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#FLM2017 The Best App for Dealing with Competing Debts

When their generation became known as “X”, the world revolved around Cola Wars, Michael Jackson and the dot-com boom. Does anybody miss the 90’s?

Now those in Generation X (currently aged 36 to 50) have different priorities on their minds. With families, a mortgage, and retirement savings to think about, competing debts could be leaving them frustrated and stressed out. Reality bites!

The reality is: these are peak earning years, and an excellent opportunity to explore debt relief options to relieve financial stress.

A FICO survey found that 26 per cent of Gen X are concerned with the amount of debt they have, but only 18 per cent say they’re interested in getting assistance to manage it. The good news is that you can find ways to reduce debt on your own.

Financial literacy and money management can help

November is Financial Literacy Month, and it’s an opportunity to find a new tool for managing money with the goal of reducing debt. If you haven’t tried a money management app, it’s an excellent way to understand your spending and see where you can cut back in order to make larger debt payments.

While there are multiple examples, Mint is the most popular among Canadians and has over 10 million users worldwide. Here are two ways a Gen X’er can get the app working for them:

  1. Use the app to stay on top of your bills. When dealing with family life, it can be easy for deadlines to slip by. Mint can set reminders for when your payments are due – allowing you to avoid costly late fees or interest payments.
  2. Find key areas where you’re overspending. Mint sorts your spending into areas like entertainment, dining out, rent and more. Seeing where you spend all your money can help create better habits. Whether it’s cutting out Friday lattes or cancelling a Netflix subscription, small changes can add up.

 

Mint doesn’t have to be your huckleberry

Finance writer Kerry Taylor personally avoids using Mint, as it uses your bank account password and could potentially leave you vulnerable to fraud or theft. Mint assures confidentiality, but it’s up to your comfort level to use it.

It’s not the only money management app out there, either. Apps like Wally, Toshl Finance, and good old-fashioned Google Sheets can help you manage spending and improve your financial literacy.

When you’re moving in 100 different directions, using technology can help you get organized. If your debt is becoming unmanageable, you can also make time to visit with a bankruptcy expert in Grande Prairie — a Licensed Insolvency Trustee (LIT) — to explore debt relief options like debt consolidation or a consumer proposal. Mint or other money management apps can help you stay on track with your debt payments, too.

Dealing with Gen X stress and looking for help to manage money? Join the conversation on social media by using the hashtags #DebtSolutions or #FLM2017.



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