Anyone who faces bankruptcy or has already filed understands how hard it is. It starts with some difficult decisions and then there is a follow-through that demands sacrifices (financial and otherwise) before a person rebuilds their credit rating. One modern breakthrough that makes the process more manageable is an assortment of excellent budget apps that users can download on their smartphones or computers.
It is a mistake to assume that those who filed bankruptcy were incapable of creating and following a budget. Still, these apps can help users rebuild their credit rating by monitoring spending, organizing savings, and even propose ways for cutting down on unnecessary expenses.
A shortlist of apps
Their purposes vary, and some are free while others cost money. Nevertheless, users can find one that will likely help them:
- Mint: This is one of the oldest and most reliable budgeting apps out there. It reminds users to pay bills and automatically categorizes spending. It also free and available for iPhone, Android and PC.
- Pocket expense: This app can build budgets based on the user’s current spending habits. It automatically updates to tell users how much disposable income they have, and it also searches for ways to lower monthly bills.
- Wally: This intuitive new app also enables users to track info in real-time. Users can balance income and expenses, understand where the money goes and set financial goals.
- Clarity Money: This new AI-powered app enables users to track spending and debt. Users can also learn how they can save on daily transactions and subscriptions.
- Trim: This app uses encryption and two-factor authentication to analyze spending and determine where users can save. It also cancels subscriptions and can negotiate Comcast bills or find cheaper car insurance.
Nothing can replace sound human guidance
Those considering bankruptcy can work with a bankruptcy attorney to ensure the process is no more complicated than it needs to be. These professionals can look at the situation and tailor a solution based on years of experience and an understanding of bankruptcy law.