We live in uncertain economic times. For many of us, using our Macs to manage our money is different than managing or paying down our debts. Use a checkbook app to manage your back account.
What about cutting your debt and reducing your bills? You’ll need an app that thinks different. A debt management app can track your bills, show you how to restructure your debt so you save money.
How To Blow Up Your Debts
There must be two dozen Mac apps that manage your money. Most work the same way. Track checking and savings accounts. Track credit cards, income and expenses, and investments.
How many Mac apps track your debt and show you ways to pay it down?
One that does is Debtinator.
This isn’t a Mac checkbook app. It’s a debt pay down app. Balance your checkbook and track your credit cards however you want. Debtinator looks at your expenses and budget and shows you simple steps to reduce debt.
Reduced debt means more money for you.
Start With Easy Steps
The first step in Debtinator is to list all your income sources. Whatever and from wherever they come, list them so you get a monthly total of your household income.
Second, list all your bills. All of them, including any monthly recurring expenses (rent, mortgage, car payment, school loans, utilities). This is where Debtinator differs from typical Mac checkbook apps.
Third, use Debtinator to list how much money you want to spend in each category. Once you see the difference between what comes in vs. what goes out vs. your total debt, you’ll see where you can make adjustments to lower the debt.
Debt requires payments and interest. Debtinator has dozens of built-in debt repayment strategies from cutting interest by speeding up payments to simply monthly money management.
Fourth, Debtinator focuses attention on the pile of debt and how it relates to your monthly income and monthly expenses.
Debt doesn’t go down by itself, but if you can’t see it clearly in relation to what you make and what you spend, you won’t have incentive to change your current money management method.
For example, if you select a Minimum Fee Only Payment Plan in Debtinator you’ll see that it may take many years to pay off a specific bill. Changing the payment frequency and amount can change the time to pay it off, and show you how much interest you save. The results are startling.
Try running the Highest Interest Payment Plan in Debtinator. It’s enough to scare you sober. You’ll see how budgeting and reducing total and specific debt actually gives you more money, not less.
Debtinator isn’t an easy app to grasp right away because we’re always caught up in checkbook management thinking. For a lot less money than Quicken, Debtinator brings your focus to what’s really important. Income. Expenses. Debt reduction.
If you don’t have any debt to speak of, keep using Quicken or MoneyWell or Money or CheckBook or whatever works well for you. If you have debt you’d like to pare down but you’re not making progress, Debtinator helps you focus on the four basic functional steps to reduce the total debt or specific debts.