Anyone who has successfully made it through a Texas bankruptcy or credit counseling knows that a budget is absolutely essential to eliminating and avoiding debilitating debt. Keeping a budget can be extremely difficult for many people, but luckily, there are many new and not-so-new software applications that can assist you in keeping track of your money, credit, and debt. These apps for your iPhone will help make tracking your spending and staying on a budget a synch.
Mint, created by Intuit, is by far the go-to financial app for iPhone. Brought to you by such awesome software as QuickBooks and TurboTax, Mint is a single app that can help you control the majority of your financial life. Mint lets you easily create budgets, track and pay bills, and obtain your credit score for free. Personalized budgets and spending tracking is amazing via gorgeous graphs and charts and includes email reminders if you exceed your pre-planned budget. Mint allows you to enter the details of your credit and debit card accounts, your loan balances, and investments and offers up your total net worth at any given time. It’s an app that you’ll fall in love with almost right away.
Clarity Money is one the newest apps on the list of apps that help you take control of your finances. Clarity Money’s primary function is to offer transparency into your finances. This application could be a big help when preparing to file for bankruptcy by helping you track where you spend your money and where you can save on subscriptions and daily transactions. The app also allows you to save money to your FDIC insured savings account on a reoccurring basis.
Looking to build your credit after a bankruptcy? Debitize may be able to help you enjoy the perks of a credit card without going back into debt. The app tracks your credit card spending and helps you build financial discipline by deducting credit card purchases from your checking account. The app then pays your credit card bill for you, a week or so before the bill is due. This is a great feature for those individuals that want to use a credit card to rebuild credit, but also want to keep the credit card debt in check.
Investment app, that can help build money that you can use to pay down credit card debt. It’s truly investing without thinking about it, although you are able to pick which funds that you pick. Stash allows you to start building a portfolio with as little as $5 and help educate you as a consumer to learn to invest your money.
Acorn is a nifty little app for the iPhone that helps you save and invest money. Known as micro-investing, Acorn allows you to round up everyday purchases on your checking account and place the extra change into ETFs (Exchange Traded Funds), allowing anyone to become an investor. Acorn costs $1 per month, but for those one hundred pennies, you’ll get automated investing capabilities that allow you to put your change to work for you by automatically investing in portfolios you pick.
Wally is another top personal finance app that offers you the ability to set your budget and track it in real time throughout the day. This app is ideal for those who have recently completed their debt education course by allowing you to save receipts, track the details of spending, and compare your income to expenses. Wally is 100% free to use and is also available to Android phone owners as well.
Financial Apps for Chapter 13 Bankruptcy
Individuals in Chapter 13 bankruptcy, with the help of their Dallas bankruptcy attorney, will create, submit, and adhere to a budget for a period of three to five years. During this Chapter 13 repayment period, payments are made to the trustee each month to pay back creditors based on your income and debts. While there are categories for all manner of daily living expenses including vacation, clothing, and furniture purchases, there’s typically no “wiggle room” as all extra money must go to your creditors. It is for this reason that having an app to help you stay on target can be the difference in making it through the Chapter 13 repayment to a discharge.
Financial Apps for Chapter 7 Bankruptcy
When it comes to Chapter 7 bankruptcy, having a budget is also very important. While you’re not subjected to a court-prescribed budget, it’s still important to track your finances in order to improve your credit, avoid returning to financial debt, and to fully capitalize on your fresh start.
Tracking Spending During Bankruptcy
Whether you use an app for iPhone, a desktop program like QuickBooks or even a plain old paper ledger, the most important take away is that you should use any tools available to you to help keep you on a budget before, during, and after bankruptcy. Odds are, that if you find a system that works for you, you’re more likely to avoid overspending.