Mobile apps are a great way to help manage debt and keep track of finances efficiently. Technology can assist with monitoring credit card spending, save you time and money along with paying down debt faster.
Most Americans live busy lives and being able to manage finances when you’re on the go is an essential convenience. According to a recent survey by the Federal Reserve, 28% of consumers with mobile phones track their money habits with the device, or would like to.
Reach your financial goals and manage credit cards with the following mobile apps:
Keep track of your bank account and credit card accounts. Mint lets you look in real-time at all your account balances using a smartphone. Set up alerts for when bills are due. You can even establish preset spending limits to get alerts before you breach them. It’s a free that’s compatible with Android, iPhone, iPad, web, Windows 8 and Windows Phone.
Be notified immediately about changes to your credit reports. Check your credit scores regularly to stay on top of financial goals. The Credit Karma app is available via Credit Karma.
The Credit Card Debt Payoff App is available for free download in the iTunes store. It shows you how long it will take to pay off your debt with different payment plans. It also computes the interest you will need to pay. Enter your credit card balance, interest rate and your monthly expenses. You can enter your monthly payment amount to learn when you can be debt free.
The ReadyForZero app helps you figure out the best way to pay down your debt and stick to it. According to the ReadyForZero website they have helped people “pay down $207 million in debt – and counting.” You link all your debts or tell them what you owe and they create a personalized plan. All debt is included: credit card debt, student loan debt, mortgages, auto loans, medical debt, and any other type of debt you want to tackle.
This is an Android app that uses the “snowball” method to pay down debt fast. The snowball method is the idea that you pay off the lowest debt amount first, then take that payment and add it to the next lowest debt and so forth, without regard to the interest rate. Basically you pay the minimums on everything, and attack smallest debt first.
People who do a lot of traveling or business entertaining are often required to record expenses to be reimbursed. Expensify lets users import credit card transactions, take photos of receipts and categorize transactions. This free app works with Android, BlackBerry, iPhone, iPad and Windows Phone.
Spendee can tell you what you’re spending and where. As you add new transactions, it has graphs and a feed of updates that reflect them. It also offers users tips and encouragement. This free app is for Android phones.