Oh, debt! That pesky little bugger that just won’t leave you alone, right? It’s like that annoying relative who overstays their welcome during the holidays. But what if we told you there’s a way to kick debt out of your life for good? And no, we’re not talking about winning the lottery or finding a bag of money on the street. We’re talking about budgeting tools. Those boring, nerdy software programs that you’ve probably ignored all your life. But guess what? They might just be your ticket to a debt-free life.
Let’s start with the granddaddy of them all – Quicken . This company has been around since 1982, making it the equivalent of a dinosaur in the tech world. But don’t let its age fool you. Quicken is still as relevant and effective as ever. It offers comprehensive financial tracking with a debt reduction component, allowing you to see your entire financial life in one place. The most affordable option is Quicken Starter which costs $41.88 per year. However, for a more comprehensive debt reduction feature, you might want to consider their ‘Deluxe’ version for $59.88 per year.
Next up is ZilchWorks, a software that focuses on creating the fastest path for anyone to get out of debt. It uses the debt avalanche or debt snowball method, depending on your needs. The best part? You only have to purchase this software once, making it less expensive in the long run compared to other programs that require a paid annual membership. A standard program for a single user starts at $39.95.
If you’re more of a smartphone person, then Tally might be the app for you. It incorporates debt reduction with consolidation all from a smart device. The app specifically makes it easy to manage your credit cards and bills in one place. Tally is free to download, but they offer a Tally+ feature which includes a credit line to consolidate your debts for a fee of $0 to $300 per year.
For those who prefer simplicity, Unbury.Me is a great option. It’s incredibly basic and totally free to use. This software includes a basic debt repayment calculator you can use to craft a payoff plan using the debt snowball or debt avalanche method.
Qube Money is a comprehensive financial management tool that lets you plan your finances using the ‘envelope budgeting method’. This method forces you to set spending limits in all discretionary categories. Qube Money offers a ‘free’ Basic version, which has a one-time fee of $5.
Undebt.it is a free debt reduction calculator you can use on any desktop computer or mobile device. This calculator helps you use the debt snowball method, which asks you to pay off your smallest debts first while making minimum payments on the rest.
Checking your credit report is the best way to find out details about your debts. Annualcreditreport.com provides free access once per year to your credit report from each of the three major credit bureaus—Equifax, Experian, and Transunion.
While paying for debt reduction software may feel counterintuitive, these programs can be well worth it if they help you save money on interest, get out of debt faster, or both. These programs also make sense for people who have tried to get out of debt on their own but found they need a third party to help them create a plan they can stick to. Debt reduction software can lead to thousands of dollars in savings depending on how much debt you have.