What are debt goals?
Debt Goals in Money Tank help you stay focused on paying down a loan or credit account. Because loans move with both interest charges and principal repayments, Debt Goals track the actual loan balance over time, giving you a real, accurate view of your payoff progress.
How to create a debt goal
Go to Money Tank.
In the My Goals widget, select the + button to open the Add Goal popup.
From the goal type selector at the top, choose Debt.
Enter a Goal Name.
Select the bank account linked to the loan.
We automatically prefill your starting loan balance using the current balance of that account (including any interest already charged).
Enter your target loan amount — this must be lower than the starting balance.
Choose your target end date.
(Optional) Turn on “Display in calendar” switch if you want your scheduled contributions to appear in your Calendar.
Select your payment schedule (weekly, fortnightly, monthly).
We’ll calculate the principal repayment needed each period to reach your target by the end date.
Or, enter your own repayment amount and we’ll recalculate the end date based on that payment instead.
Upload a picture for your goal (optional).
Add any notes, then select Save.
Once saved, you can select View Goals anytime to monitor your progress or update details.
FAQs
Q: Why can I only have one Debt Goal per bank account?
A: Each Debt Goal uses the current loan balance as the starting point.
Because goals can be completed, closed, or cancelled early, we can’t accurately calculate the opening balance for a second goal until the first one is resolved.
This prevents incorrect projections and keeps your debt payoff tracking accurate.