10 Apps to Make Money Management a Breeze
Dealing with a large amount of debt could be scary at times but here are 10 apps to help with your debt situation and get ahead financially.
21:12 24 May 2022
A lot of us are thinking about managing our money in these difficult times. It’s hard not to.
Think about it. The price of gas has soared up to historic highs, groceries all of a sudden seem to be costing a lot more than ever, interest rates are on the rise, and rents have gone up significantly too. Several governments are ringing in a spate of policy changes to keep the growing inflation in check and ensure they do everything in their capacity to make sure the current gloomy financial situation doesn’t lead to a recession. Much in the same way, several families, unable to run the household like before, are racking their brains to come up with ways to tackle their growing financial woes.
With the prices spiraling up at an unprecedented rate, people carrying debt in particular are having a terrible time. Their resources are stretched far too thin forcing them to make serious adjustments just to keep their head above the water. For some, it is about making a marginal adjustment in their budget to cut back on spending and raise their saving contribution. And for the others who’re already overburdened with a large amount of debt, it is about working a second job or having a side hustle to make extra money to put towards that loan. To each their own.
That’s precisely why, in this article, we are going to run through a short list of money management apps that show a lot of promise. Perhaps they are not the magic wand to return you all to a better financial situation instantly. But, hey, we promise you that these apps have developed a bit of a reputation for helping people make smart financial decisions and get to the other side of debt.
Let’s get started.
Sitting atop the tree of budgeting apps is Mint. Packed with a suite of features that allow you to delve deeper into your finances and budget, it’s the swiss army knife of budgeting.
No matter your budgeting chops, whether you’re a pro or a newbie, Mint will work for you. With an easy-to-use interface, it’s straightforward to set a budget, track spending and saving, and get a clear overview of all your finances—helping you stay organized financially.
Although it’s free, it stacks up well with paid apps in terms of what it brings to the table and what it lets its users do with it. There’s no other free app online that can deliver as much value as it does, anyway.
Next on the list is Moka, which was formerly known as Mylo. The robo-advisor app basically rounds up your daily purchases to the nearest dollar and invests that rounded change passively. Every bit of money saved this way is then used for paying down a debt or a future goal, say purchasing a new home or taking a vacation.
Designed for the hands-off investor, Moka does a great job of providing passive strategies for investment with personalized portfolio options that match with your risk appetite. The basic account, costing $3 a month, lets you pool all that money you’ve saved automatically into creating investment portfolios, provides cashbacks and more.
A full-blown Moka 360 account has a lot more to offer though including access to a personal financial advisor, but it comes at a price, $15 a month.
ChangEd works just like Moka but is targeted at a different demographic- students looking to pay off their debt. Making a dent in your student debt is quite simple with this app, without any budgeting or planning: just link your main spending account and loans and whenever you make a transaction the app puts aside the loose change. As the savings grows, the app transfers all the money accumulated to a personal FDIC insured account.
Every time that account hits say $100 in spare change saved, the app will make payments to the loan you want to pay off first. And you get attractive cashbacks, perks in return. Basic account costs $3 a month but gives you access to features including Savings Boost which lets you make a scheduled transfer of a bigger amount up to $20 whenever you’ve extra. Feeling the pinch, already?
Can’t afford to have the roundups going out this month? You can pause all transfers and get back at it when things are normal. Voila.
Another app from the stable of automatic spare change saving apps is Qoins. Much like the automated apps we’ve seen so far, Qoins is an automated service that lets you save in different ways. For one, you can set it up to round up your transactions and put away all your savings into your Qoins account for making debt repayment.
Other saving account options available to the user include Smart Savings which automatically sets aside some money from your bank account and adds it to your Qoins balance, and When I Get Paid which basically lets you put away a particular percentage or amount of money whenever a deposit is made in your bank account.
With its entirely set-it-and-forget-it saving approach, the app lets you make regular debt repayments or keep your savings growing without you even noticing.
Debt Payoff Planner
It is quite difficult to manage debt without a plan. A spray and pray approach to resolving your debt woes won’t take you any far. But an app like Debt Payoff Planner makes managing debt a lot easier. The app lets you assess how much you owe in total, categorize your debts based on priority, and strategize on paying down your debt down to the last dollar.
You can also create goals, map out a plan to accomplish them, and have a clear view of how your repayment plan is coming along---all in one place. Besides helping you plan, the app makes it easy to stay on top of your payments and monitor your progress towards becoming debt-free.
Credit Card Payoff
Piled up a large credit debt and not sure how to trim it down? With its easy to use interface and intuitive workflow, Credit Card Payoff puts out all the relevant information you should know about repaying your credit card debt.
Add in all the pertinent details such as your current balance and interest rates, and figure out whether your current repayments are good enough. Devise a payment plan for yourself, set a goal, and find out how much you need to put down each month to clear your credit card debt in X months.
Want to break free from your debt? Unbury.me is a loan calculator with which you can organize your debt payments thereby substantially reducing the amount you owe overall. Using this web service is fairly simple: consolidate all your ongoing loans, enter relevant details for each debt including Principal remaining, Interest, and Monthly minimum payment to exactly know how much you need to put down for how long. Accessing this application is free and the best part is you don’t need to have an account or create one to use it.
Another similar loan calculator, Undebt.it puts you in charge of resolving the little debt situation you’ve got there. Create an account, add in the details of all your debts, and decide on one of the different payoff plans that pop up. Whether you go after the debt with the highest interest rate or the lowest amount, it’s totally your call. But you get a proper payoff plan you can adhere to either way. The basic account doesn’t cost anything, but if you want a few additional features such as reminders, bill tracking etc, you cannot go wrong with the Plus option.
Enter all your loan related details to get a summary of all your debts, develop a robust payoff plan and create a progress tracker for you to be able see where you’re going with your debt repayments from time to time. The app also lets you play around with the what if simulator so you can determine to what extent your payoff plan can change when you increase your monthly payment or adjust your interest rate. Whether you choose to tackle the loan with the highest interest rate or lowest balance first—this app helps you manage your debt in a systematic way.
Get a handle on your financial position the easy way with one of the most uncomplicated debt management apps you’ll ever come across, My Debt. Its visual interface might seem a bit pared-down, but it is effective, well organized, and more importantly, gets the job done. It allows you to keep track of how much money comes in and how much goes out, thereby providing a clear way to stay on top of your money and enabling you to pay your debts faster. Ideal for people who always wish to keep things simple.
To sum up, repaying debt definitely takes a lot of time, hard work and dedication but take that small baby step towards paying off your debt; you’ll be well on your way to financial freedom. Feeling stuck in your never-ending debt situation? Want to climb your way out of the rut at your own pace? Just pick one from the list above and put in place a well-optimized debt repayment plan matching your present debt situation and stick to it. In so doing, not only are you inching towards financial safety in these uncertain times but are also setting yourself up for long term financial success.