Debt Manager

Welcome to 'Debt Manager' iPhone and iPad app. Follow the links below to find out more:

Getting Started Summary My Debts Strategy Reports Calculators Settings Glossary

Getting Started

Basic Principals

This app makes use of the well established 'Debt Snowball' method of paying off your debt. The basic steps are as follows:

Order your debts in ascending order from smallest balance to largest.
Commit to pay the minimum payment on every debt.
Determine how much extra can be applied towards the smallest debt. This becomes the 'Snowball Amount'.
Pay the minimum payment plus the 'Snowball Amount' towards that smallest debt until it is paid off.
Once a debt is paid in full, add the old minimum payment (plus the 'Snowball Amount') from the first debt to the minimum payment on the second smallest debt.
Repeat until all debts are paid in full.

By the time the final debts are reached, the 'Snowball Amount' paid toward the larger debts will grow quickly, similar to a snowball rolling downhill gathering more snow (thus the name).

Enter Your Debts

Enter all your debt details in the 'My Debts' screen.

Choose Your Strategy

Once you have entered your debts, you can choose a 'Strategy' for paying them off. For maximum motivation, it is recommeded to pay off your debts 'Lowest Balance First'. However you may save more interest by paying them off 'Highest Interest First'. The choice is yours. Play around and see what works for you.

Record Payments

As time goes by, for each debt you can mark months as being 'Paid'. This then allows you to monitor your progress and will encourage you to continue.

View Your Progress

The 'Summary' screen can be used to keep track of your progress in paying off your debts. As you record payments, you will see the progress bar grow and the 'Remaining Debt' amount go down. If you increase the 'Snowball Amount' or add some 'Snowflakes', then the 'Interest Saved' and 'Years Saved' should go up.

The 'Reports' allow you to analyse your debts in greater depth. They show you month by month detail and enable you to compare your debts side by side.

Summary

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In this section you can see an overview of the debt figures and monitor your progess.

Figures Explained

Export Summary

Figures Explained

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Progress Bar

If you have 'Recorded Payments', or entered an 'Original Debt Amount' which is greater than the 'Balance', then your payoff progress is indicated here.

Total Monthly

The total amount you will pay each month, including all 'Min payments' and the 'Snowball Amount'.

Remaining Debt

The debt still to be paid. This takes into account any 'Recorded Payments'

Paid Off By

The date at which all debts will be paid off.

Interest Saved

The total amount of interest saved by using the 'Debt Snowball' method. This also takes into account any 'Snowflakes' entered.

Years Saved

The total number of years saved by using the 'Debt Snowball' method. This also takes into account any 'Snowflakes' entered.

Export Summary

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The mail icon

appears on top right of the screen. This allows you to email the debt summary details so you can access them on a PC or other device. Tapping on the icon presents you with the option of generating the debt details as a PDF document or formatted as HTML. The debt summary chart is also attached to the email.

My Debts

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In this section you can enter all your debts, view a summary or a monthly breakdown of a debt, and record payments so that you can monitor progress.

Entering Debts

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To get started, you need to enter some debts. Click on the '+' icon at the top right of the screen to add a new one. You must enter certain key facts about the debt.

Name

This name helps you to identify the debt. It must be entered, but it can contain whatever text you like.

Balance

This is the remaining balance of the debt at the time of the 'Balance Date'.

Rate (%)

This is the annual rate of interest on the debt, e.g. 3.99. If you enter an 'Introductory Rate', then this becomes the subsequent rate.

Min Payment

This is the minimum payment you pay off per month. This must be greater than the interest due per month. You can either specify it as a monetary amount, or as a percentage of the outstanding balance.

Due On Day

Optionally enter the day of the month that the payment is due. This is used if you want to be notified of your payment.

Advanced -> Original Debt Amount

You may optionally enter the original debt amount. This is used to show your payoff progress.

Advanced -> Introductory Rate (%)

Some debts have an introductory period with a lower rate. e.g. 0% for 6 months on a Credit Card. Optionally enter the introductory rate here.

