Good news! EveryDollar and the Baby Step 2 debt snowball work together. Hand in hand.
Both the web and mobile version of EveryDollar will sync with the web and mobile version of the debt snowball in Baby Step 2 of the Baby Steps tracker. You can access the Baby Steps tracker at https://www.ramseyplus.com/track/baby-step/2 OR through the Financial Peace mobile app.
- With an active Ramsey+ membership, you'll be able to sync the debt group in your budget with your Baby Step 2 debt snowball in the BabySteps tracker. When you sign in to your budget at EveryDollar.com and update a debt item, you should be prompted to sync your debts with the tracker.
- When you estimate how much extra you plan to contribute each month toward your debt in Baby Step 2 in the tracker, we'll use that extra to estimate when you'll become debt-free.
- When you set a debt-free date for Baby Step 2 in the tracker, we'll use that date to recommend planned monthly payment amounts in EveryDollar to meet that goal.
- Once you pay off a debt, the debt snowball will automatically add the amount you were putting toward that debt to your Extra Monthly Payment field in the Baby Steps tracker so you can continue that momentum into your next debt. This recommendation will show up in EveryDollar as well.
- If you need to add a debt, you can do that through the Baby Steps tracker. EveryDollar will prompt you to go to the tracker to add or edit any debts. The next time you create, reset, or refresh your budget, that debt will show up in EveryDollar.
- You can manually update the balance of a debt in the Baby Steps tracker OR EveryDollar. The new balance will show automatically across all of the resources.
- If you assign a transaction to a debt in EveryDollar (aka make a payment on a debt), that will automatically update the balance of the debt accordingly. You may need to refresh your budget for the change to reflect properly.
Make sure you’re updating the balances. Don’t just track your payments. Why? Because part of each payment goes to the balance, another part goes to interest. That interest part doesn’t lower your balance. Because interest is the worst.
Hey—keep crushing this debt. You’ve got this!