Medical bills, student loans, and a strange bill to the IRS that cropped up here recently has haunted my banking account.  I have been on a mad search for an app that will allow me to keep track of my bills, and give me some hope that I can crawl out of this hole.  In other words, I want to be able to see the light at the end of the tunnel, and so I went on a quest to find “a hero” which was in the form of an iPhone app called “Debt Free – Pay Off your Debt With Debt Snowball Method.”  (iTunes App Site)

If you are shaking your head at what the “snowball method” is, don’t fret.  The snowball effect occurs both ways, both with debt accumulation and debt reduction, so essentially you are fighting fire with fire.  This app is the utility to help you win that war, and to give you a way to take all of those endless bills that come in the mail, organize them, and keep track of how much you pay.

“The debt-snowball method is a debt reduction strategy, whereby one who owes on more than one account pays off the accounts starting with the smallest balances first while paying the minimum on larger debts. Once the smallest debt is paid off, one proceeds to the next slightly larger small debt above that, so on and so forth, gradually proceeding to the larger ones later.” (Source)

Instead using an app that just gives you a balance, how much you owe, and how much you paid – it actually calculates the debt pay off date and the date when all of your debts will be eliminated.  Think of it as the road to freedom!  After entering in all of my debts (sigh) and using the lowest balance method (there are three methods, more on that later) I found out that I will be debt free in 2018.  I guess that isn’t too bad, right?  It’s like a weight loss plan, only for your finances, and actually I feel like I have a better handle on my bills now!

You can also pay off your debt using the other methods, which are highest interest rate and a custom order, which you can define in the application itself.  If you want to make extra payments, the app takes that into consideration with interest savings and payoff dates as well as giving you calculators to play with the numbers.  Yes, you can actually calculate using the app to see variances in your loan, mortgage rates, and the payoff date) which again is light that giant light at the end of the tunnel.

If you are like me you may forget about paying a bill, especially one that is coming from a collector or is one that you are dreading paying down.  Indeed, reminders are the key and this app has them!  You can set the number of days before the “debt payment” is due to be reminded to pay it down.  Once your ready, and have all of your debts entered and your reminders set – it’s a breeze to record your progress!  Simply get the reminder, make the debt payment, go to the app and record the payment, and check out your progress!  It’s that easy!

You an even e-mail the debt report in .PDF form, and carry the printout with you if you decide you want to crunch the numbers even further!  I personally LOVE this application, and I am going to keep using it because it has come at a time in my life when I really need to be more financially organized.  Indeed, in this day and age we are all overwhelmed with debt – and this iPhone app will help you climb out of it with ease!  It will also paint that lovely picture of when you will be OUT of debt, and fully paid off – and that in itself is a big stress reliever.

Here is a video of how to use the application:

I give this application all of the stars, kudos, and thanks that I can!  It’s a lifesaver, and if you are drowning in bills – I suggest you get it too!  Thanks Mobile Innovations, this is one TRULY amazing application and I am glad that I found you!

Get the app from ITunes | Application FAQ | Mobile Innovations LLC Website

Getting Out Of Debt & No Longer Unorganized,
Jake A. Wheat