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Updated Quicken

November 22nd, 2006 at 05:05 pm

I finally went through last night and cleared out all the accounts I had set up in Quicken that I didn't need anymore. Car loans that had been paid off, checking accounts that I don't have anymore but still showed a balance, etc. Then I set up a new Debt Reduction Plan. I'm ignoring their suggestion of how to pay it off because they want me to pay off the loan that is .2 higher percentage than my credit cards. Fact is, the loan is fixed the credit cards aren't so personally I want to pay off the credit cards.

I reworked their payoff plan to match my Three Phase Plan as far as order of payoff goes. I did not set it up with the extra money that I'm expecting simply because I wanted a worst case senario, if push comes to shove and I have to scale things down, what does that look like. Even scaled down it shows me as being consumer debt free by 10/2010. Since my current goal is 4/2010 it makes me realize it's not totally unrealistic.

I can't wait for the totals to update each month and have Quicken update its plan based on how much I actually pay.

It's also interesting to compare where they say I will be with CC1 by 4/2010 and where I say I'll be. See, when I figure it manually, I assume that interest payment will stay the same. I know that's not true but it's just easiest to figure. That's also why my projected balance goes down every month because I recalculate based on the recent statement. They actually adjust for interest going down. Their projected balance for CC1 is about $3k less than mine.

And even when I shift into Phase Two and put money into my EF instead of CC's, my actual payment amount is more than I told Quicken. Simply because I didn't include my step brother's monthly payment because it's a temporary thing.

I'm a geek. I like charts and graphs and seeing how much of a difference a little extra here and there makes. I can't wait for next month to see the new projected figures.

Posted in Credit Card Hell, Three Phase Plan | 5 Comments »

5 Responses to “Updated Quicken”

  1. janH Says:
    November 22nd, 2006 at 06:36 pm 1164220562
    1164220562

    I'm beginning to really love the charts, also. I have about ten different spreadsheets for various purposes in Excel. I love that I can make a CC payment, add in the interest and it gives me the next balance. I also have one that adjusts the percentages that each card has in balance versus limit so I can keep paying down those with high percentage of use. I absolutely try to come up with another spreadsheet that I just have to have so I can play some more! The one with all the totals keeps me from using any cards!

  2. Amber Says:
    November 22nd, 2006 at 11:05 pm 1164236730
    1164236730

    I would pay off the cc as well first.

  3. sarah Says:
    November 23rd, 2006 at 04:02 am 1164254540
    1164254540

    how hard is quicken to learn

  4. ldyfaile Says:
    November 23rd, 2006 at 04:09 am 1164254999
    1164254999

    Sarah: Not hard at all! Granted, I have an old version, 2001 Deluxe. But I'm thinking about upgrading to 2007 but don't know yet if I'm going to go with Basic or Deluxe. It's pretty straightforward, use it just like a check register only it does the math for you. And you can set up your credit card and loans on it too.

  5. PRICEPLUS Says:
    November 23rd, 2006 at 04:01 pm 1164297704
    1164297704

    It's great that you cleaned upthe Quicken! You'll be all set starting the new year!Smile

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