Category: Debt

How to Track Loans, Repay Debts and Deal with Your Friendly Neighbourhood Loanshark (iOS)

Toshl_2.0_monster_0057_58We have almost certainly all been there at some point – borrowing money, launder loaning money, forgetting about loans, etc. Be it a small amount for drinks, because you forgot your wallet, or a bigger sum because you chose to buy something expensive that you obviously really, really, really needed.

So, how to go about tracking and dealing with the dynamics of loaning and borrowing money? Fear not, for Toshl is here for you again, not in the money loaning business though, but in the business of helping to track loans and debts – or simply Hilfespurverleihenborgengeschäft, as the Germans would put it.

 

Track major debt repayments

Let’s say I want to buy a new Ferarri for $3200, but I am just $3100 short for it. What do I do? I go to a guy* I heard you can get a loan from, that hangs out behind the parking garage in the shady part of town every other night (because he has kids). I ask him for a donation towards my cause and after a few laughs, I promise I would pay him back in ten months with $1900 interest. I get the money, and now I have to settle the $5000 debt in ten months, which makes for $500 per month. Because I use Toshl, the best loan app around, I know this will be a piece of cake and I will not get my legs broken in the process.

 

1. Add income marking the received loan

I put the $3100 in Toshl as an income, category ‘Loans’, account ‘Cash’, plus I put ‘Drago’ in the description – which is supposedly the guy’s name and also means ‘expensive’ in some languages. Just so I can be precise when I tell my grandchildren about my first Ferrari.ios_inc1

Ok, we got the money, we got the income from the loan marked, now to go about tracking the debt.

 

2. Add a new account to track the repayment of debt

I make a new account for the debt, called ‘Drago’ and set up the initial balance as ‘-$5000’ which is the total amount of the debt, including the interest.
ios_adacios_acclist

 

3. Add transactions to note the debt repayments

To note the repayments as I return the money to Drago in monthly instalments, I make a transaction of $500 from account ‘Cash’ to account ‘Drago’, date it on the day of the first payment, set it up to repeat every month for ten months and set up reminders for it. Now I will be reminded to take the $500 to him every month, and the ‘Drago’ account will get out of red numbers over the ten months.ios_adtr

ios_not

That’s it!

 

Track smaller loans to friends

Let’s take a look at another, simpler case. Let’s say I lend $4.99 to a fellow car enthusiast for a little 1:100 plastic Ferrari model.

 

1. Note the loan as an expense

I give him the money, put it in Toshl as expense, category ‘Loans’, account ‘Cash’.

If this is a one-off loan, I can put the guy’s name in description. If I lend to this guy often, I could also put his name in a new tag on the expense. That way I can easily sum up everything he owes me.ios_adex

 

2. Note the loan repayment as an income

When he pays me back after seven and a half months, I just enter it as an income with appropriate tags, etc. This way I can always track borrowing and loaning entries.

Alternatively, I could just erase the loan expense, but that wouldn’t give me any insight on the loan later on.

ios_inc2

Bob’s your uncle! Use whichever method works best for you or be creative and invent your own system. That’s it for now from our secret volcano base, ta ta!

*Toshl does not recommend taking loans from random guys behind the parking garage, nor can we provide phone numbers of any specific guys providing such loans. A bank would probably still be a better bet, although their moral compasses might not be in much better shape, compared to the guy behind the parking garage.
Posted in Debt, iOS Tutorials, Personal finance, Tips & Tricks, Tutorials

How to Track Loans, Repay Debts and Deal with Your Friendly Neighbourhood Loanshark (Android)

Toshl_2.0_monster_0057_58We have almost certainly all been there at some point – borrowing money, launder loaning money, forgetting about loans, etc. Be it a small amount for drinks, because you forgot your wallet, or a bigger sum because you chose to buy something expensive that you obviously really, really, really needed.

So, how to go about tracking and dealing with the dynamics of loaning and borrowing money? Fear not, for Toshl is here for you again, not in the money loaning business though, but in the business of helping to track loans and debts – or simply Hilfespurverleihenborgengeschäft, as the Germans would put it.

 

Track major debt repayments

Let’s say I want to buy a new Ferarri for $3200, but I am just $3100 short for it. What do I do? I go to a guy* I heard you can get a loan from, that hangs out behind the parking garage in the shady part of town every other night (because he has kids). I ask him for a donation towards my cause and after a few laughs, I promise I would pay him back in ten months with $1900 interest. I get the money, and now I have to settle the $5000 debt in ten months, which makes for $500 per month. Because I use Toshl, the best loan app around, I know this will be a piece of cake and I will not get my legs broken in the process.

