In today’s society, people turn to their phones for many things such as research, entertainment, communication, and direction. So why not use your phone for financial purposes? There are multiple phone applications available on the market that can assist you in staying organized with your finances and help you achieve specific goals. These goals can range from paying for your Chilliwack mortgage on time or even saving for your first down-payment.
You need to be sure and have a lot of money saved up to pay for your down payment, which is a set percentage of your home’s purchase price. To help you get started, your Chilliwack mortgage broker, Matt Robinson with Dominion Lending Centres, has listed the top 3 budgeting apps to help you save for your first down payment.
Mint is a free application that can help you manage your finances easily. This app has multiple features that include tracking bills, accurately budgeting, free credit checks, reminders on when your bills are due, payment categorization, and investment tracking all in one secure location. This app is personalized to you, it allows you to pay bills online, and it gives advice on ways to cut back on spending and increase your savings.
#2: Debt Minder
Debt Minder on Go is an inexpensive app that can help you pay off debt and manage your finances. This app will strategically map out how you can reduce your balance by using a “Debt Snowball” method and customise each plan to your financial situation. You are able to select any type of currency you want, and this app will also show you your daily and monthly interest accrual rate in an easy to understand graph.
At a low monthly fee, iXpenselt is a daily and monthly expense tracking application that can help you save for your first down payment. This app’s features allow you to input your expenses and store photo receipts on the go. With this simple tool, you can consolidate all your debt and expenses into one area to help you easily track how much you are spending versus how much you are saving. You can then export this information from your phone into an excel file. For more information, please click HERE.
Contact your Chilliwack mortgage lender today for more information on these three budgeting apps. Or if you would like to get started on your mortgage application, please call 604-852-1703.