If you choose the Simplified Method described on the Repaying Loans page, you will transfer the same amount to your loan account each month.Because the monthly amount stays the same, you can use the Budget Assistant to help plan and allocate the repayment.
Let’s continue with the example from the Repaying Loans page, using the Simplified Method.
Setting Up a Target for the Loan Repayment
For the regular $594 monthly transfer, you can set up a rule in the Budget Assistant:
Make sure you are on the Budgeting page.
In the Loan Repayments category group, click No target next to your loan account (for example, Car Loan).
In the mobile app, the Budget Assistant column is not displayed due to the smaller screen size.
Tap the Budget amount of a category to open the Edit Budget panel.
The Budget Assistant is shown under the category group / category name.
To create a target, tap the edit icon next to No target.
In the Target Type dropdown list, select Regular expense.
Enter $594 in the Amount needed field.
For How often, select Monthly.
(Optional) Set a day in the Every (which day) field.This date will appear as additional information in the Budget Assistant column and can help you prioritize allocations during the month. It represents your planned repayment date.
Click Save.
What This Achieves
Setting up this target ensures that:
The Budget Assistant automatically suggests budgeting $594 every month. If less than $594 is allocated, it calculates and shows the missing amount.
You won’t forget to allocate money for the loan repayment.
Your repayment plan stays consistent over the full 60-month period.