Head Scratcher? - Debt Snowball

[carguy86]

I am attempting to set up a "calculator" / progress tracker into my database.

Basically speaking, I will use this for the "Debt Snowball" method.

Say I have account A, B, and C

A has $100 minimum payment $25 + $25 extra

B has $200 minimum payment $25

C has $300 minimum payment $25

1st month -

Payments:

A = $100 - 50 = $50

B = $200 - 25 = $175

C = $300 - 25 = $275

2nd month -

Payments:

A = $50 - 50 = Paid

B = $175 - 25 = $150

C = $275 - 25 = $250

3rd month -

Payments:

B = $150 - 25 - 50 = $75

C = $250 - 25 = $225

How can I calculate / track this to see how long it will take, the amounts as it decreases, etc.

There are lots of excel sheets out there, I know Filemaker can do anything Excel can, better

Let me know if I can clarify anything!

[comment]

I would have a table of Transactions which would look something like:

Month Account Amount

0 A -100

0 B -200

0 C -300

1 A 50

1 B 25

1 C 25

]...

Then use a summary field (Total of Amount, running) to follow the balance.

[carguy86]

But how would FM know to automatically add the payment amount from a paid off account to the next account in line? Perhaps this job is better done with scripting?

[comment]

I'm afraid I don't follow. I thought the accounts were separate.

[carguy86]

They are separate, basically, when one gets paid off, the monthly payment from that account gets applied to the next account on the "list", this happens over and over until everything is paid off.

[comment]

What determines the 'next account on the "list"'? I am not getting the situation here. Why is there a monthly payment for a account that has been paid off?

[carguy86]

Let me start over...

I have a theoretical list of accounts, credit cards. Sorted from lowest balance, to highest balance.

This list would more than likely be a value list generated from all the records of an "Accounts" table.

At any rate...

The way the "Debt Snowball" works is...you pay minimums on all credit cards in this list.

The lowest balance card (top of the list) gets an extra amount, ($25) in my example above...

Once that card is paid is off, the minimum payment from the first card, plus the extra $25, plus the minimum payment of the next card, gets applied to the next highest balance until IT is paid off, and so on...

I'm looking for something similar to the example from Excel I attached, maybe it will help?

[comment]

you pay minimums on all credit cards in this list.

That's not what your example shows: IIUC, there is a constant monthly payment of $750. In any case, you will need a script to generate the projected payments - either as records in a table, or as rows in a global text field. If you use a table, you should note that Filemaker is geared towards reports in a vertical format, e.g.

Month 1

• Account A

Payment -> Balance

• Account B

Payment -> Balance

...

OTOH, it should be quite easy to calculate the balance of each account (and thus the overall balance) at any given point in time - without generating a detailed report.