Advanced -> Introductory Period

This is the length of the introductory period in years and months.

Snowflakes

See 'Snowflakes'

Transactions

See 'Transactions'

Once you have entered all the key facts then press 'Done' to save your changes.

Snowflakes

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Snowflakes are extra payments you make on top of the minimum payment and snowball amount. They help to reduce your interest payments and pay off your debt quicker. Here you can optionally add any number of Snowflakes, either 'Monthly', 'Yearly' or 'One Off'. Click on the '+' icon at the top right of the screen to add a new one.

Type

Choose whether the extra amount is once a month, once a year, or a one off payment.

Amount

This is the amount you wish to add.

Start

When you want the extra payment to start taking affect. It defaults to the first month of the debt.

End

When you want the extra payment to stop. It defaults to the first month of the debt.

Transactions

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Transactions are extra costs which get added to the debt, such as a Credit Card purchase. Here you can optionally add any number of Transactions, either 'Monthly', 'Yearly' or 'One Off'. Click on the '+' icon at the top right of the screen to add a new one.

Type

Choose whether the extra cost is once a month, once a year, or a one off cost.

Amount

This is the amount you wish to add.

Start

When you want the extra cost to start taking affect. It defaults to the first month of the debt.

End

When you want the extra cost to stop. It defaults to the first month of the debt.

Debt Summary

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Select a debt from the 'My Debt' screen. This presents the screen which lists the key facts about the debt. Then tap the pie chart icon

located on the top right of the screen to bring up the summary view. The following information is displayed:

Snowball Payments

This is the total amount of snowball payments across the lifetime of the debt. It will only appear if you have 'Snowball' turned on in your 'Strategy'.

Snowflake Payments

This is the total amount of snowflake (extra) payments across the lifetime of the debt. If will only appear if you have entered some 'Snowflakes'.

Total Cost

This is the total cost across the lifetime of the debt.

Paid Off By

The date at which the debt will be paid off.

Interest Saved

The total amount of interest saved by using the 'Snowball' effect.

Years Saved

The total number of years saved by using the 'Snowball' effect.

Pie Chart

This shows the ratio of interest paid to capital paid across the lifetime of the debt.

Debt Breakdown

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Select a debt from the 'My Debts' screen. This presents the screen which lists the key facts about the debt. If you rotate the device so that it is on its side, you will be presented with an amortization table showing you the 'Monthly' breakdown of the debt.

Year

This is the current year number.

Month

This is the current month of the year.

Payment

This is the total monthly payment, including any snowball amount and snowflake payments.

Interest

This is the interest amount for the month.

Capital

This is the capital amount for the month.

Total Cost

This is a running total of the total cost so far.

Balance

This shows the amount of capital remaining at the end of the month.

On the right hand side of the screen there is a set of controls. You can use the arrows to page up and down a year at a time, or jump to the start or end of the table.

The chart icon

switches you to a new screen which presents you with an interactive graphical view of the debt.

The chart shows the years on the x-axis verses the amount on the y-axis. If you have chosen to 'Show Current Date' in the 'Settings', this will be indicated by a dashed grey line at the current date.

Pinch to Zoom

Pinch along the years axis to decrease or increase the year range. Double tap to reset.

Press and Hold

Press and hold on the chart to show values for a month. Slide your finger along to show values for other months.

The four buttons at the bottom of the screen allow you to switch between:

Balance

The balance of the debt which you will see decrease steadily over time.

Total

The total cost which will increase steadily over time.

Interest

The interest which will increase over time, but at a gradually slower rate.

All

All three of the above overlaid on top of each other.

The cog icon

allows you to try out various 'What-If' scenarios

You can change the 'Normal Rate %', 'Initial Rate %', 'Initial Term' or the 'Minimum Payment'. The chart is automatically refreshed to show the effects of your change. The adjustment is only temporary and does not change the key facts of your saved debt. Press 'Reset' to revert to the original values.

The cog icon works in the same way as it does on the amortization table. The chart icon

returns you to the chart screen.

To exit either the chart or the amortization table, simply rotate the device back to the upright position.