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How Your Smartphone Can Lower Your Debt


There are now many user-friendly apps for mobile devices that help consumers on spending and debt management. Some of the top ones are: SimpleWalletUp or Mint. It’s also helpful to have your bank’s app on your phone to check balances and ATM locations. Unlike the old school way of writing everything down, you’ve got your planning tools always with you so you’re more likely to stay on top of it.

Many smart money apps offer similar features such as customized reports, the ability to track your progress, and the option to see which credit card to pay off first in order to save the most interest. The best one for you is up to personal preference and using a free one may be a good place to begin.

Some suggestions for how to use smart phone apps for getting debt free:

  1. Make your financial apps front and center on your smart phone. Sure, social networking and entertainment apps may be more fun, but visiting your financial apps for daily planning and recording will start to be just as fun as your goals are achieved.

  2. Set small goals to start. Begin with just recording your daily spending and checking your bank account on a regular basis. Then, add debt reduction goals, savings goals, etc. As you achieve small goals, the feel good factor will propel you forward.

  3. Check your bank account on a regular basis. Save money by avoiding overdraft fees and set up reminders and alerts to let you know when you’re getting close. Also keep an eye on spending and get in the habit of checking your balance (and budget) prior to making a purchase.

  4. Make it easy to follow. Set up bill payment reminders, payment schedules, bill-pay strategies, and alerts when you’ve exceeded your budget. Make as much of your plan auto-piloted as possible so the apps work for you.

Be persistent and remember how great the end goal will feel.

If you feel your debt can’t be managed on your own or you are being sued or harassed by a debt collector, contact us for a free consultation to find out what options may be right for you.

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Culik Law is a Massachusetts Law Firm. The posts on Culik Law’s blog are not intended as legal advice. If you have questions about your particular situation, CONTACT CULIK LAW for a Free Consultation.