This simple debt management tool can change one’s life
For Tennessee residents who’ve gone through personal bankruptcy, regaining control over their finances is often a top priority. There are tips and tools that can make that process easier. One of the most powerful is using software and apps to automate a monthly budget and pursue debt management goals.
Signing up for an auto-pay service is a great place to begin. Most banks offer some sort of bill-paying service that can automatically cover utility bills, credit card bills or many other types of recurring monthly expenses. It may take an afternoon to get all accounts linked to the service, but from that point forward, those monthly payments should be simple and easy.
Another common feature is the ability to transfer a specified amount into a dedicated savings account each month or on a bi-weekly basis. Having funds transferred directly into a savings account removes them from the primary account. For consumers who are able to simply ignore the fact that those funds are available, a nice little nest egg can be built.
Automating one’s monthly budget is a great debt management tool. That is especially true for those in Tennessee who have emerged from personal bankruptcy and are ready to take control over their finances. Using available budgeting tools to set up and maintain a monthly spending and saving plan relieves consumers of the need to constantly manage their money in a hands-on manner. Being able to simply structure a budget and have funds transferred as needed allows a chance to stick with a debt management plan in a relatively painless manner.
Source: The Huffington Post, “2 Simple But Effective Tools to Help You Manage Your Money Like a Pro“, Allan Smith, Nov. 22, 2017