Debt Consolidation

5 Debt Tracker Apps to Better Manage Your Money

debt tracker apps

If you keep missing bill payments because life just gets in the way, or you’re having a hard time staying on top of your debt, consider installing a debt tracker app on your smartphone. It can be a quick and convenient way to not just keep track and pay off your debts in a timely manner, but also help improve your overall financial health and credit scores.

Below are five debt tracker apps you may want to look into further for meeting and managing your financial goals.

5 debt tracker apps for your money

Debt Tracker App Availability Cost
Debt Free Apple Store $0.99
Credit Card Payoff Google Play Free
Debt Payoff Planner & Tracker Apple Store/Google Play Free
EveryDollar Apple Store/Google Play Free
Prism Apple Store/Google Play Free

1. Debt Free

Availability: Apple Store

Cost: $0.99

This app gets you to repay your debt with a debt snowball. The debt snowball repayment strategy is easy to follow: You’ll make extra payments on your debt with the smallest balance while making the minimum payments on your other dues. Once your smallest debt is repaid, you’ll move on to repaying the next-smallest balance.

However, the Debt Free app is about more than just helping you follow the debt snowball method. You are also able to choose other methods of monitoring, organizing and paying off debt. Unique features of Debt Free include three built-in calculators for payoff dates, loans and mortgages to help you determine monthly payments and see exactly when you can expect to become debt-free.

The app also displays convenient visuals to show the amount of debt you have paid off already, including:

  • 2D pie charts
  • Amortization tables
  • Progress bar, for tracking your progress

You can also email your debt reports to yourself. In addition to supporting promotional APRs for credit cards, this app also allows you to sync your data between all your Apple devices.

Best for: Users who have an iPhone and are open to paying the $0.99 monthly fee to work with an unlimited number of debts. Those who prefer working with the structure of a detailed schedule may find this feature motivating.

2. Credit Card Payoff

Availability: Google Play

Cost: Free

The Credit Card Payoff app is all about easy-to-read charts that help you compare different repayment plans and the interest you’ll save with each one. These charts also allow you to see how more or less aggressive repayment affects the amount of time you’ll be in debt.

Other app features you may find useful include:

  • Payment schedule tables detailing the principal, interest, monthly charges and remaining balance for both new and current monthly payments
  • Graphs that compare different monthly plans with your current situation
  • Save your debts’ information so you can refer to them later when needed

Best for: Users who have an Android phone and like the flexibility of comparing and switching between different payoff strategies at any given time.

3. Debt Payoff Planner & Tracker

Availability: Apple Store/Google Play

Cost: Free

In addition to helping you add up all your bills and track your debts with a step-by-step plan, the Debt Payoff Planner & Tracker app can also increase your financial literacy. It provides users with resources and helpful articles on how you can: Pay off loans more quickly such as with the debt avalanche or snowball method; use a balance transfer to reduce your interest charges; and leverage debt consolidation.

Other features include the following:

  • See how additional monthly payments help you pay your loans down sooner
  • Choose a debt payoff strategy that suits your financial situation
  • A debt payoff planner and calculator to determine how long it will take until you will be debt-free and track your progress over time to keep you motivated

Best for: Users who are undecided on the best payoff strategy for them, who may try several approaches and want to see their progress in real time.

4. EveryDollar

Availability: Apple Store/Google Play

Cost: Free

You can use EveryDollar to create a budget and track your spending across all your Apple and Android devices, plus your computer. Some unique features you may find useful for your budgeting include the ability to:

  • View your budget in three different ways, including what you budgeted, what you’ve spent and how much you have left in your budget
  • Create unlimited budget categories to keep your finances organized
  • Share your account with your partner so you can work together to manage the household budget
  • Create a shortcut to track a transaction on your iPhone with 3D touch
  • Create a sinking fund in the app to save up for a large upcoming expense like a vacation or home improvement project
  • Use inline math to follow zero-based budgeting, where your income minus your expenses equals zero.

App users may choose to upgrade to EveryDollar Plus for $129.99 annually. The fee allows you to use premium budgeting tools and grants access to Financial Peace University, a set of online resources and lessons that help teach users how to pay off their debt and build up wealth.

Best for: Users who like to budget on the go, want to see exactly where every dollar is going and have strategic goals around building savings. Users may also appreciate the ability to tack on extra features for an additional sum.

5. Prism

Availability: Apple Store/Google Play

Cost: Free

Prism works by automatically linking your billing accounts with available funds and incoming paychecks, helping you track dates and balances while sending you reminders as necessary. It allows you to review, manage and pay your bills anytime from your phone and avoid incurring overdraft fees.

It also allows users to:

  • Choose how you pay bills, such as with credit, debit, prepaid or a bank account
  • See the most urgent bills and account balances compiled into a list or calendar format
  • Have an at-a-glance view of income, account balances and monthly expenses all in one place

Best for: Tracking and managing not just your bills but the movement of all your finances within a single dashboard. This app works best for users who want a big picture view of their financial health, debts and obligations on any given day.

Bottom line

Debt trackers can come in many forms, including the old-fashioned pen and paper variation. If, however, you’re looking for something more advanced, but don’t want to break the bank, consider some of the automated options we have broken down for you above.

 

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