Quick Snowball LE
- this app allows you to enter and track your debts
- and calculates balances and payoff dates based on the Debt Snowball method (pay the minimums on everything, and attack smallest debt first), as recommended by financial counselors such as Dave Ramsey.
This IS a very basic app
- written in response to the fact that when we started the Dave Ramsey plan in March 2010, there was no simple free app available that could do exactly the bit of functionality I needed.
Basic Instructions:1. Add your debts, including minimum payments, APR, original (for payoff display) and current amounts.2. The app will display your debts in a list from SMALLEST to LARGEST. This is the 'debt snowball'
- yes it is not mathematically optimal, but for many people is better psychologically.3. In 'settings', set the 'Extra' monthly amount you expect to be able to apply to debt.4. Pay the MINIMUM only on ALL debts except the top one on the list. Any extra disposable income should be applied to the SMALLEST debt to get it paid off.5. The app calculates your payoff dates based on your 'Extra' monthly payment, so you can easily change your 'Extra' payment to see how taking a 500/month part time job can accelerate your overall payoff time. If you leave "Extra" = 0, then you are essentially planning to make minimum payments ONLY.6. The first time you open the app each month, it will re-calculate (based on APR, minimum payments, and applying the amount you have saved as 'Extra' towards the smallest debt) what your current balances for all debts should be. If you pay more than the minimum on some debts, or the 'Extra' amount is not correct, you can also manually adjust those balances
- but if the data is all correct, the new balances should all auto-calculate properly at the beginning of each month.
Category : Finance
Reviews (27)
I am one that over complicates my budget, and snowball. This really help me keep thing simple and at my finger tips, great app!!
Help. I use the app faithfully and after the latest update it will not open. Worked great on my note 3 until then. Please fix so I don't lose my data :(
Don't like the new update but love the app been using it over a year possibly 2
Just was I was looking for, hope to see more work into it for better graphics and easier use. Thanks
Ok, it's not Dave Ramsey's debt snowball, but it is just as good as a reminder for you to stay in check with your debt. I think it's awesome!
Simple and lets me see total debts and expected pay off day
I put all my debts in and it erased them all
Either I can't tell or this app actually does nothing but create a bar showing what percentage you have paid off. Which you probably already know. Uninstalled.
The creator meant well but when you spend time entering data and it disappears, it's worse than dealing with the debt itself. Maybe an update? For now I am deleting.
Mine is keeping its memory. Glad I'm down to just four sets including my home. But.... Is all it does is show me my current debts, and that's it? Need a small readme.
It keeps foreclosing! Motorola Xoom!
I think this am is awesome.....just wish it automatically appliex ghe pymt on the due date not at month end....lol
Latest update did not, evidently, fix the force-close issue. Neat little app...wish it still worked. :(
Just wonderful.. now if it only came with the cash to pay off my debt!! LoL.. this is a great program... its a must have!!
Awesome, just what I was looking for!
Simple and easy to use.
Waste of time. Too simple
Still forces closed, can't access app at all, uninstalling
Cant input decimals? Deleted in 10 seconds. Very bad quality graphics
please fix...won't let me open it. I use the snowball faithfully. Please fix! I don't want to lose my data.
Stupid app
It doesn't tell you anything really. Basically bar graphs showing what you have already paid.
No instructions how how it works. Doesn't allow you to enter the amount you pay per month if above min. pmt.
Does not save my work. Next time I open nothing is there.
Great for basic debts! Needs some upgrades to handle student loans. Hope to see that soon.
Love it! I now have my stupid displayed with payoff dates.
I can not enter cents for my debts and payments. The decimal seems to only work when entering the APR. Love the UI, how I am quickly able to tell where I stand, and the ability to calculate the extra payments.. Would be 4 stars except not being able to enter the decimal point really bothers me.