How to enter debts : Budgeto

Click here to access the Debts section within the Budgeto app

A loan is a debt provided by a lender to a borrower. Lenders can be banks, family members, friends or other individuals. The amount received needs to be paid back to the lender following a repayment schedule. The repayment schedule is calculated considering date of repayment and interest rate.

If you had declared debts in your historical data, these debts would be displayed in this form.

- How to import HISTORICAL DATA into Budgeto?

Press on the ADD button at the top of the screen to add a DEBT.

1- LOAN NAME: This is the name of the loan.

2- LENDER NAME: This is the name of the lender. Ex: Banks, family member, etc.

3- TOTAL AMOUNT: This is the total amount borrowed for the loan with the choice of the amortization schedule. You have the choice between:

Fixed Principal: This is a fixed-rate debt is a debt whose principal is repaid the same every month.
Variable Principal: This is a variable debt whose capital repaid decreases every month.

4- TOTAL MONTHS: This is the length of the time from the beginning of the loan until it is paid off.

5- CASHED IN: This is the month when the total amount from the loan is received by the company.

6- GRACE PERIOD: This is a grace period, following the month when you received the money, during which you don't have to repay the principal of the loan. During that period, only the interest is payable to the lender.

7- INTEREST RATE: This is the annual rate charged by the lender for the use of the money. If the interest on the loan fluctuates during the life of the loan, estimate an average interest rate.

8- HYPOTHESIS: This space is intended to write useful information about the DEBT. This information will be available to all of whom you share your budget with. Note that when you export your budget, this information will not be available in the PDF and the Excel.

9- SAVE: To save the entry.

IMPORTANT Don't forget to press on SAVE once you are done.

PRO-TIP Click on the arrow to the right of the word "SAVE" and select "Save & copy". This will allow you to save your current entry, and then bring you to a new entry page, where all the previous information is already entered.

This will allow you to make small modifications to the NEW current entry, without having to refill every box again.

How to "pause" your interest loan payments

Step A:

Create debt 1;
Enter a term of 1 month;
Enter a capital grace period = at term;
Put 0% interest rate.

Step B:

Create a second identical debt 2;
Enter a term which corresponds to the number of months of debt repayment (without considering the capital grace period);
Enter a date of the loan which corresponds to the same month as the last month of interest holiday on the previous debt (the month of debt repayment 1);
Enter the interest rate of the debt.

Need help? These resources are for you!