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5 Best Budgeting Apps for People Living Paycheck to Paycheck

Man walking using a budgeting app

These apps take a little set-up, but after that, enjoy taking the brainwork out of every spending decision. Whether you’re just trying to cut down on needless spending or saving up for a big purchase, these apps help you reach your goal quicker.

Every Dollar

Available on Android, iOS and on desktop, Every Dollar has a very simple user interface that makes budgeting simple. User can expect to take less than ten minutes setting their first budget. The service ditches spreadsheets and offers many helpful visuals so you can see where your money is going. Tracking your spending and managing your money is super convenient with the app, and it syncs across devices so whenever you open it, you’re looking at the most up to date information. Every Dollar lets you budget confidently – the app is based on a proven plan that has helped millions of people get out of debt.

Mint

Available on both iOS and Android, Mint is one of the most popular money managing apps. Users can easily view all of their bank accounts in the app and categorize all of their expenses by category, such as utilities or food. Unique to Mint is that it lets you set spending limits for each category, and will send you an alert when you are approaching the limit. Users can also get a free credit score within the app. Lastly, users should feel safe using Mint, as it was developed by Intuit and backed by their security system.

Digit

Digit it perhaps the most unique app on this list. It does the basics like connecting to your bank account and view your transaction history just like the others. What sets it apart is that it analyzes your income and spending habits over time, and by using a unique algorithm it sets aside small amounts of money into a separate “Digit savings” account that it thinks you would have spent wastefully. Many users claim it has helped them save a lot of money, but if you don’t like it you can easily transfer the money back to your checking account for no fee. Lastly, the service has a “no overdraft guarantee” and promises to not take more money than you can afford out of your account.

Level Money

Level money is a great app for people who know the importance of saving and want to do it, while also spending their hard money however they choose. Level money lets you set a savings goal for a time period and helps you plan for future expenses, like bills. The app then informs you of any money you have left over – called spendable money – and illustrates this nicely with a helpful graph. The app also has a daily spending guide to help you stay focused on your financial goals, and will alert you if you’re spending more than usual.

Spendbook

This one is only for iOS users, and will cost $1.99. Spendbook has built in expense tracking and lets you set budgets. The app is very user friendly, adding a new income stream or expense transaction can be done with just a swipe down. The app lets you take photos of receipts and items you have purchased and then categorize them. Lastly, the app gives users a daily and monthly summary of their expenses, as well as charts and infographics to help users spot trends in their spending habits and look for ways to improve.

 

5 Ways to Be Debt Free by Christmas

Family Celebrating being Debt Free

 

Most people have some debt, but if your situation has gotten out of hand, now is the time to figure out how you can pay it off before it gets even worse. By figuring out how much you owe, picking a strategy to pay it off, and making a couple sacrifices along the way, you could be debt free by Christmas.

Here’s how to get started:

Know how much money you owe

The first step to paying off the debt you owe is to figure out exactly how much debt you’re in. You may have avoided doing this because you’re scared of the number, but it essential as it will help you keep perspective and figure out a plan to pay it off. Gather all debts you owe, from credit cards to student loans to medical expenses, and calculate how much it all adds up to.

Develop a strategy

The next step is to develop a strategy to pay off the debt. This is important. Picking and being able to stick to a strategy will help you pay down the debt faster, while also knowing that the sacrifices you’re making to do so have a set end date, giving you some peace of mind. There are two main strategies to pay off debt: Debt avalanche and debt snowball. The first one is the fastest, and has you pay off the debts with the highest interest rates first. This can save you a lot of money over the long term, but you won’t feel much progress is being made at first.

If you feel as if you need to see yourself making progress to stick to a strategy, debt snowball is likely for you. This strategy takes the opposite approach. Arrange your debts from smallest to biggest (ignore the interest rate) and begin paying off the smallest ones first. This will help you see that you are making progress, but will likely cost you money over the long term due to interest.

 Commit a set amount of money to the debt

 Another excellent way to help you pay down your debt steadily is to set aside a set amount of money every month and put it towards the debt. Start out by calculating how much you need to spend per month on necessities (include building up an emergency fund) and then subtract that from your total monthly income to get an idea about how much you can put towards the debt every month. The higher the debt, the more of that money you will want to dedicate towards it.

Get a side job

Even with these strategies, paying off these debts is no easy task. It takes persistence and sacrifice for possibly years. One way to help you but a bigger dent in the amount you owe is to get a side job. Even if it’s just on the weekends doing something simple, you could easily find yourself with a couple extra hundred dollars at the end of every month to put towards the debt. It may not sound like a lot, but it could save you hundreds if not thousands over the long run, and you’ll have that debt paid down much quicker.

