Category Archives: Financial

How to Reduce Debt in 5 Easy Steps

Debt is a stressful burden to carry and getting out of it is not an easy task. It could take almost all of your income, including savings, just to keep up with the monthly bills. It’s like fighting a losing battle.

The good news is that you can manage your debt and even get rid of it. With the right money management tools and financial knowledge, you can conquer that pile of financial mess and avoid falling into a hole of debt.

This short article will teach you how to get out of debt and get a normal life. Find out how to face your debt and conquer it. And, where to seek financial advice or help when you need it.

Photo by Karolina Grabowska on Pexels.com

1. Create a budget plan
Before you can start working on your debt paydown strategy, you should first establish a budget plan. The budget plan will help you track your daily spending and better know how to reduce your debt faster.

Your budget plan should include a complete list of all of your monthly income, current monthly bills, loans, and other fixed expenses. With the budget plan, you will know if you’re spending more than you make.

Start your budget plan by taking a close look at each item in your spending list, and organizing them based on their level of importance. You need to highlight expenses that can be reduced or eliminated.

Get rid of those unnecessary expenses like eating in restaurants or taking expensive vacation trips, and use the spare cash to pay off debt. Use a financial tool, such as Budget Calculator, to help you along or check out financial websites.

Online budgeting apps such as Mint and PocketGuard can be useful in setting your budget plan, but you can also create an effective budget plan using a pen and a notepad. If you need additional education about budgeting, check out Debt Consolidation’s The Ultimate Guide to Budgeting, click here.



2. Increase your income or revenue
If you’re determined to get out of debt, you should look for ways to increase your income or revenue ( if you’re in business) and learn to use the spare cash to pay off debt as quickly as possible. Be creative or think of some ways to start earning extra cash for at least a few weeks or months. Learn how to make some money from your hobby and skills. For example, if you have knowledge of web development or writing skills, you could earn extra cash by working as an online freelance writer or freelance web developer.



3. Save more money, build a savings account
When life gets tough, we look for safety: our saving accounts. Building a savings account will provide you with an emergency safety net or emergency fund during a turbulent time. When you have a savings account, you’ll be able to use some extra cash for some unanticipated expenses such as hospitalization and emergency trips. This will prevent you from adding any new debt.



4. Take action, focus on debt
Don’t take any additional debt. Instead, you should focus on your current debt. Start working on paying down what you currently owe before planning to add a new one. You should avoid any unnecessary expensive purchases when you still have a debt to repay. This will make managing your debt more difficult for you. Another one is to pay your bills in full and on time. This will allow you to avoid paying more on high-interest rates and late fees.

If you need financial advice or additional help, try to contact a credit counselor here, seek help. These financial experts will help you improve your financial situation, providing you with tools and resources to help you manage your debt. Try to ask friends and coworkers for suggestions on which credit counseling agencies are reputable. You can also visit a financial website to learn more about developing a debt repayment plan.



5. Consolidate loans
If you’re struggling to keep up with your high-interest debts, or just want to make debt payments much faster, consider debt consolidation. This debt management strategy untangles the mess borrowers face every month trying to keep up with those multiple bank loans and multiple debt payments from multiple lenders. Debt consolidation accelerates debt repayment, reduces the interest rate, and lowers monthly debt payments.

With debt consolidation, you’re now able to manage your debts more easily since you have only one debt to manage and one monthly payment rather than several payments to all of your lenders. This will help you pay off your debt faster, improving your financial situation.

If you need additional information about debt consolidation requirements, try to visit a debt consolidation company, and learn more.

Personal Finance 101: Three money management tools to consider if you’re looking to take control of your personal finance

When times get tough, people look for better ways to track and manage to spend. That’s where financial tools like Mint and PocketGuard come in. These money management tools can help you take control of your personal finance, become more efficient at planning your budget, and be smarter when spending your money. These tools can even help you discover ways to achieve your long-term financial goals. You can learn more about how to achieve your financial goal here.

The main function of this money management software and tools is to help people create a workable budget. Some money management tools may get even deeper, providing a more specific budgeting approach. The good news is that we have plenty of tools to choose from, and choosing the right money management tool depends on your current financial needs. Some personal finance software can help you master budgeting and expense tracking, while others can help with investment portfolio management. You can learn more about money management tools here.

