The Ultimate Debt Manager a simple tab based user interface. Thumb nail images are presented below of each of the pages of the user interface with a sample project loaded. Please pass your mouse over, or click, on the image you wish to learn more about.
From the overview tab, you can see a summary of your current financial situation, the debts needing payment this month, and the impact on your savings of these changes. From the income allocation slider, you can prioritize debt repayment over savings account funding.
Under the Debt Summary heading, four items are listed.
- Total debt is the balance owed on all debt items in the project.
- Current monthly payments represent the sum of all minimum payments for your debts
- Current monthly expenses represents the sum of all monthly expenses and any escrow contributions for quarterly, yearly and one-time expenses
- Due indicates when the current payment is due. If the value is red, then you are past due and should update the debt details.
Under the Cash Asset Summary heading, two items are listed.
- Total assets is the total balance of all cash asset accounts.
- Currently monthly income represents the sum of all income sources for the current month
The income allocation section is divided into four areas. The first area provides a description of the potential for successful recommendations for debt reduction.
The second area provides you with a mechanism to prioritize debt repayment or savings contributions. As you change this value, the recommended payments and savings contributions change. The changes are also applied to the Future Analysis. It's recommended to determine a candidate contribution here, and then view the analysis to verify that the contribution doesn't create problems down the road.
The third area lists all debts and indicates which debt (or debts) to apply extra payments to. The extra payment for a debt is found in the column 'Extra', and the total payment is found in the 'Payment' column.
The fourth area lists all cash assets, and the amount of income to contribute to savings. In the event that no cash asset accounts are defined, it will recommend that an account be opened and the specified amount be deposited.
The current financial score card provides a summary view of your overall health in the current month based on the data entered. A critical indicator of overall financial security, no elements of this value should be of grade 'C' or below. If an item is of grade 'C' or below, that indicates an area where you should focus your attention. A detailed breakdown of the expense and debt ratios can be found on the Ratios tab.
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