Happy debt-free people

Renting a room

When calculating your total monthly expenses, chances are the rent towards your apartment is what is eating up most of your budget. You could downsize to a smaller apartment, but this would involve lots of paperwork and being stuck there for a few years. An alternative solution is to rent out a room in someone’s house or apartment. There is little to no hassle, and with the money saved, you could put even more towards the debt or perhaps avoid getting that side job. Either way, if you owe a lot of money, this is certainly an option to look into.

 

7 Tough Financial Situations a Small Personal Loan Can Solve

woman sad at need for personal loan

The small personal loan has gotten many out of difficult situations.

Did you know the personal loan has interest rates 5 to 10 points lower than a credit card? Read these situations where a small personal loan makes more sense than additional credit card debt.

Finance a Funeral with a Small Personal Loan

 Unfortunately, death is a fact of life and often strikes at the most unexpected times. Not only is it hard to go through the emotional trauma of losing someone close to you, but making the funeral arrangements in just a few short days, while also figuring out how you’re going to pay for them is extremely rough. Funerals aren’t cheap, even with relatively affordable caskets the cost can still easily run up to the thousands. If the deceased person’s assets cannot cover the expense of the funeral service, taking out a small loan with a low interest rate is one of the best routes you can take to cover the cost and work your way towards paying it off. 

A Small Personal Loan Consolidates your Debt

Most people who receive a small personal loan get one to consolidate their debt. Consolidating your debt allows you to combine multiple types of debt, such as car loans or debt accumulated from credit cards, into one total loan with a fixed interest rate, consistent monthly payment, and a closed-end term. Doing this can have multiple advantages. It can lower the interest rate on the debt, and you may also qualify to have a lower monthly payment that is paid off over a longer period. Either way, consumers with multiple outstanding debts should definitely explore consolidation.

hand of man calculating costs of small personal loan

Escape Credit Card Debt

Another effective use of a small personal loan is to use it to pay off credit card debt. Of course, this may sound counterproductive, taking out a loan and possibly going into debt again just to pay off existing debt. However, many loans are available at a low rate, which limits the amount of interest you will have to pay, along with along with an end date to help you plan out your financial future. According to Ryan Bailey, who is in charge of consumer deposits, payments, and non-real estate lending at a TD Bank branch, who says that “With an unsecured loan, you pay it off in 5 years, generally at a much lower interest rate, so it saves payment, and you actually get it paid off.”

Paying off HealthCare Bills

 Life is unpredictable and sometimes you or a loved one may end up in the Hospital. Even with health insurance, costs can often be extremely high, especially for long stays. That is why so many people take out personal loans to cover unexpected health care costs. Don’t wait to do this – credit reporting agencies may be notified of missed payments and this will damage your credit score. A personal loan can allow you to pay off your medical expenses while keeping your credit score intact.

 Make a Big, Critical Purchase

Did your old car suddenly break down and you need to buy a new one but don’t have enough money saved? Or can you afford one, but don’t qualify for a secured loan because of your credit history? A personal loan could very well be the answer. People who qualify for personal loans are more than free to put them towards a big purchase, such as buying a car, motorcycle, a small house or a boat.

Pay for a Wedding with a Small Personal Loan

Your wedding day will be one of the most unforgettable moments of your life, and it is totally reasonable that you may want to spare no expense. You already know the cost is going to add up quickly. Between the reception, the dress and tuxedo, to hosting possibly over a hundred guests, weddings are very expensive. This does not even include the cost of the rings as well as a possible honeymoon afterwards. Many couples look to personal loans to help them finance their big day. They can be used towards the expenses previously mentioned, and can ensure your wedding day will be one of the highlights of your life.

Finance Unplanned Expenses with a First Financial Personal Loan

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As you’ve gathered from reading this article, personal loans have many practical uses and cover a wide variety of expenses. First Financial knows how unpredictable life can be and how hard it is to keep a large sum of money sitting idle just waiting for something to happen. That’s why our loans cover more than just mentioned above. A small personal loan can also help you finance veterinary care for your pet. Or say a loved one in a different country has suddenly fallen very ill and you have to find a way to be there with them. Whatever it is, rest assured that our loans are consumer friendly with low interest rates and set end dates. In a perfect world, money shouldn’t decide if your pet can get a surgery to extend its life or if you can visit a sick relative, and with a loan from First Financial, it doesn’t have to.

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