Matthew King Software
Debt Snowball Pro
Achieve financial freedom with Debt Snowball Pro! This app is used and recommended by many financial advisors, firms, and banks. This easy-to-use app helps you eliminate debt using the “debt snowball” method that is taught and endorsed by many financial professionals. Simply input your debts (including balance, interest rate, and monthly payment) and Debt Snowball Pro will help you select the best payoff method.
Using the debt snowball method of payment, once you pay off a debt, you’ll apply the previous payment to the next debt, resulting in a snowball effect as the amount paid toward your larger loans grows over time.
You can choose to pay off debts with higher interest rates first (to save money), or those with the lowest balances (for small, motivating successes along the way). Debt Snowball Pro shows you just how much money you’ll save by choosing these methods over making minimum payments.
• Easy-to-use interface.
• Ability to add and remove debts, update balances, and see when you will be debt-free.
• Shows interest saved and debt payoff dates.
• Detailed Payment Schedule spreadsheet, showing effects of applying snowball payments to individual debts.
• Ability to email snowball data and complete payment schedule
How to use:
1. Enter all your debts on the debt tab (figure 1 below). You review debts by clicking on them in the table. You can delete debts by clicking edit. To update a debt you first review the debt, change the relevant information, and click update. The debts listed in the table will also give the payoff date for each loan based on the payoff method selected in the options/settings tab.
2. Go to the options/settings tab (figure 2 below) and choose your payoff method and initial snowball. The initial snowball is the money you are initially willing to apply toward your total debt. This tab will also give you a short summary of when the debt will be paid, and how much interest and time will be saved by applying the selected payoff method.
3. Go to the payment schedule tab (figure 3 below) and review the schedule for your total and individual debts. One debt will be displayed at a time. Toggle using the arrows to show other debts. You can also use the email button to interface with the mail app and send a copy of the complete payment schedule.
Figure 1 - Debts Tab
Figure 2. Options/Settings Tab
Figure 3. Payment Schedule Tab