Regardless of whether you’ve incurred huge amounts of debt or little amounts, it can soon become tough to stay inclined in keeping aside savings, cutting down costs and making timely payments towards your debt. You must be wondering whether or not there are any steps to make it easier or maintain the momentum that you’ve been planning. Well, yes, there is a way in which you can keep a close track on the progress that you’ve been making and that is by visualizing your debt.
Debt is undoubtedly an invisible data and if you wish to turn the indistinguishable debt into something concrete, you have to know the tools that you have to install in your phone. There are numerous financial apps that you can keep in your phone in order to stay updated on your finances. Let’s check out some of them.
#1: DEBT MANAGER
This is an app which is all about paying off their debt and the app offers you with several tools that you may need to set up a solid repayment plan and this includes a visualize too. Once you load all your debts into the app, you can view details like loan balance, interest rate, compare standard repayment plan with snowball plan and also check the total interest rate that you will pay throughout the life of the loan.
#READY FOR ZERO
This app is an effective way to measure your progress which you have made with your debts and also check out how well the debt snowball method can assist you in becoming free of debt. This mobile app might not be too good for visualizing debt, nevertheless the web and desktop apps can give you an easy and simple way of understanding where you stand financially and how much more you have to work hard to pay off the amount that is still due.
#3: EXCEL GRAPH
As the name suggests, this is definitely the most obvious and simplest method which entails maintaining a financial spreadsheet and utilizing Excel to make a graph of the remaining outstanding dues that you have. There are several Excel budget templates which you can use to calculate your debts. Just ensure calculating the percentage of debt which is paid off so that you can keep a track on your progress rate.
Mint is an app which most of us have heard off as this is considered as one of the most trustworthy and reputable apps in the market. This app has also got a tool built in it which helps you visualize debt. Open the Trends tab and hit Debt and don’t forget to select Over Time. You can see a bar graph of your debts and use the drop down menu to adjust the timescale accordingly.
Therefore now that you know the different apps to install in order to visualize your debt and keep paying it off regularly, what are you waiting for? Check your Android market store or your iPhone market to download these useful apps.