Managing finances could be a daunting task for young professionals for whom month-ends are really tough with nearly dried up bank accounts. But what if an app could make you save enough every month? Personal finance apps might not make you a millionaire overnight, but can surely help you keep a track on your expenses and plan your budgets better.
Entrepreneur India gives a list of some cool apps that add some special features to your mobile phones and help you manage your finances methodically.
How about breaking down a monthly fixed budget into small categories of expenses like food, entertainment, travel etc. and then setting aside the cash meant for those in envelopes? A well-designed saving app, Mvelopes, has executed this simple idea with the help of technology. Once you exhaust one such envelope, you either wait till the next month for a refill or transfer money from another envelope. Mvelopes gives you a free hand to create 25 categories of envelopes that too free of cost. These will get connected to a maximum of four of your bank accounts and help you track online transactions.
Another saving app called ‘Balance’ has come to the rescue of disillusioned millennials. It helps one manage finances effectively so that one can save enough. IIT-Kanpur alumni Ankit Kumar and his friend Abhishek Malik have launched the app that provides recommendations in form of ‘recipes’ based on one’s spending habits and investments. The app streamlines the documentation processes involved in investments and makes an individual aware of the risks associated with it. Balance is actually promoting the concept of micro-saving.
Often we forget where we spend money, but an app called ‘Money View’ keeps a tap on all the transactions and expenses a user makes on an everyday basis. Money View is a versatile personal finance manager app, which offers a snapshot of all your personal finances. It’s also a bill tracker, which ensures that you never miss a payment deadline. It scans texts related to your bank accounts on your mobile phones (but claims that it never stores OTPs and account details) while organizing your bank balances and credit card accounts.
Known as ‘easy envelope budget aid’ app, Good Budget helps users understand the spending habits better. It works in the similar way as Mvelopes works, but what makes ‘Good Budget’ different is how you can share these budgets with your partner or close ones across the devices. The app tracks all kinds of expenses users are making from the connected account. This app is available on Android and iOS both.
Mint focuses on the bigger picture of your accounts and provides a user his/her overall financial position. It does this by integrating your card accounts and bank accounts while keeping track of your expenses, income and cash flows. If you like to dive deep into your financial transactions, this is the app for you; Mint analyses your spending habits and gives you handy tips about where you can save.