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July 24th, 2011 #1
- Join Date
- Jul 2011
Show Payment Schedule doesn't reflect bonus payment
I get a bonus next month that I want to use a portion of it to augment my payment goal. My normal goal is $2124 and, for the month of August, I made it $7124. My plan and progress updates, but when I click Show Payment Schedule, the month of August doesn't show the bonus being applied to any account and therefore the rest of the payment schedule is off.
Am I doing this wrong or is this a bug?
July 27th, 2011 #2
Hi Joel - Congratulations! An additional $5K will make a pretty big dent in your outstanding debt. I am sure it is very encouraging to see not only how your total debt balance will come down but also how high your potential interest savings will be. You get to keep the money you would have otherwise paid in interest to banks for a long time.
And yes you are right, monthly tabs are showing you a very precise picture of your progress over the next 2 months. They accurately reflect how you should allocate your bonus money across the accounts.
However, the schedule is a little less flexible - it takes only current month's extra payments and your standard monthly commitment into account when calculating the payoff. Come August, you will see that your schedule will automatically update itself as it will recognize the extra bonus payments. Use the schedule only as indicative of how the payments evolve over the entire time of debt payoff. It's less accurate over a short term but very valuable in understanding the long term picture.
Hope this helps. Let me know.
BhawnaBhawna is a Debt Expert and is inspired by so many determined to becoming debt-free.
April 12th, 2012 #3
- Join Date
- Apr 2012
This is the only thread I could find in my ball park. I do not completely understand the schedule. If I have an account the schedule says I should pay $800 and I only pay $500, will the additional $300 I did not pay show up the following month? Thus, reajusting the schedule by $300? If so, will it stay on the bill I was paying or possiblely move it to another bill as far as required payment for the following month? Almost forgot, accounts are linked!
April 18th, 2012 #4
Sorry for not responding to this earlier--I didn't see it. We'll take a look at your account so that we can give you a better answer. We'll respond tomorrow.Scott started SavvyMoney because he passionately believes that life is better without debt. Since everyone should have a superhero name, Scott decided that ThriftyMan pretty well described his mission to save the world. Scott used to market credit cards, but now dedicates himself to people out of debt.