Keeping tabs on debt can be hard, however it’s a priority.
There are numerous apps out there that can help and we’ve compiled a list of four.
This is a budgeting up that was created by the same people who created Quicken and TurboTax. Mint app is available on both iOS and Android platforms. It creates a personalized budget for you from the financial data you have. The app also notifies you in case you have any unusual charges, and gives you tips on how you can reduce the amount of money you spend on monthly fees and bills.
In addition, it shows you your current credit score, so that you are always aware of the overall position of your finances. You only need to connect your bank account to the Mint app, and it will do all the work for you. The feature that makes Mint stand out from other apps is the Investment Tracker, which helps you to track all your asset allocations across different platforms including 401 (k) and mutual funds, and to compare your portfolio with market benchmarks.
This budgeting app uses the envelope system, and works on both the iOS and Android platforms. It was created with the idea that financial freedom doesn’t come from a bigger paycheck, but from how money is managed. Mvelopes helps you to manage your money by creating a monthly financial plan, which is based on how much you earn. Besides this, it helps you control credit card spending more effectively, and to get rid of all the hidden spending you may have.
If you experience difficulties in managing your finances, Mvelopes has a financial coaching team, who provide education on money management. You can get professional advice from the Certified Budgeting Coaches, and gain access to tools that will help you eliminate debt and build your savings.
This is another budgeting app, but with a different twist. Unsplurge helps you save for something you are looking forward to or something you love. it utilizes the principle of delayed gratification, where you ideally save for something like a new car or a vacation, that you can splurge on later.
The app also comes with a social network, on which you can share your objectives and you progress to the community, your friends, or your family. These people will act as your motivators and cheerleaders towards your goals, as they cheer you up on ever milestone you have achieved, and keep on encouraging you if you find yourself lagging behind. Unsplurge is available on iOS.
This is another budgeting app that utilizes the envelope system for budgeting. The difference is you don’t need to bring a bunch of envelopes around with you. As with the paper envelope system, you begin with placing a given amount of money o that cater for every expense you have, such as gas, groceries, transport, food, etc.
One of its most incredible features is that it lets you and your spouse sync your accounts, keeping you on the same page when it comes to the budget you have set for your family. Good Budget also lets you know where the money is going, who is spending it, and how much has is left per envelope. The app is available for both Android and iOS.
If these don’t work then consider setting up a manageable debt payment.