what is the best way to set a goal for a credit card payment?

Mechakoush

I want to make a plan where I pay my credit cards every month until it reaches 0, what is the best way to do this?

DannyB

Hi @Mechakoush

Couple of questions:

1. Is this a connected account?
2. Are you actively still using this card for everyday expenses?
3. Do you have other debts (besides a mortgage if you have one)?

Here is how I think I would set this up:

• Go to Settings > All Recurring > +Add > Add Manually
• Recurring Amount: I would enter an amount I know I can pay that as much greater than the minimum payment as possible.
• Name: [Credit card account id] Payoff
• Select Account: The account you will pay out of - Checking?
• Category: Select Transfer > [Credit card account]
• Frequency: You can use go with what is preselected or click on the Frequency & Occurrence tab to customize the Frequency (or just click on "Change").
• Type Transfer:
  • When you set up recurring transfers to credit cards Quicken Simplifi will default to Exclude the transaction from both the Spending Plan and Reports. I would want this transfer to be included in both the Spending Plan and Reports.
  • To do this make sure to uncheck all the boxes.
  • By doing this your payment will be counted against your monthly income which in your case is important as this is a debt payoff and not paying in arrears for everyday spending during the month.
• Create

And that, I think, will set you up to pay off your credit card. I would also keep an eye on the "Left at end of month" figure as you draw close to the end of the month. You may want to use some or all of this unused and undesignated money to paydown the balance even sooner.