A Better Way to Manage Your Everyday Money - Book - Page 228
Debt pay-off options in PerNetFlow
In PerNetFlow, you have three options for creating custom debt payoff plans that fit comfortably
within your net cashflow.
1. A payoff plan for one
debt can be created
using either a desired
payment amount or the
number of payments you
want to make. While
creating the plan, you
can bounce back and
forth between the
payment options until
you create a plan that
works best for you.
2. A debt snowball
accelerates the paying off
of multiple debts, which
can include credit cards.
A debt snowball that you
create in PerNetFlow can
be customized as to
which debts are included,
the order in which the debts are paid off, and the total snowball plan amount you want to
pay each month. You can play with all of these parameters to create your optimum
snowball.
3. An automatic payoff plan for a high credit card balance is created with PerNetFlow’s
amortization feature. An amortization plan is based on your choice of monthly payment
amount or how many payments you want to make. A credit card amortization plan is
automatically integrated into your cashflow spreadsheet.
Customizing a payoff plan for one debt
You customize a payoff plan for one debt in PerNetFlow in the Debt Payoff Plan window. The
first step is to enter the debt parameters as follows:
1. Give the plan a meaningful name.
2. Enter the current loan balance.
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