Pay down your debts faster and save money with Debt Snowball+ for iPhone

Minimize your debts faster and save money with Debt Snowball+ for iPhone

Debt Snowball+ for iPhone utilizes the snowball method of paying off debts to help eliminate them faster and cut down on the amount of interest paid over the life of a loan. If you need a quicker way to pay things down, or feel as if you're paying on loans and just aren't getting anywhere, apps like Snowball+ like this can help you set attainable goals within your budget.

How to use debt snowball+ and choose a method

For those not familiar with how debt snowballing works, it is based on the concept of paying something off and using that payment amount to apply towards another debt once it is paid off. You start by choosing whether you'd like to pay large debts off first or smaller ones. Typically, paying off smaller debts first will free up money quicker to apply towards larger debts but paying off larger debts first tends to save you more money as you're most likely not paying as much interest. Whatever method is right for you is what you should use.

Add a debt to debt snowball+

Debt Snowball+ allows you to enter your debt information into the app and categorize each one accordingly. You can set up payment reminders and record additional payments you decide to make. Once all your information is input you can tap on your total debt amount at the top to receive some interesting information. Move the slider up and down or key in amounts to see how much making an additional payment will save you money and time wise.

Once a debt is paid off in full, the concept is that you will then apply the amount you were paying towards the debt that is now paid off to the next debt in line. In essence, you can just pretend you still have the same amount of debts to pay, you're just applying more to each debt as you knock other debts out.

Record additional pmts and view pmt history with Debt Snowball+ for iPhone

I've found Debt Snowball+ to be a great way to track debts on an ongoing basis as well as an easy way to calculate how much to apply in extra payments if you've got some extra coin laying around. I don't really use the reminders within the app as I've already got calendar alerts set up for bills in the default calendar app. I'm assuming most other people will too so that feature seems a bit redundant.

The good

  • Great way to track debts
  • Easily calculate extra payments

The bad

  • Reminders may be redundant

Conclusion

If you're looking for a good way to pay off debts quickly and need something that'll help you be a bit more conscious about your debt to income situation, Debt Snowball+ is a nice way of getting an overall picture of your situation so you can make an educated decision of what snowballing method will work best for you.

$0.99 - [Download Now](http://itunes.apple.com/us/app/debt-snowball?at=10l3Vy&ct=d_im /id516229756?ls=1&mt=8&at=10l3Vy&ct=d_im)

Allyson Kazmucha

Help and how to editor for iMore. I can take apart an iPhone in less than 6 minutes. I also like coffee and Harry Potter more than anyone really should.

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There are 7 comments. Add yours.

bwilson12 says:

I learned about debt snow balling from Dave Ramsey's

bwilson12 says:

I learned about debt snow balling from Dave Ramsey’s books. Glad to see someone implemented this method into an app.

PreMaster says:

A better way to save would be to not buy apps like this. There are websites out there that can do the same thing..
The best way to reduce your debt is a simple notepad/excel sheet.
Personally I think having Mint is more useful as you can really see how much you are drinking away your paychecks. lol

Allyson Kazmucha says:

That works too. Whichever way works for you - but to be fair - we are an iPhone, iPad, iOS centric site, so a review of an excel spreasheet isn't exactly what most users would want ;)

natefish says:

Can anyone comment on how this app compares with Debt Strategy from Anishu, Inc.? I have that already and this seems like the same thing. Thanks.

JohnPA2006 says:

Of course this existed before, but this lets you pull it out of your pocket, figure this out, then put it away.
I just bought this app just now after reading this.
Between Mint and this on my iphone and ipad I can keep my finances in check much better.

wow says:

For a paid app you'd think they would proof read. "Here you pay off your debts by the lowest balance you in a debt". Makes me wonder if their math is accurate.