With the new year already in full swing, it’s an ideal time to take a look at how you can pay down those debts. Maybe this was one of your new year’s resolutions. Even if it wasn’t, most people are eager to see that debt number decrease. So, how can you tackle the debt and watch it disappear? One essential thing is consistency, and what better way to keep on track than with a budgeting app to help you along the way. Check out these top three 2021 budgeting apps to help you pay down your debt.
Mint has been around for a long time; so, it has a good reputation for being reliable. You start by connecting the app to your financial institutions, so it will streamline tracking for you. Each time you make a purchase or deposit, the app will categorize your expense for you. If it’s in the wrong expense category, you simply change it, and the app will remember it for the next time.
Mint also has a budgeting feature that works in each category. The system will give you a suggested budget for that category based on what you usually spend. However, if you want to scale back in that area, you can edit the amount to be lower. You’ll be able to easily see when you are getting close to your monthly (or weekly) allotment of money in that category.
There is also a goals section that allows you to set long-term and short-term savings goals. The way it works is that you can have one savings goal for each account.
Truebill is a unique app that helps you pay off your debts by reducing wasteful payments you might be making and help you pay just your “true bills.” What does this mean? Think about all the subscriptions you (and your kids) may have signed up for over the years. At the time, you wanted the service and thought the price wasn’t bad, but over time, you may not need the subscription anymore.
How many people really know all of the subscriptions they have and how much they’re paying for them? On top of that, if you decide to cancel, the time it takes to figure out how could be long and tedious. Here’s where Truebill comes into play.
When you sign up, you link your finances with the app, and it searches out all your automatic payments for you. If you want to keep certain bills on auto-pay, you leave it alone. But for those that you don’t want anymore, just tap the button, and Truebill will do the rest. You don’t have to hunt down how to cancel the subscription because Truebill takes care of it for you. This can bring down your monthly out-of-pocket costs substantially.
Pocketguard is a great app for helping you reduce spending, too. Not only does it do a good job of tracking your spending, recurring bills, and regular expenses, but it also tracks deposits in your savings account. This app is super easy to set up and use, but on top of the regular budgeting features it has, it also helps “guard your pocket” against overspending. It does this by analyzing your recurring bills, such as your phone, internet, cable, and so on, and finds you a better deal when possible.
Once you get on the right track with a budgeting app for the year, it’s a great idea to have a professional go over your credit. Credit Diva of Dallas will assess if there are any errors in your credit and help make the repairs. Get in touch for more information.