The first time I realized how much debt I had, I felt the sharp pain of anxiety.
I knew that I had a debt, but I also denied it. To see such a large number, neapologically displayed in black and white on my account, was difficult to understand.
I was in debt, but I am far from one. The average US household has approximately $ 15,000 in credit card debt, while the average student loan debt is close to $ 30,000.
As most of us know, getting out of debt is not easy; This can be a long and difficult journey. To be free from debt, many of us have to make big financial, emotional and mental changes in order to get to the other side.
Fortunately, there are online tools that can help you on your journey and ensure that all aspects of your financial health go in the right direction: debt free.
Here are three ways to get out of debt with online tools to help you.
1. Track mint money
The first step to getting out of debt is that you know exactly where your money is going – and how much is actually coming. Mint is an internet-based budgeting software that helps you keep track of your income and expenses.
Instead of worrying about pen and paper or trying to keep track of cigarette butts and pay slips, the Mint does all the hard work for you.
You can link your current accounts, savings accounts, student loan debt, credit cards, as well as your investments and property. The Mint offers a bird’s eye view of your financial picture, showing all your income, expenses, and also your net worth.
The Mint is great for those who get out of debt for a number of reasons:
You can easily create budget and balance sheets
The mint has a Goal function that will help you pay off your debt or save money on achieving big life goals, such as travel or savings for a down payment on your first home.
The Mint warns you when you accept credit card or student loan payments.
You can get your free credit score from Equifax using mint
The mint is ideal for those who are in debt, because you get an accurate picture of where your finances are, and you can track them month after month to gauge your progress. The new credit score feature is a great bonus, as it is the key to monitoring your credit rating when you rise from debt.
Related : Reduce student loan payments
2. Earn a loan to pay off your debt with Gradible
If you have student loan debt, this tool is for you. Gradient is a web-based platform that helps you pay off your student loans by earning LoanCreds by completing various tasks.
LoanCreds are a form of Grad currency and go directly to your student loans. Gradient works with all lenders for students, so any money that you earn on the site can be repaid and sent to student loans.
Although you are not going to get rich quick from Gradible, this is a great way to earn some extra money to donate student loans.
Some of the things you can do to earn LoanCreds include:
Doing internet research
Shopping online Gradible
Referring friends to Gradible
How much you pay depends on the time and complexity of the task. Each task shows how much LoanCreds you will receive and the approximate amount of time it takes to complete the task.
For example, an online research task may pay out 5 LoanCreds credits and have an approximate time of six minutes.
So, how much does LoanCreds cost? 10 LoanCreds are equivalent to 1 US dollar at debt repayment.
As I mentioned, Gradible will not quickly fix your student loan, and it may be better for you to find a secondary job to increase your income. But Gradible is something else that can help you pay a little faster.
The beauty of Gradible is that it is free and can help you add extra money to your student loans. According to their website, the best performers on Gradible are around $ 500 a month. If you still will be on the Internet, why not pay off your debt, and not just watch videos with cats? (um, to blame).
If you still will be on the Internet, why not pay off your debt, and not just watch videos with cats? (um, to blame).
3. Perfect budgeting with Mvelopes
The envelope budgeting method was personal finance for those in debt. The premise is that you create an envelope for each of your expenses and only contribute
amount of cash in an envelope per month. When the money goes, you can not spend more money.
Although this method is great, it may feel a bit outdated. But now there is a digital counterpart for this method, called Mvelopes.
Mvelopes is Internet budgeting software that uses the traditional envelope budgeting method in the modern age, using digital envelopes to manage your budget and cash flow. In October 2012, Kiplinger chose Mvelopes as the “Best Site for Superflow Budgeting”.
According to their website, Mvelopes can help you recover up to 10 percent of your income from hidden costs. Mvelopes differs from Mint in that it uses a proactive approach to budgeting,than a reactive approach.
Instead of looking at your budget after your money has been spent and gone, Mvelopes helps you look and plan ahead. Using envelopes will help you decide how to spend, showing you what you have left to spend in each category in real time.
For example, if you pay $ 200 for groceries this month, you must deposit $ 200 in cash in a Mnvelope marked for groceries.
Many people who go out of debt swear by this method, because it makes you consciously spend — when you start to see your money being cut in an envelope, you may think twice about buying this bath from Ben and Jerry.
The free version of their software allows you to synchronize 4 bank accounts and have 25 envelopes of expenses. You can also access your community forum, as well as by email.
Like Mint, you can also define your goals and track your value. Although Mint is a good option for those who may already be familiar with budgeting, Mvelopes is a good option for people who are just starting to work with budgeting and are looking for something to help them keep their expenses on the go.
For more information : https://studentloansresolved.com/