Debt-free date forecasting

Feedback & Ideas
1

I am not ashamed to say that my primary use for Emma is to help cut down spending to tackle various debts I’ve accrued in difficult circumstances.

It would really helpful if Emma could forecast a debt-free date (just a month and year) based on credit card/loan balances, payments and interest rates (which I appreciate may need to be inputted manually). Perhaps even a functionality that lets you enter a target debt-free date and recommends payment amounts accordingly.

Working towards a tangible goal would make tackling debt so much less daunting and stressful.

Thanks!

2 Likes
2

I’m similar, I’ve just started using Emma to manage my finances in general, but this includes the various 0% interest credit cards. It would be really useful to have some sort of feature which lets you add a date for the end of your products, so you can plan payments accordingly (I currently have a savings account which I build funds to pay off credit cards once the 0% offer ends).

Regardless general debt management (snowballing, etc) seems like something that would be really useful right now, and could potentially justify the quite high subscription costs (relative to competition).

3

You can try to set a goal on the savings account?

4

Thanks, I’ll have a look at this. I think it would be useful to have a feature to pay off debt better though, especially as these 0% cards are hard to come by now. So you put in the interest rate of the card/loan and maybe the end date, or for a loan, etc it could automatically calculate, and then Emma can calculate which product to pay off first. There are many other apps you can get that do these simple snowball calculations, and you could then link your savings accounts as a way to pay off debts.

5

@edoardomoreni I just had a look at your suggestion, but looks like you can only set one goal per pot. If I want the full benefit of the daily compounding savings rate, I’ll want to put it all into one pot, and therefore would need to set multiple goals; one for the end of each product. I could change the goal at the end of each product but in many cases, I will have already reached the goal for the next card, so not sure this would work.

6

On second thoughts, it might work with a separate pot per credit card, and then moving any excess into the next pot.

1 Like
7

Hey Dave! Setting up a seperate pot per card with a different savings goal for each is a great way to do this. Especially with the ability to set a date for each goal that correlates to when each of the interest free cards need to be repayed by!