August 3rd, 2009 
Elisheva Wiriaatmadja
I have found a few tools that can make a difference in your struggle to get out of debt. People who successfully reduce their debt use different kind of tools and some use something just as simple as a computer spreadsheet. The goal of using such tools is to help you budget your monthly spending and basically manage your finances to get out of debt faster.
Some people use a full blown financial management software packages that are sometimes very expensive. There are people who do not mind paying a lot of money to help their debt reduction efforts, but many of them don’t really know that many good debt reduction software is actually free.
One example is Quicken Online which you can access online and is completely free to use. It comes with a full blown financial software package without you having to spend any dime.
If you love Excel spreadsheets, PearBudget is a free spreadsheet that functions just as well as the paid budgeting programs that you can find out there. You can easily customize your spreadsheet like with any other spreadsheet programming.
Not many realize that Microsoft Office has an accounting program that is actually free. The Microsoft Office Accounting Express is targeted at small businesses so if you are handling your home business’ debt reduction, this one is free to download.
Yodlee MoneyCenter is a debt reduction software that I love the most. Using this software, you are able to classify your spending into as many categories as you want and out of these categories you can use it to help you make a monthly budget. Originally it was an account aggregator which compiles all your financial account information into one place to make it easier to read. This software as it is now is the best one that I recommend!
If you already have an account with Yodlee, Mint.com, along with its own easy-to-use budgeting front end to make a real debt reduction powerhouse. Mint.com works together with different credit card and financial institutions to offer their users alternatives to the credit cards, bank accounts, and other financial accounts that you already have.You will be able to compare credit cards or other financial accounts that you have to save thousands of dollars.
Whatever budgeting and debt reduction software you use, you need to make sure that you are using the one that actually works for you. Some people find that the high end financial software package is the one that suits their needs better. But some find the cheapest or the free ones are enough for them. It really depends on your own personality and habits in spending and budgeting.
My best recommendation is to try out the free softwares first to have a feel and find out what kind of software would actually work for you. You can always switch to another software if you don’t like the first one you picked. Soon enough, you will be able to determine what kind of features you would want in a debt reduction software.
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Yep, getting out of debt is all about managing the budget. It doesn’t really matter what software you use but you need to have the discipline to track your expenses. I use a simple spreadsheet I have made up myself.
I agree with the previous comment. Software is good to manage your expenses. However, many people just don’t have the discipline to adhere to those set goals, for example they see a pair of shoes in a store and buy them on impulse.
“Some people use a full blown financial management software packages that are sometimes very expensive. ”
Maybe they use them because they work.
I sell such a system that helps develop the financial discipline many people lack. When you can instantly see the long term financial impact you do modify your behavior. Not to deprive yourself but to get to your financial goals sooner.
How do you define ‘expensive’? If a $10,000 system saves you $200,000 is it worth it?
Do the zeros scare you? Would you spend $10 to save $200?
Not everyone qualifies but many people do. Find out how much I can save you before you buy. And no, it doesn’t cost $10,000.
Once you see what our system can do, if you’d rather stick to some spreadsheet that’s still an option.
“The highest form of ignorance is to reject something you know nothing about.” – Dr. Wayne W. Dyer
some people might say the It doesn’t matter what software you use.. well i think its a really big help using one of this sites.. using a good software can make things easier…and i agree ,you need to have the discipline track your expenses..
I think there’s no need for software these days, there are countless web apps and iPhone apps to help you with your debt reduction and on top of that there are books and free articles online for this but still good advice to check out the software.