Keep your accounts in the pink with some smart support.
Smart phones are making it far too easy for us to shop from our beds. In fact, around half of us now admit to making purchases in bed – that are often regretted. However, while our phones give us almost too much opportunity to spend cash and get into debt they are also becoming one of the best tools for avoiding these problems. Budgeting and personal finance apps offer simple insights and overviews of what you’re spending, as well as how you could clear the debts you have.
So if you’ve been over-spending and borrowed too much on bad credit loans for emergencies or doorstep loans until your next pay check then take a look at some of the most popular budgeting apps around.
Part of the problem with debt is the way many of us bury our heads in the sand when we don’t want to think about what we owe. This tends to make things worse, as if you’re spending without any kind of connectedness to your actual income and debts then it’s easy to get into trouble. That’s why apps like Money Dashboard are super helpful. With this app you’ll be able to see all your balances across every account, from the overdraft on your current account, to your credit cards. The app gives you the tools to look at different types of transactions and spending habits to work out whether you really know how much you spend and where you could cut back and repay debt.
If you’re in need of a more active app to help reduce debts you already have then Debt Free is a tried and tested option. This app uses the ‘debt snowball’ technique – which works on the basis of motivation, paying off smaller debts first so that you then feel enthusiastic about clearing the larger debts. Once you’ve entered your debts info into the app you can select a repayment strategy e.g. on the basis of highest interest rate, highest balance etc. You’ll be able to see how each of these options affects key factors, such as how much you’ll pay over time, how much your payments will reduce and how quickly you’ll be debt free.
Going over budget is often the first step towards getting into trouble with debt. The Squirrel app is designed to help you avoid getting into problems with your money by providing the kind of ‘no spend’ analysis many of us don’t seem to be able to do for ourselves. The app will calculate what you need to spend in order to cover all your basic expenses and then work out a living allowance for the rest. It drip feeds the cash into your bank account as and when required, ensuring that you don’t plough through it all and then move on to the overdraft.
The Savings Goals app helps you to set and manage long-term savings goals. That could be the goal of debt repayment or it could be setting a savings goal for a wedding or the deposit for a home. The app will give you clear information on what you need to save to get there and how long it will take. If you thought debt repayment was out of reach this app will show you how to achieve it.