 

1. Add income marking the received loan

I put the $3100 in Toshl as an income, category ‘Loans’, account ‘Cash’, plus I put ‘Drago’ in the description – which is supposedly the guy’s name and also means ‘expensive’ in some languages. Just so I can be precise when I tell my grandchildren about my first Ferrari.

Ok, we got the money, we got the income from the loan marked, now to go about tracking the debt.

 

2. Add a new account to track the repayment of debt

I make a new account for the debt, called ‘Drago’ and set up the initial balance as ‘-$5000’ which is the total amount of the debt, including the interest.

 

3. Add transactions to note the debt repayments

To note the repayments as I return the money to Drago in monthly instalments, I make a transaction of $500 from account ‘Cash’ to account ‘Drago’, date it on the day of the first payment, set it up to repeat every month for ten months and set up reminders for it. Now I will be reminded to take the $500 to him every month, and the ‘Drago’ account will get out of red numbers over the ten months.

That’s it!

 

 

Track smaller loans to friends

Let’s take a look at another, simpler case. Let’s say I lend $4.99 to a fellow car enthusiast for a little 1:100 plastic Ferrari model.

 

1. Note the loan as an expense

I give him the money, put it in Toshl as expense, category ‘Loans’, account ‘Cash’.

If this is a one-off loan, I can put the guy’s name in description. If I lend to this guy often, I could also put his name in a new tag on the expense. That way I can easily sum up everything he owes me.

 

2. Note the loan repayment as an income

When he pays me back after seven and a half months, I just enter it as an income with appropriate tags, etc. This way I can always track borrowing and loaning entries.

Alternatively, I could just erase the loan expense, but that wouldn’t give me any insight on the loan later on.

Bob’s your uncle! Use whichever method works best for you or be creative and invent your own system. That’s it for now from our secret volcano base, ta ta!

*Toshl does not recommend taking loans from random guys behind the parking garage, nor can we provide phone numbers of any specific guys providing such loans. A bank would probably still be a better bet, although their moral compasses might not be in much better shape, compared to the guy behind the parking garage.
Posted in Android Tutorials, Debt, Personal finance, Tips & Tricks, Tutorials

How to Track Loans, Repay Debts and Deal with Your Friendly Neighbourhood Loanshark (Web App)

Toshl_2.0_monster_0057_58We have almost certainly all been there at some point – borrowing money, launder loaning money, forgetting about loans, etc. Be it a small amount for drinks, because you forgot your wallet, or a bigger sum because you chose to buy something expensive that you obviously really, really, really needed.

So, how to go about tracking and dealing with the dynamics of loaning and borrowing money? Fear not, for Toshl is here for you again, not in the money loaning business though, but in the business of helping to track loans and debts – or simply Hilfespurverleihenborgengeschäft, as the Germans would put it.

 

Track major debt repayments

Let’s say I want to buy a new Ferarri for $3200, but I am just $3100 short for it. What do I do? I go to a guy* I heard you can get a loan from, that hangs out behind the parking garage in the shady part of town every other night (because he has kids). I ask him for a donation towards my cause and after a few laughs, I promise I would pay him back in ten months with $1900 interest. I get the money, and now I have to settle the $5000 debt in ten months, which makes for $500 per month. Because I use Toshl, the best loan app around, I know this will be a piece of cake and I will not get my legs broken in the process.

 

1. Add income marking the received loan

I put the $3100 in Toshl as an income, category ‘Loans’, account ‘Cash’, plus I put ‘Drago’ in the description – which is supposedly the guy’s name and also means ‘expensive’ in some languages. Just so I can be precise when I tell my grandchildren about my first Ferrari.
add_income

 

Ok, we got the money, we got the income from the loan marked, now to go about tracking the debt.

 

2. Add a new account to track the repayment of debt

I make a new account for the debt, called ‘Drago’ and set up the initial balance as ‘-$5000’ which is the total amount of the debt, including the interest.
add_account
account_list

 

3. Add transactions to note the debt repayments

To note the repayments as I return the money to Drago in monthly instalments, I make a transaction of $500 from account ‘Cash’ to account ‘Drago’, date it on the day of the first payment, set it up to repeat every month for ten months and set up reminders for it. Now I will be reminded to take the $500 to him every month, and the ‘Drago’ account will get out of red numbers over the ten months.
add_transaction

trans_not2

That’s it!

 

Track smaller loans to friends

Let’s take a look at another, simpler case. Let’s say I lend $4.99 to a fellow car enthusiast for a little 1:100 plastic Ferrari model.

 

1. Note the loan as an expense

I give him the money, put it in Toshl as expense, category ‘Loans’, account ‘Cash’.

