Debt is difficult to manage, especially when you owe more than you can afford to pay right now. However, keeping a steady pace towards your financial goals will slowly but surely lead you towards freedom from debt.
You can begin by enrolling in a fresh start program for debt resolution, which makes it easier for taxpayers to gain access to programs and resources that help them catch up on payments or organize their debt payment schemes. In addition to taking advantage of these programs, the best way to achieve financial freedom is to develop and maintain smart financial practices.
The world we live in today has made cultivating these habits easier, thanks to the introduction of finance-focused apps and digital tools. These are some of the best we have encountered in the market so far:
Apps That Can Help You Manage Debt
Staying on top of debt repayments amidst other responsibilities can become confusing without visual reminders and management tools to help you. These are some you should use today to get results faster.
An important starting point in pursuing financial freedom is to know the inflow and outflow of your money. Budgeting apps let you understand your habits regarding income and expenses. They then allow you to adjust your budget to make sure you are capable of paying for your bills and other debts.
When choosing a budgeting app, take into account its price, user interface, and integration features. You should also assess its ability to assist you through your habits and spending quotas.
For instance, PocketGuard computes how much money you can spend after accounting for your essentials, bills, and others. It also lets users link their bank and investment accounts to track them in one place. For those working within a tight budget or struggling to avoid big expenses, apps similar to PocketGuard can help curb unnecessary spending.
Credit Card Management Apps
Accumulating credit card debt is easy because you do not physically see the money leave your wallet. When you do not notice the amount you spend, it encourages you to spend more without thinking of the consequences. However, looking through every recent credit card statement you have is a tedious task.
With credit card management tools, you can consolidate your credit card expenses and see what you have been spending. Credit card management apps keep you within your spending limits, whether you are looking to avoid incurring more debt or working to reduce your existing balance.
Student Loan Management Apps
The cost of higher education continues to rise, which means more and more adults go into the workforce with hefty student loans that they need to work for a longer time to pay off. Student loans are daunting to deal with on your own, but apps can break them down into manageable bits of information that allow you to plan for a debt-free future.
Student Loan Hero is an example of a helpful resource for those paying off their student loans. This tool has various articles to give people tips on reducing debt depending on their situation and quizzes to help determine the best route to deal with existing student loans. They also have calculators to determine how much you need to pay.
Debt Repayment Calculators
There are also online tools that let you calculate how much debt you owe or will owe when you take on any debt. These are usually free web pages, such as Unbury.me, that have you quickly input your loan and debt information. It then gives you an estimate for how long you will have to pay them off.
Free online debt calculators are helpful when you need a simple benchmark for debt payments while planning your budget. You can then work this number into your budget tracker or debt management tools to repay your debts according to schedule.
Credit Monitoring Services
Your credit score is one of the most important records you have as a working adult. It determines your capacity to get reasonable loan rates on big purchases, such as a house or a car.
Both free and paid credit monitoring services offer varying levels of protection and perks. Credit monitoring lets you get credit report updates regularly, which enables you to stop early signs of identity theft or fraud before anything drastic occurs.
Financial freedom is a long and arduous journey. However, it is one that you can go towards with discipline, a good plan, and the right tools to help you along the way.