. I'm in the process of transitioning all of my data from Mint (R.I.P.) and they had this feature. I used it to successfully pay off several cards using the snowball method. Please add this option to Simplifi.
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Please!
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This has 109 votes, may be similar:
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Rob Wilkens0
