When it comes to paying off debt, there’s an unlimited amount of financial tools, strategies and methods available. From implementing a debt snowball, a debt snowflake, to financial planning software and mobile apps, there’s no shortage of resources out there, claiming to help you get out of debt.
This makes it both confusing and overwhelming to figure out what the best tool is for tracking your debts. Now that I’ve been through the paying off debt process, I found one financial tool that launched me towards success.
The one financial tool you need
If you’re anything like me, you’re looking to simplify your life and find strategies that work. The faster you can get out of debt, the sooner you can spend your money on things that really matter.
So what is this awesome tool?
It’s a debt payoff calculator. But not the traditional debt management calculator you’re probably thinking of. Thanks to technology, there are several up-and-coming software companies and financial resources that will do the work for you.
A debt calculator is different than a loan calculator, because it computes how much you need to pay each month, on each debt account, in order to be free from debt by a specific payoff date.
A regular loan calculator will only compute the amount of your monthly payment based on your interest rate or set time period. Here are 4 of the best modernized, online debt calculators to help you take back control and get out of debt fast.
1. Payoff
Just like the name implies, Payoff is the new FREE way to pay off your debt, save money and fulfill your dreams. When you sign up for a Payoff account, you’ll be able to link your debt and loan accounts and create a custom payoff plan using their debt calculator.
As you make payments and throw extra income towards your debt, you’ll be able to visualize your progress. The awesome thing about Payoff is you can use them even if you’re debt free (like I am) because you can create different financial goals, for either paying down debt or saving towards a certain goal.
2. ReadyForZero
The coolest thing about ReadyForZero is, that it’s solely focused on tracking your debts, whether its credit cards, car loans or mortgages. It’s a simple tool to control and reduce your debt.
It won’t distract you with creating a budget, or finding the best deals or making money (although all of those things can be found on their blog). It simply offers a modern debt payoff calculator to help you get out of debt fast.
3. Google Docs or Excel
Even with these modern debt calculators, sometimes I still like to use a spreadsheet to track my progress. What can I say, I like seeing my numbers go down and editing the transactions myself. Sometimes I like to play around with the figures to see if I can get out of debt even faster.
But even if you aren’t a numbers geek like I am, using a Google Docs or Excel spreadsheet might give you more peace of mind than linking your accounts in an online tool (even if they’re extremely secure).
The importance of visualizing your goals
The purpose of any debt payoff calculator is to help you make a plan, stay on track and visualize your progress. Without a doubt, there’s no way I could have gotten out of debt as quickly or with such determination as I did, if I didn’t use a debt payoff calculator.
When you see yourself making progress each month, it makes all the sacrifices worth it. Having that daily and weekly reminder of your status and seeing the numbers in black and white, makes them hard to ignore.
What’s your favorite tool for tracking and calculating your debt?
I'm an ex-small business accountant who aims to help freelancers get out of debt and organize their life. And through the recently launched 
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