Loans can be useful in helping us finance ourselves through tough situations, but once it starts accumulating, it can quickly get out of hand. Many people find that once they start accumulating debt, it feels almost impossible to pay off.
Money is flowing out of the bank account every day and before you know it, there is no money left by the end of the month. However, in this technological age, there are many apps that can help you manage your personal finances and assist you creating a repayment schedule. Efficient budgeting is the fastest way to repay your debts.
Here are 5 apps for Android that will help you with that:
Debt Payoff Planner
This is an easy app to use for those who are looking to keep track of all their debts in one place. The app offers several repayment strategies you can choose from and then constructs a schedule to follow until you have cleared your debts.
You can also compare each repayment strategy and how long it will take for each to repay all your loans. Debt Payoff Planner can be a great tool for those who feel overwhelmed by all the various bills and expenses coming in and do not know where to start.
Another great and free tool to use for those who are having trouble managing all their borrowings and also their lending. You can track everything you owe and also what other people owe to you. This is a very clean app with no extra add-ons for those who just want a simple tool to keep an eye on all their debts and nothing more.
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Privacy is one key selling point of this app. Although the data input process for Debt Tracker is very manual, it does not require your account number or bank information. For an additional level of security on your phone, you can keep your records private with a PIN code.
For those looking for a more comprehensive management tool; detailing all their spending, bills and debts they owe, then Mint is the perfect tool for you.
Mint will help you track your spending, remind you to pay bills and calculate what you can afford to repay based on how much money you have left. You can set budget limits and based on your spending habits; Mint can also offer advice to manage your finances.
ChangEd works slightly different to the previous apps. It does not just help you track your debts and keep to payment schedules. Created to help with paying off student loans, ChangEd will help you go the extra mile to save your spare money to pay off your loan quicker.
You sync your bank account to the app and it will round up all your spending and save it into an account that will automatically pay your loan provider. This is on top of the repayments you are already making, boosting your payments to the provider, allowing you to be debt-free much faster. The great thing is that most users say they do not even notice having less money.
Acorns is another great app that will assist those who want to save extra money to pay back money they have borrowed faster. Similar to ChangEd, Acorns rounds up your spending helping you save money steadily every day.
Unlike ChangEd, this app is not limited to those looking to pay off student loans, but for anyone looking to save an extra penny. But that is not all. Acorns also invests these savings into low cost funds based of your preference of risk to help grow your savings even further. They can do this automatically to save you from the hassle. However, it should be pointed out that this carries risk as with any investment.
We can all get into difficult situations when personal finances spiral out of control. Whether you are looking to simply track your debts, create payment schedules, effectively budget, or save more money; there is a suitable app for you. If you are overwhelmed by debts and struggle with budgeting then we definitely recommend you try out one of these apps out for a start.