Pay Down Debt by Tracking Spending

By November 18, 2016Blog

Pay Down Debt

As licensed insolvency trustee’s, we meet with people from all walks of life who are experiencing financial difficulties. Whether those problems started because of illness or a job loss, or simply because they never learned how to make and stick to a budget, we help our clients develop a better relationship with money every day.

The first step in a financial recovery plan is to figure out where all the money goes. To do that, you will have to find a way to track spending that works well enough for you to do it all the time. We can’t think of a better way to track spending than with a device that’s probably with you at all times anyway: Your smartphone!

Money Tracking Apps

Consider using one or more of the following smartphone apps to help you get a better handle on your finances every month:

Wally
Available for iPhones and Android, Wally is a money-tracking app that allows you to take a picture of receipts to add them right into your monthly summary. The neatest trick is the way it connects with GPS data to help you determine where, physically, you’re doing most of your spending.

Mint
Mint is a well-known personal finance system that allows you to connect directly to your bank’s online banking site. It will help users categorize their spending at a very detailed level, and if you use the budgeting function, it sends alerts directly to your phone when you’re nearing your monthly limit. Mint is available for iOS and Android devices.

Debt Manager
Debt Manager can help you track your progress towards your debt repayment goals. The charts within the app provide a great visual to help you keep motivation levels in check. As if that wasn’t enough, you can also see how much you’re saving in interest, and how much more quickly your debt will be repaid if you make adjustments to your monthly payments.

Keeping a Long-Term Vision in Mind

Remember, the best choice in a financial tracking app is the one that you’ll be able to use every day. If an app is too complicated or time-consuming to use, you’ll quickly lose interest in the process. Consider simplicity over all the bells and whistles when you’re just starting out.

At D. Thode & Associates Inc., we believe that there is no such thing as too late when it comes to developing better financial habits. Visit our offices in Kelowna and Kamloops, or contact us by phone or through the form on our website. We’re looking forward to helping you move forward towards a debt-free life.