The good news is that we have plenty of money management tools in the market and all of them have the fearsome reputation of being powerful financial management tools that will help you manage your budget and track your expenses. Unfortunately, we’re not going to list them all, that would take much time and space. Instead, we will select only the best tools. Let’s dig into some of the key differences between these three money management tools.

Mint (Best Budgeting App )
First established in 2006 by Aaron Patzer, Mint is a personal financial management site and popular budgeting app for the North American market. In 2009, Intuit, the American software giant that produces TurboTax and QuickBooks, acquired Mint. Since then, the financial money app gained the confidence of the mainstream and has grown even much larger. Today, Mint has over 25 million users and has become one of the most downloaded personal finance applications in the market.

Using the Mint app, you can have all your financial things on a single dashboard, providing you a high-level view of your overall financial health. This includes savings, checking, credit cards, investment accounts, and other loan accounts. It can also help you automate your budgeting process and even help you find better ways to save money for your future goals.

Mint has become a top favorite for two reasons, first, the app is completely free and easy to use. You can use Mint on both iOS and Android-powered devices as well as desktop PCs. Second, the app boasts tons of useful features. It offers monthly bill tracking, including bill payment reminders to avoid expenses on late payments, or missed payment. The app also offers the ability to keep track of your investments, check your portfolio fees, and even access your TransUnion credit score. Not just that, users can also create budgets and even set financial goals.

There’s nothing to worry about data security. Mint uses security features like touch ID mobile access, multi-factor authentication, and security scanning with Verisign. The user’s login information is encrypted and stored in a separate database with multiple layers of added security protections, such as firewall, and software encryption. You can learn more about Mint here.

In addition to those features, the financial management tool also offers a few education resources like a financial blog, home affordability calculator, and loan repayment calculator. You can learn more about Mint’s education resources here.

Pocketguard (Best Financial Management App for Overspenders)
Founded in 2015 by Igor Kuznetsov, the PocketGuard money management app is designed for people who want to control spending and grow savings. Its main goal is to help users optimize their spending and help them save more money each month. Pocketguard earned the top spot as the best money management tool for people who struggle with overspending because its features were designed to help users control overspending. It helps people analyze their spending habits, providing them insight into how to wisely spend their money.

This money management tool helps you keep track of your expenses and cash flows. The app’s unique In My Pocket feature provides you with more precise figures about how much money you can spend. This feature also tells you how much spendable money you have left in your pocket. Pocketguard helps you can create savings goals and ensure you are on the right path to achieve your long-term financial goals.

PocketGuard mobile app is available for download on both iOS and Android-powered platforms as well as desktop PCs. The basic version is free to download from Google App Store and Apple App Store), but it has a number of limitations. The paid version, Pocketguard Pro, will cost you $4.99 a month or $34.99 a year, and it comes with a number of extra features. You can learn more about Pocketguard here.

Personal Capital (Best Investment Management App)
Founded in 2009 by a group of tech entrepreneurs, Personal Capital (now owned by Empower Retirement)is an all-in-one financial management platform with a strong focus on investment management. This web-based financial management tool offers people a smart way to monitor and manage their investments, retirement, and personal finance, all in one place.

Personal Capital includes several savings tools designed to help you build your emergency funds, retirement savings, and even help you pay your debt. It also has an excellent suite of financial tools, including an Investment Checkup Tool, a Cash Flow Analyzer, a Net Worth Calculator, a Retirement Planner, and an education cost planning. All of these financial tools are designed to help you build your future.

Like PocketGuard, Personal Capital also offers two versions, the basic free version, and the premium version. The free version includes a personalized analysis, while a premium version comes with direct management of your investments.

The Personal Capital app is currently available on both iOS and Android-powered devices. This financial management tool is rated 4.4 stars out of 5 on the Google Play Store, and 4.7 stars out of 5 on the Apple App Store. There’s also a desktop version, providing users a multi-platform approach to managing their personal finances. You can learn more about Personal Capital here.