The average person has almost $74,000 in debt. This debt often includes mortgages, student loans, car payments, credit card debt, and more.
Collectively, the Canadian population owes trillions of dollars in debt. This debt restricts people from chasing their dreams, achieving financial stability, and being able to use their dollars for their own gain.
What’s the solution? Debt management. Some people struggle to manage their debt through budgeting. Complicated solutions will only make it worse.
If you’re looking to manage debt, have you considered budgeting apps? Our lives are tied to our phones. These days, you can pay off your credit card bill and cash a check directly from your phone.
The best budgeting apps will help you harness your finances, control your spending, and manage debt. We’ve assembled a guide to 10 awesome apps intended to help you develop a debt management plan. Let’s get started!
1. Debt Payoff Planner and Tracker
One of the best free budgeting apps is the Debt Payoff Planner. If you have multiple debts, this can help you prioritize, strategize, and make progress toward your goals.
Many people have debt across different categories. If you have one car payment, two student loans, one mortgage, and three categories, that is a lot of debt! How are you supposed to pick which one to pay off first?
The Debt Payoff Planner can help you out. You can enter the following information:
- Loan information
- How much do you plan to pay each month
- Your payoff strategy
You can select your payoff strategy by debt avalanche, debt snowball, or a plan that is unique to you. This app is free, whether you have an iOS or an Android device.
The free version does come with ads and fewer features. If you want full access, it cost $10 per month.
Because it’s connected to Intuit, Mint has received a lot of attention in recent years. In our opinion, it’s worth the hype as one of the best budgeting apps!
Mint can help with savings, debt management, and more. You can connect the following to the Mint app:
- Bank accounts
- Credit cards
- And more
The app allows you to track your expenses, spending habits, recurring charges, and bills. This will help you avoid late fees.
Being deep in debt is often an indicator of poor financial management or extenuating life circumstances. Mint helps you stay organized and up-to-date with your money.
This can help you see how much leeway you have to up payments on your credit card. This will help you pay it off faster and reduce interest.
The app has 4.5+ stars and is free. Whether you have an Apple or an Android device, this is a great way to go!
Out of all the money-saving apps out there, Mylo is a great choice. It will help you get a holistic view of all your spending habits.
Like other apps, Mylo is an incremental option. It rounds up purchases made by you and then takes the spare change.
Once Mylo has access to your debit and credit card purchases, it will invest this spare change in low-cost exchange-traded funds. Since it’s investor-backed and uses encryption, this is a safe way to start investing.
You can choose how much you want to round up by, which is especially important if you have ambitious goals. You can also calculate whether you are shooting for short- or long-term goals right now.
Some people feel like debt management is impossible. After all, if you were able to pay off your debt, you’d be doing it!
Remember that incremental change still counts as change. Paying off your debt will help raise your credit score and increase financial freedom, no matter how slowly you do it.
If you have a hard time making more than your minimum payment, consider Qoins.
It’s a spare change app that helps save extra cash. For instance, say that you buy something with your debit card that costs $11.51. The app will save that forty-nine cents.
The idea is that the app will round up your purchases and save all the spare change. At the end of each month, all these rounded-up transactions are accumulated. Then, that money goes to the debt of your choice.
This app costs $2.99 per goal. Usually, the app will deduct the subscription price from your accumulated change at the end of the month.
5. My Debt
This is one of the most simple budget apps available. However, it’s important to note that it’s only available for Android users.
If you are often overwhelmed by all the different functions available in apps, this is the one for you. With crisp visual organization and a simple layout, you’ll be able to assess your financial health at a glance.
The My Debt app allows you to track income and expenses right next to each other. This allows you to track how close you are getting to paying off your debts.
Do you often get penalized with late fees? This app includes a calendar that allows you to customize notifications. That way, you don’t have to deal with missed payment fees ever again. This can save you a significant amount of money over time.
Many are floundering under the weight of their student loans. Much like Qoins, ChangEd is an incremental app that rounds up your purchases.
However, ChangEd doesn’t send off these savings at the end of each month. Instead, the app accrues savings until you hit $100.
Then, that money is transferred as a student loan payment. The goal is to reduce interest and lower the balance. Of course, you don’t have to wait till your loose change adds up.
The app also allows you to put money directly into the app. Whenever you have extra, you can put a few extra dollars in there. You can also calculate how much interest you’re saving each time you make these extra payments.
7. Debt Manager
Not sure which tactics will let you pay off your debt fastest? With Debt Manager, you’ll be able to see how different tactics will affect your balance and interest rates.
You’ll be able to craft a unique debt payoff plan that works for you. You’ll be able to tweak based on whether you need to refinance, change your timeline, or pay more.
You can organize your debts based on avalanche methods, snowball methods, which have the highest balance, or order that matches your unique priorities.
If you prefer highly visual budgeting apps, Debt Manager is a great option for you.
8. Credit Card Payoff
Some people are drowning in credit card debt. After record inflation, a global pandemic, and unexpected changes at every corner, many people rely on their credit cards to keep a roof over their heads.
If you’re only carrying credit card debt, then the Credit Card Payoff app is a great way to go. This app helps calculate important milestones based on your interest rate and current balance.
Once you’ve inputted this information, you’ll be able to see how your payments affect the balance and the interest you’re accruing.
This will help you visualize how you’re using your credit cards, how they impact your present, and how they impact your future. If you’re looking to pay off your debt and see how your habits need to change for the future, this is a great app for you.
Technically, unbury.me isn’t an app. Instead, it’s a web platform that works on both laptops and mobile devices.
When you visit the site, input the details surrounding your loans. This works for car payments, mortgages, student loans, credit card debt, and more.
Once you input your balance, interest rate, and monthly payments, you’ll be able to gauge how long it will take you to pay off your debts. It will also show how much interest you will accrue based on your current payment schedule.
To save this information, you’ll need to create an account on the site. Then, you can add multiple loans to this account. While you aren’t able to directly link your accounts to pay loans automatically, you’re still able to obtain a payment chart and visualization templates.
Much like the above option, Undebt.it allows you to work off a website that is convenient for both laptops and mobile devices. This platform works as a loan calculator.
This approach allows you to tackle debt based on your goals, highest interest rates, lowest balance, highest balance, and more. This allows you to focus on one thing at a time.
With a mobile-friendly debt management plan, Undebt.it is easy to use and integrates with other popular budgeting apps. If you’re looking for an easy approach, Undebt.it can help.
Learning How to Manage Debt
If you are struggling with how to manage debt, we can help. With a comprehensive solution and knowledgeable resources, we can offer relief to your most pressing debts.
Contact us today! We’re happy to help.