Using Budgeting Apps to Help Pay Down Loans on Your Granbury Home and More

When it comes to homeownership a majority of Granbury homebuyers purchase their home with the help of a mortgage loan. Some homeowners may be interested in finding ways to pay off their mortgage as soon as possible in order to save money on interest and own their homes outright. The good news is, there is an app for that! 

Or maybe you are a potential Granbury homebuyer who has a number of loans currently on the table and is hoping to reduce their debt load to have a more favorable debt-to-income ratio (and to free up some income) when you apply for a home loan. The good news is, there is an app for that too. 

The majority of us can say that our smartphones are pretty much our lifeline. They are our daily organizing planners. Our phone is the place where we keep all of our important contact information. Our phones can also be reminders of when to do certain things that are important throughout the day like taking medicines. It could also be our own personal trainer helping us to stay physically fit. There is pretty much literally an app for everything. What some people may not be aware of is that our phones can also help us become more financially savvy.

There are actually more and more personal finance apps available for our phones just in the last few years. Since 2019 there has been a 90% increase in the installation of financial help applications to smartphones. This earned financial apps the second largest category of smartphone apps in existence. Fin tech apps as they are called can assist someone with any aspect of financial help from budgeting and banking to even negotiating bills and eliminating unnecessary expenditures.

There are some financial apps that are great for helping the phone owner pay down debt and get into a healthier financial status. This could be for the purpose of true ownership of your Granbury home or it could be to help you launch into a healthier financial status so that you can qualify for a better mortgage loan. Here are some popular and helpful financial planning apps that could help you pay down your loans and get rid of unnecessary expenses.

The debt payoff planner

This app is exactly as the name describes. The debt payoff planner helps you to pay off debts with a plan in place. The nice thing about this app is it does not require the user to make huge life changes rather it helps by finding simple ways to create a payoff plan and makes it seem attainable by breaking the plan into smaller and seemingly easier-to-obtain steps.

This app allows the user to choose their most favorable payoff strategy. You could either prioritize getting rid of small debts to feel like you have accomplished something right away or tackle the giant debt first and work on the ones with less financial impact on your life.

This app also helps the user to create a list of every debt that is owed and needs to be tracked and helps to keep track of the current balance of those debts as well as any interest and minimum payment due as well as when payments are due. It is fun to look at the strategy tool to help you look at the payoff summary timeline and see what strategy has what impact so that you can choose between the options.

Pocket Guard

The Pocket Guard app helps you to get a handle on household spending and enables you to identify how much free income you have available after paying mandatory bill obligations. Deciphering between what needs to be paid for and what is unnecessary spending will help to aggressively tackle paying down debt. This app crunches numbers to help users identify how much spending cash they actually have and devise a strategy for how they might be able to put some of that toward paying down debts.

Tiller

If you are someone who likes to see everything laid out in one spot on a spreadsheet then Tiller might be the app for you. This app uses Google Sheets or Microsoft Excel spreadsheets that update daily to help you see your entire financial life in one spot. The app has personal financial templates that can help you pay down debts like a debt snowball spreadsheet. It helps you to target debt and track progress on paying things down with a debt-free date. Who doesn't like the term debt freedom date? Doesn't that get you excited about getting those debts paid off?

Every Dollar

The Every Dollar app may be one of the most popular and widely known financial apps.  John Davis is the founder of ScoreSense a credit score sservices company. He has spent much of his working life focused on helping people better understand their finances. John Davis says he recommends this app to his clients as a great way to attack loan debt. The app uses what is called zero-sum budgeting which is a lifestyle choice that enables borrowers to pay down debt fast by taking serious control of their finances. The app starts by asking you to enter your exact income and categorize your expenses then allocate every last dollar to where it's going to be spent.

Every Granbury homeowner or potential home buyer can agree that being in a better financial position with less debt is ideal. You may want to consider using one of these apps to help you more easily track your debt and pay it down so that you can own your home or so that you can more quickly become a Granbury homeowner.

If you are searching for a home in Granbury please contact me. I am happy to help you find the home that you are dreaming about at a price you are able to comfortably afford.