How do I know when my debt will be paid in full?
There are a number of great websites and apps that allow you to calculate when you’ll be debt free. Using these calculators are great because they can show you the difference between using a debt snowball or paying the highest interest rate first. In addition these calculators will let you know the exact day your debt will be paid off. Knowing the date of freedom provided me with a great focal point to strive for. These calculators helped provide me a light at the end of this debt free tunnel.
There are two main ones I use to help me get out of debt.
This website is my favorite because its old school. You create an account by simply giving them your email address. Don’t worry I gave them my email address back in 2009 and I’ve never received an email from them. In the site your able to input all your debts and it will tell you when you‘ll be debt free by paying only minimum payment and by using a debt snowball. It will create a full report you can print out. I printed mine out and stuck it on my refrigerator. The refrigerator is a great place because everyone will see it! My wife and I were excited when each month rolled along and we were able to go to the fridge and cross off our payment bringing us one step closer to our end goal.
This website has a whole host of calculators like investing, 401k withdrawal calculators, auto loan repayment calculators, you name it they have it. I would recommend this site if you want an awesome print out or if you want to do a quick calculation. All the calculators are free.
What you’ll need before you run to the calculators
In order to get the best use of your time make sure you have each loan statement showing the interest rate, minimum payment, start date, maturity date, and current balance.
If you are like me you always want to know when the end is coming. I have been tracking my debt free journey since I got married in 2009 and Powerpay.org has served me through all the years. I highly recommend setting up an account.
Bottom Line: the key to paying off debt is by being intentional and developing a plan. Use these tools to help you stay on track to paying off all your debt.
I’m interested to learn about more websites that have great financial calculators. Please post your favorite below.