Congratulations on getting rid of that weight on your shoulders! Yea! Now, it's time to update your debt snowball to better represent that progress:
- Navigate to the Baby Steps tracker at https://www.ramseyplus.com/track/baby-step/2
- Click on the debt you paid off
- Change the balance to $0 or click the box: "This debt is paid off"
- Click "Update"
- The debt snowball will automatically add the amount you were putting toward that debt to your Extra Monthly Payment field at the top of the page so you can continue that momentum into your next debt.
(Once you do this, you should see that the new paid-off debt look like the picture below) - Do a little celebratory dance. Don't worry, you're not alone - we're dancing too. 🎉
In the Baby Steps tracker on the Financial Peace app:
- Tap the debt you just paid off
- Tap the "Update Balance" button
- Tap the $ sign and enter 0
- Tap the "Update" option at the top of the screen
- You’ll see the amount of your last payment on the screen on a snowball where you can tap the Crush My Debt button
- Put your finger on the snowball and swipe up to throw the snowball (Fun, right??)
- The debt snowball will automatically add the amount you were putting toward that debt to your Extra Monthly Payment so you can continue that momentum into your next debt.
- Same as above... do a little celebratory dance. This is exciting! 🎉
Once a debt is paid off it will automatically fall off of your EveryDollar budget if you are syncing the accounts. The debt will disappear the next time you create a new month's budget in EveryDollar or if you reset your current month's budget.