6 Tools to Help You Pay Off Debt and Reach Your Goals

March 3, 2014

debtAt the beginning of this year, many made financial resolutions. One of the most popular resolutions made by Money Smart Life readers, as well as people all over the world, is to pay off debt.

If you want to pay off debt and become financially free, there are a number of tools that can help you reach your goals. From online applications that track your progress to great books that can serve as resources to help you create a plan, you can take control of your financial future and get on the right track.

The first step is learning about your situation and your options.

3 Online “Pay Off Debt” Applications

An online debt reduction application can help you see where you are, as well as create a plan to improve your situation. And, as you pay down debt, you can track your progress and celebrate your success.

1. Online Calculators

If you are trying to figure out which debt repayment route to take, Get Out of Debt Guy offers a handy Debt Plans Summary Calculator [Editor’s Note: This calculator seems to not be available at the moment. Try Todd’s Financial Mentor Debt Calculators.]. Evaluate where you are right now, and see what you can do to improve your situation.

2. SavvyMoney.com

Another option is to make use of SavvyMoney. This application helps you take a more active approach to debt reduction.

Enter all of your debt information into the appropriate fields and then create your debt payment goal. The application will help you put together a smart plan to help you save money on interest and pay off your debt as quickly as you can.

SavvyMoney keeps you on track and helps you visualize your progress. On top of that, you receive information on accelerating your progress so that you can pay off your debt even faster.

3. ReadyForZero.com

You can also use ReadyForZero, which is another way to track your debt progress. Much like you would with personal finance software, you can link your debt accounts to ReadyForZero so that you can see your progress as it happens.

ReadyForZero provides tips, reminders, and encouragement to help you keep on track. You can use this program to help you anticipate life without debt – a life that hopefully is in your near future!

3 Books to Help You Pay Down Your Debt

Tools to help you pay down your debt also include books. Many books include worksheets and helpful action plans that you can apply to your own situation. In many cases, it can help to read the right books before you set up your debt plan using the above tools. Some helpful get-out-of-debt books include:

1. Total Money Makeover

You may not agree with everything Dave Ramsey says (I don’t), but there is no denying that this step-by-step plan has served as inspiration for many over the years. You can follow the information in this book, and the accompanying workbook, and get out of debt and improve your finances.

2. The 1-2-3 Money Plan

Gregory Karp provides a practical guide to managing your money. Use this guide to help you beat debt and move on to the next stage of your financial development. A simple way to get started on the right path – no perfection needed.

3. Zero Debt: The Ultimate Guide To Financial Freedom

If you are in deep debt trouble, this book by Lynnette Khalfani-Cox is an excellent resource. Use this book as a tool to help you take control of your finances and dig out of the debt hole. Create your action plan with help from this valuable resource.

Editor’s Choice: Get Out of Debt Like the Debt Heroes

Our very own Ben Edwards partnered with Jeff Rose to gather an amazing collection of inspirational people and their stories on how they got out of debt. You’ll learn how people just like you escaped the debt trap!

Getting out of debt takes dedication and hard work. You need to be committed to that course of action if you want to succeed. The good news is that there are tools and resources available for you – many of them free or low-cost. Do yourself a favor this year and start on the path to debt-free living.

What are you using to help you get out of debt? Leave a comment!

This article was originally published on October 31, 2012.


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Miranda writes about personal finance almost every day. An experienced freelance writer, she's covered your money online and in print from every angle and is always looking for new ones.

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10 Responses to 6 Tools to Help You Pay Off Debt and Reach Your Goals

  • Tim Mobley

    Great tips! However, I will agree with the previous comment that motivation and drive are the key factors for success when it comes to getting out of debt.

  • John @ FirstStepFinance

    I think the best device for getting out of debts and attaining objectives is motivation! Being inspired to do so is important.

  • Tushar @ Everything Finance

    These tools are great, and will certainly help people. However, the best tool for getting out of debt and reaching goals is motivation! Being motivated to do so is invaluable.


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