If you’re ready for a new ride, but are lacking a down payment, today’s technology can come to the rescue. The digital age has taken us far beyond ledgers, accountants and Quickbooks. Online tools and apps make it simple to manage your finances, especially when you have a clear goal in mind. If your goal happens to be a down payment for a car, here are some online tools to choose from.
Mint lets you “be the master of your money so you can get more out of life.” One of the most popular online money management and budget tools, Mint boasts many handy features. The site gathers all of your financial information in one place, and gives you the big picture. You’ll be able to track your spending habits (it can clearly show where you’re wasting money), show what you owe, manage your bills and more. Mint is linked to your bank and credit accounts, and one of its best features is the ability to alert you when you’re spending more than your budget. If you plan to put money aside for a down payment instead of spending it on expensive coffee drinks, this terrific tool can help keep you accountable and on track.
If you don’t want to give up your bank account information to an online tool, BudgetPulse is an excellent option. It takes a little more work—you’ll have to manually enter your bank info—but for some people that’s an added benefit since they’ll have to keep a close eye on things. Another top feature is the ability to set savings goals. In fact, you can label one of your goals “car down payment”. If you want to let friends and family know what you’re up to, BudgetPulse is linked to social media as well. Make an announcement that you won’t be heading out on any weekend adventures until after you’ve saved for your new ride.
This online tool is more about planning than tracking—which may be what you need to reach your financial goals. What sets moneyStrands apart from other tools is its ability to generate budgets based on your spending habits. It will also offer personalized tips. Some spiffy features of moneyStrands is its calendars, side-by-side charts and graphs, color coding and other fun-to-use features. moneyStrands has earned a webby, and created loyal followers with an easy interface.
Budgets and tracking your spending habits aren’t the only useful tools when you’re trying to save for a down payment. There are a few other online tools you may want to incorporate. They include:
Technology has made it easy for you to reach financial goals and get your budgeting under control. The key with these tools is to find the one that works best for you. By using them on a regular basis (not just signing up), you can save money for your car down payment. The beautiful thing is once you make it a habit, it will probably end up benefiting you in numerous ways. That means when you’re ready to upgrade your ride, you may already have the savings and credit score to do it right away.