How can budgeting apps help you take control of your debt?
Let’s get to the point without sugarcoating it—it’s tough to keep record of your finances. With debts to pay, bills to deal with, receipts to track, not to mention keeping your finances in the best condition possible. It’s a lot for anyone to handle, even without sever debt. Many people don’t keep a budget simply because it’s not convenient, enter budgeting apps. Not only can they help you create and manage a budget, they can help control your debt.
Budgeting can be significantly easier with an app
Budget apps are making finances much easier. As the budget software for your laptop took away the burden of keeping record of everything on paper, these budget apps are making the software portable. You don’t need to stay at home in order to see your finances on a computer, rather all of your accounts are available at a glance with the help of these apps.
When it comes to spending, some have built in reminders, warnings, and even surplus notifications. These things in a single tool help give consumers a clear picture of their finances at any given time. With that clear view, you can better plan to take control of your debt. Many budgeting apps have debt repayment scheduling as well, another good tool in an overall debt reduction plan.
Without wasting more time, let’s find the best debt management budget app for your finances. Following are a few budget apps we think are good options.
You Need a Budget (YNAB)
YNAB is not just a budget app but a change in mindset. It’s better to describe it as a money management app, because it makes you see how you actually organize your cash. In this app, each dollar you spend has a purpose and gets allocated. Your bills, rainy day funds, trip outs, and your debt will all be allocated to different envelops in the app. The app also builds buffers so that you are less reliant on payday. Having used this app, I can say the buffers are great.
If you are looking to pay on your debt, YNAB assists you by tracking debt repayments in addition to your current spending. The app also tells you to spend what you actually have, curbing over-spending. It’s very helpful in stopping you from spending beyond your limits. It also reduces the need for credit cards and loans.
Mint
It is the pinnacle of financial management apps. It is developed by the company Intuit, the same company that also runs QuickBooks (one of the best accounting tools used for freelancers).
Mint’s final task is to make budgeting easy. You can set up notifications for future bills.
You can also set alerts reminding you when you’re safe to spend more than your budget. Additionally, you can set regular saving goals and can see tailored deals for loans, investments and credit cards.
Every dollar
Not every app is for budgeting or debt management. Some apps help you build wealth. Every dollar is that type of app.
Every dollar makes it simple. Simply add your monthly income and plan your expenses. After that, you will get an overview which will help you see what your current financial condition is. There is an option of subscribing to Every Dollar Plus, which allows you to sync your transactions automatically and see your current balance easily. There are available budget coaching sessions too which will help you organize your finances.
In conclusion
These budget management apps are beneficial in many ways, such as:
- They give you a full view of your incoming and outgoing money
- You can do future planning based on your budget
- Debt management will also be easy thanks to repayment scheduling
- Less financial stress – I can personally say I felt less stress after incorporating a budgeting app into my plan
- Give a raise to your savings – most budgeting apps allow you to setup automatic savings
- Cut expenses as you can see them – As unneeded expenses reveal themselves with these tools, cut where needed.
