Best Software to Use For Debt Management

Financial management has become more important today more than ever. It’s getting harder to save up funds, and investments can be more volatile than they once were. Moreover, there are so many different businesses competing for your money, and that money has become harder to earn, yet much easier to spend.

The possibility of taking on debt has risen, and too much debt can lead to bankruptcy. You can bet that without supervision of your cash flow, or a proper plan to pay what you owe, you are going to have a hard time providing for your own needs. At the same time, debt can hinder you from living the lifestyle that you want.

Luckily, technology has brought along modern financial tools that can assist you in making sure that your cash flow is well managed. What once was a doable but highly laborious task is now much easier and all possible under one system.

Thanks to the development of applications and software, you can now be in better control of how you handle your debt, and improve your financial management skills overall. Discover the three best applications that can help you be your own professional financial manager.

Take off Financial Heat with Mint App

One of the best financial and debt management systems is Mint. An application purposely made to be easy to set up and much easier to use, this program packs a lot of punch in terms of tracking how you’re actually spending your money.

From the get-go, this software can give you more vivid insight on how your money comes in and goes out. It has a pleasantly simple interface that includes your basic system dashboard, which provides the summary of your finances, and activity panes where project tools can be located.

The completely automated system also checks your credit score so that you have a big picture perspective of your spending habits.

Once you set up an account with Mint, the app pulls out a few months’ worth of data to analyze and present trends about your finances. What’s even more exciting about this program is that the company behind it has also added features to help you manage your financial obligations. For example, with a system upgrade conveniently called Mint Bills, the system finds deadline trends on your bills that you usually pay each month. It would then remind you about a certain bill before its due date.

Another thing it does is schedules your bill payments for you, so you don’t have to worry about any delayed payments. By just inputting your credit card information in the app, you can have Mint pay your bill directly on your behalf. At a small service fee (i.e. 2.49 percent of your bill), you can be assured that your bills are paid automatically, saving time and effort with every automated transaction.

Loaded with a crisp user interface and an expansive set of tools, you wouldn’t expect that it comes all for free. It’s an ad-supported service, but unlike all ad-supported apps out there right now, the ads are curiously beneficial for almost all users.

Furthermore, aside from its power tools, Mint also utilizes targeted advertising which shows you some of the banks and accounts you can get better rates from. It can also tell you how much you can save from your first year to the next.

Be Debt-Proof with LearnVest App

While Mint is the frontrunner in the mobile financial management applications industry, LearnVest comes at a close second. Formerly a personal finance education site for women, it has now expanded its interest in producing its own financial programs. Thus, the LearnVest app was born.

Like the best personal finance apps on the market, LearnVest connects to your financial accounts to create a better representation of your spending. The easy setup guides you through important details such as your personal information and what credit cards you want to connect with.

After the setup process, a simple dashboard greets you with a summary of your spending habits pulled from your credit card information. The good thing about having perspective on how much you spent the previous fews months is that it tells you what you need to change or what to keep in terms of your finances.

Beyond making it easy for users to set up their budgets and track their expenses, one thing that stands out with this app is the financial advices it provides. Under the dashboard, you can see articles relevant to your financial situation.

In terms of repaying debt, LearnVest has a specific tool tailored to make it convenient for you. Once you enter your credit card information, the app pulls your balance and interest rate. After that, you can opt to input the minimum payment due each month. You can also see the respective timeframe needed to complete each of your payments based on the amount you still owe. 

It is free to use LearnVest if you want to create a budget and track your expenses through its database. However, if you want to learn about more in-depth topics in financial management, the app offers a way to connect with a financial planner, at an extra cost. For example, if you are interested with Individual Voluntary Arrangement or IVA, these financial planners would lead you to understand the basics of IVA, so you know how IVAs work, and can learn about related service-providers like those handling Creditfix – IVA.

At the end of the day, the app allows you to learn more options from credible sources, ultimately helping you straighten out your finances.

The unburry.me App Says it All

Aside from mobile apps, there are also financial management software systems that are about to create big waves in the financial software development industry. A good example is unburry.me. It is a simple online tool at first glance, but don’t let its modest and straightforward interface fool you. It is actually a very intuitive and useful program to help you pay your debt on time.

The program has an upfront comparison of which debt reduction approach is best for you to consider. First of all, you enter the amount of your debt in the program. It then calculates the amount you still have to pay. After that, two approaches – the Snowball method and the Avalanche method – will pop up, giving you options to decide which is better for your financial goals. 

 

The Snowball method involves making a list of all the balances you owe to various institutions like credit cards, student loans, car loans, etc., and then tackling your smallest balance first. On the other hand, the Avalanche requires a bit more from the user. It’s basically the opposite of snowballing, except you’re not paying off your largest balance, but rather your most expensive balance, or the balances with the highest interest rate.

While these can be both utilized in paying your debt, unburry.me determines what is most beneficial to you. Aside from that, you can adjust your monthly payments within the program, and it can draw up a chart that describes the remaining principal balance and the interest you need to pay. This is an important aspect of debt reduction because you can have a better understanding of how you can adjust payments and the effect that could have on the timelines for your payment plans.

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