If this is a one-off loan, I can put the guy’s name in description. If I lend to this guy often, I could also put his name in a new tag on the expense. That way I can easily sum up everything he owes me.
add_exp

 

2. Note the loan repayment as an income

When he pays me back after seven and a half months, I just enter it as an income with appropriate tags, etc. This way I can always track borrowing and loaning entries.

Alternatively, I could just erase the loan expense, but that wouldn’t give me any insight on the loan later on.

add_inc2Note the screenshot from the future

Bob’s your uncle! Use whichever method works best for you or be creative and invent your own system. That’s it for now from our secret volcano base, ta ta!

 

*Toshl does not recommend taking loans from random guys behind the parking garage, nor can we provide phone numbers of any specific guys providing such loans. A bank would probably still be a better bet, although their moral compasses might not be in much better shape, compared to the guy behind the parking garage.
Posted in Debt, Tips & Tricks, Tutorials, Web App Tutorials

Need help eliminating your debts? Ready for Zero?

Toshl helps you take control over your spending, so you never get sucked into a debt spiral. But what if you’re already in it? No need to panic, here’s a cool app that can help you get back to zero and beyond.

ReadyForZero is a free service that helps you plan your way out of debt. Here at Toshl we like it a lot as we believe it shares some of our core design values and also complements our service nicely.

Here’s how it works. Upon sign up, you securely link your credit card or loan accounts and all your debts are imported automatically. Then you are presented with a nice and easy to use interface where you create your optimal plan to pay off your what you owe. Based on how you set your monthly payment, the app calculates the total interest you will be paying and how much you will be saving compared to if you were only paying your minimum payments, as well as how much sooner you will be debt free. You wouldn’t believe how big a difference even a small adjustment can make. Woohoo, I’m saving $2676 dollars! Now I can go buy myself the new iPad!

Ready for Zero - Your Payment Plan

Not so fast, my friend, deciding on a plan is only the beginning. To make sure you fulfill on your resolution ReadyForZero sends you payment alerts, weekly emails, tracks your progress and even suggests concrete actions that can help you towards reaching your goal like “explore debt consolidation” or “stop using your credit cards for everyday purchases”. One to add to the list: take control over your spending with Toshl. And another one: wait a while before buying that iPad.

Ready for Zero - Recommended Actions

ReadyForZero already helped many people. You can read their stories on their blog. The amount of consumer debt in many countries around the world is at alarming rates. In United States alone, the total consumer debt is nearly $13.22 trillion. That’s $42,500 debt per person. ReadyForZero seems to be determined to bring that number down. Recently they also launched a petition to Congress to not increase interest rates on student loans. We support you guys!

Ready for Zero - Overview

ReadyForZero is available on the web and now also on the App Store, currently only in the United States. If you can, certainly try it out and let us know what you think!

Ready for Zero - iOS app

Written by Miha Mlakar

Posted in Debt, Tips & Tricks

Track What You Lend and Borrow

We all know friends and money don’t mix, but sometimes there’s simply no other way. When that happens, it’s important you keep good track of everything you lend or borrow so you can settle all the debts as soon as possible and keep the trust strong. Here’s how Toshl can help you with that.

Let’s say you go for a drink with your best buddy Joe. As always, you have a lot to talk about and the drinks keep coming. Everything’s just great until the gigantic bill arrives and Joe tells you he forgot his wallet – again. C’mon, Joe, seriously? You’re not getting away with it this time!

Fire up Toshl and add another expense for the amount you lent. Tag it with your friend’s name and a separate tag you name something like “lent”. Do this every time you lend money or pay for somebody. You can then see exactly who and how much they owe you if you go to Expenses, swipe left to see the tag view and check under “lent” tag. To see the list for a specific person check under tag with his or her name. Since Toshl also saves the date and location for each expense, you can easily refresh your friend’s memory when you remind him to pay you back. When he does, simply delete the expense.

Enter lent sumNoted everything you lent to Joe

Now how about if you’re the Joe in this scenario. Best advice: don’t be. But if you can’t help yourself Toshl can at least help you to remember what you owe so you don’t forget to pay it back.

The idea here is similar only this time you add another income. Tag it with your friend’s name and “borrowed”. To see everything you owe check under “borrowed” in the tag view of your incomes or look under a particular name for a more specific list. When you pay someone back simply delete the income.

Borrowing money from PeterPromise to pay him back soon

In future versions of Toshl, we plan to make this interaction even more elegant, but don’t use this as an excuse for not paying back what you owe right away. Money’s good to have, but friends are even better.

Written by Miha Mlakar

Posted in Debt, Tips & Tricks, Tutorials