Managing your finances and staying out of debt can be very tricky. Many people find managing their finances and keeping their debt load low challenging. Fortunately, there are many tools available to debtors that would like to manage their finances in a more successful manner and learn how to get out of debt and stay out of debt.
In this article, we will explore 5 of the best tools available for people to stay out of debt and manage their finances successfully.
5 Best Tools for Managing your Finances
This is an online tool for people who are trapped in debt and would like to get their debt under control. The Unbury.Me tool allows users to set a plan to pay off their debt through two popular debt reduction techniques:
The debt snowball method – This debt repayment method involves paying off debts with the lowest balances first; The debt avalanche method – This method involves paying off the highest interest debts first. Different people approach their debt in a different way and get motivated to continue paying their debt in different ways. You might benefit more from using the debt snowball method or the debt avalanche method. Staying motivated and seeing progress when paying off debt is critically important. Some people will stay motivated by paying off debts one by one – the snowball method – or by saving money by paying off the highest interest debts first through the debt avalanche method.With the Unbury.Me tool you can choose which method works best for you.
With the Unbury.Me tool you can enter your debt information into the tool and compare how using the debt avalanche vs debt snowball method will work for you. The tool also allows you to play around with different monthly payments amounts to see how paying more or less each month will impact your principal debt balance remaining, the total interest costs you will be paying and the day you will be free from debt.
Sensibill is a Toronto based app that allows users to store their receipts and invoices in a digital manner. It makes tracking invoices and receipts paperless. Sensibill has partnered with major banks in the financial industry so you can store and retrieve your financial documents online.
The Sensibill software integrates with your bank’s online banking app for seamless and hassle free management of invoices and receipts. After you have taken a photo of a receipt with your smartphone the Sensibill app will sort the information on the receipt or invoice such as the price, taxes paid, discounts and payments through points or rewards.
Once the software has sorted the information on your financial paperwork it will store the receipts in digital folders. Once the information has been stored in the Sensibill’s folders you can easily recover necessary receipts. You no longer have to search through stacks of paperwork, your purse or wallet to find old receipts you need or invoices that have been paid.
Mint is an all in one financial management tool from Intuit. Although Mint is a free tool available to users in many different countries, it offers many advanced features and allows you to track many different aspects of your finances, including your cash, bank accounts, credit score and your credit card balances.
Mint is possibly the best available resource for managing your finances and it offers a free account online, as well as a mobile app for your smartphone or tablet. Mint has a very attractive interface that works well for people that benefit from visual learning.
Mint’s graphs and charts makes it easier to see how your finances are being managed than a whole bunch of black and white numbers on a spreadsheet. Once you import your financial information into the Mint app, Mint will sort and categorize your spending, debt payments and cash flow.
Once Mint has an understanding of your financial habits such as your spending and saving, it will suggest ways that you can start saving more and wasting less money. Mint also has tools that allows you to enter your financial goals and Mint will give you a plan to achieve your goals.
4. Smarty Pig
Smarty Pig is a money management platform that allows you to reach your savings goal. The goal of Smarty Pig, as quoted from the company is to help you “systematically save for specific purchases.” After you set up a Smarty Pig account you are supposed to use the account to reach your savings goals one goal at a time.
Once you reach one of your savings goals you can move onto the next goal. Smarty Pig offers interest bearing accounts once you have made your initial $25 deposit. You can then link your main bank account to set up automatic transfers.
Once your savings goal is met you can stop the automatic transfers or you can start saving towards another goal. If you would like to share your savings goal on social media Smarty Pig allows this. The purpose of this feature is to help you stick to your savings goal.
Smarty Pig even allows your friends and family to contribute to your savings goal. Lastly, Smarty Pig offers partners that offers rewards for making tangible purchases.
5. Wallet by Budgetbankers
Wallet is a personal finance tracking app available for Android and Iphone devices. It allows you to create a budget and track your spending which helps you stay in control of your finances so you can reach your financial goals.
It allows you to manage and track tangible goals in real time so you can learn about your finances. Wallet by BudgetBakers is a finance and expense tracker and budgeting app that is intended to help you make wise financial choices so your financial future can be secure. Using Wallet is intended to act as a financial manager so you can get your finances under control.
Furthermore, Wallet has several beneficial features such as automatically syncing your transactions with your bank, categorizing your transactions and automatically updating your budget. Wallet also offers the ability to store your reward and loyalty cards so you don’t have to clutter your actual wallet or purse.
This tool also offers support for multiple currencies, allows you to track your receipts, make shopping lists and offers debt management tips and assistance. By using some or all of these tools you will become a rockstar at managing your finances and paying down debt.
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