Managing Debt

In the Budget tab, you’ll find a dedicated Debt section. This is where you can set the amount you’d like to pay off your debts each month. Many of our users are eager to track their budgets to pay off debts faster. Instead of sticking to standard repayments, they prefer to commit to a higher amount.

Note: Always check your contract with your financial provider to ensure you’re aware of any extra costs involved with paying off your debt faster.

Here are some steps to help you budget effectively for your debt repayment:

• Take a look at your total debt owed.

• Consider how quickly you’d like to pay it off (e.g., 12 months, 24 months, etc.).

• Divide the total owed by the number of months you’ve chosen.

• Enter this amount into your monthly budget in Billroo. Is this amount realistic and achievable? If not, you may need to adjust it and plan to pay it off over a longer period.

If you’re working to pay off multiple debts, you can create separate categories for each (e.g., car loan, credit card, personal loan, etc.). Alternatively, you can treat them as one pool of “debt” without separating them.

When you make a debt repayment, be sure to re-categorize it to the relevant debt category you've setup. Our auto-categorization feature will remember this and automatically categorize similar transactions as “debt” in the future.

Once a transaction is labeled as “debt,” it will be tracked separately in the Debt Summary section, rather than in your regular budget categories.

To see how your debts are tracking, go to Overview and scroll down to Debt Summary. This section shows all transactions marked as “debt,” separate from your income and spending.

If you’re meeting your budget each month, you can feel confident that you are on track to pay off your debt! We hope you find it motivating to see how much of your money you're putting towards debt each month.

If something doesn’t make sense or you have any questions, please don’t hesitate to reach out to us at support@billroo.com. We’re here to help!