When it comes to your getting out of debt, having the right software can actually make a real world of difference. Some people tend to manage their efforts at debt reduction with something that is as simple and as straight forward as a computer spreadsheet while other people tend toward full blown software solutions for financial management. You can spend a little bit of money or you can spend a lot, and you could still end up in the same exact place in the end: debt free. What you may not be aware of, however, is the fact that some of the best software for debt reduction is actually free. As an example, Quicken Online is a financial software package with all the bells and whistles that just became free for use online.
Another example is known as Pear Budget, and it is a free copy of an Excel spreadsheet that functions similarly to a much more expensive type of budget program. If you have a fondness for spreadsheets in Excel, then Pear Budget is definitely a choice that is well worth considering. Just like any spreadsheet on Excel, Pear Budget is capable of being customized quite readily in order to suit your needs, provided that you know the basics of using Excel or similar programs like Google Documents for example.
Another example of a free program that you can use is Accounting Express 2007 from Microsoft Office. This is a software package that has been targeted to meet the needs of small companies, so it may be a little more in terms of bells and whistles than you need to use for the purpose of managing your finances and debt reduction, but because it is free it is well worth trying out anyway.
Another example is Yodlee, which was an account aggregator that compiled all of your personal financial account info into a single place so that you could manage all of your financial accounts together at once. Now you can also classify all of your spending into different categories, helping you create a budget. This is a nice utility that is free to use and really user friendly as well.
Mint.com is another great alternative, and it utilizes the same account aggregator that Yodlee uses. It also has an easy to use front end for budgeting that allows you to figure out your debt reduction much more easily. This site lets you keep track of all of your financial accounts in one single place, including credit accounts, bank accounts, loans, mortgages and other financial accounts that you have. Keeping everything together like this can make it easy for you to keep track of your money, your spending, your saving and your debt repayment as well.
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