Individuals need to track their expenses be it daily, weekly or monthly. By keeping a check on one's expenses and saving periodically one can maintain a healthy financial condition thus avoiding all the unnecessary expenses which crop up here and there.
But the question arises to every common man as to how to track income, investments, expenses and keep them in check which involves a considerable amount of time, money and some times even the risk factor is also involved as the possibility about forgetting about some expenses also occurs once in a while.
The era of technology has bought in an array of changes when it comes to the way an individual invests and manages his or her personal finance, thus to help the common investors better many firms have come out with personal finance apps in India which will help the users to manage finance in a better way and to reach their ultimate savings goal more smoothly and efficiently.
Let's get to know in detail about what these Personal Finance Apps are.
What is a Personal Finance App?
A Personal Finance App is a software application which helps individuals to stick to their budget, manage money and handle investment decision in a better and easier way than it was ever before. It is better to choose the app which is user friendly with beneficial features and any layman should be able to use it easily.
Always lookout for an app which is reliable and credible and which has no data leak records in the past to be on a safer side.
The following are the list of 5 Best Personal Finance Apps available in India:
The Moneycontrol personal finance app rolled out by the Moneycontrol.com is owned by E-Eighteen Dot Com (P) Ltd, which is a subsidiary of the media house TV18.
• This app offers the latest data about market apart from providing business and market news.
• If an individual trades in stock markets or invests in mutual funds, then this is one of the best personal finance apps to go for as it summarizes the mutual fund investment as well as stock markets performances and updates the users about the latest prices on their investments.
• An investor has to create a portfolio on the app and they can easily keep a track on all the stock market investments with just one click.
• There is a Live TV with audio-only option and a separate Video on Demand feature.
• The app advises the users on investments that is whether they should sell or buy or hold on to their investments.
• The app is available for Windows, iOS and Android devices.
ETmoney which is a part of The Times Group and the word ET stands for economic times. This particular app does a lot more than managing the mere daily expenses of the individuals.
• The ETmoney app helps its users to sort out their monthly expenses into various categories like ATM withdrawals, entertainment, shopping, eat-outs, travel and so on.
• Just by tapping on one category, will provide a more detailed breakdown of the expenses in that particular category.
• One can even get their weekly expenditure reports in the form of graphs.
• ‘Know More' section in the app provides more details about the user's daily expenses on weekends and weekdays.
• The app turns out to be a good guide for mutual funds as an investor can get to know about the market research including current markets trends, the performance of a fund and so on just at their fingertips.
• The best thing about this app is one can invest directly in funds using this app.
mTrakr which is one of the startup based out of New Delhi is a free money manager app available in India. This particular app helps its users to make a wiser spending decision as the users can manage their paperwork, bills, documents, financial accounts, reminders all at one place.
The unique feature of this app is it works by analyzing the SMS sent by the billers and banks and processing of documents can be done by either uploading or clicking. There is no need for manual data entry as everything works automatically.
• The app covers almost all aspects of personal finance from the perspective of money management.
• The app even manages individuals bank account and this comes in handy especially for one who have multiple bank accounts.
• The app displays banks accounts in a consolidated form, helping out individuals to know the latest available balance in their respective bank accounts at one go.
• It even tracks the expenses under various categories like shopping, food, travel and so on.
• Some of the features of the app include Docs Manager, Setting Budgets, Event Manager and so on.
Chillr which was started way back in 2015 as India's first multi-bank payment app has been running on IMPS. The app has several beneficial features like expenses tracking, transfer of money option, QR scanning facilities and so on.
• This app is designed specifically by keeping the Indian users in mind.
• The app comes in handy for tracking expenses and finances, splitting bills amongst the group, it also provides mobile banking facilities.
• The users of this app will get a transaction summary at the end of each month.
• The best part of this app is it allows its users to immediately transfer money to friends using a phone book easily and securely.
Money View was founded by Sanjay Aggarwal in April 2014 and the company is based out of Bangalore. This personal finance app helps its users to set and follow budget plans, get reminders about bills, view their bank account balances. The users can even split their bills with other users.
The Money View app facilitates its users to save more money through its products Savings+ and TaxSaver+.
Savings+ lets the users grow the money which is lying idle in their respective savings bank account or the monthly savings amount by earning higher returns.
Tax Saver+ is the product for those investors who prefer to grow their money along with saving on tax as these products are designed to get the users into the habit of savings.
• The app helps the users to enable net balance view and pick their bank balances either by SMS or using net banking after verifying the OTP.
• Get a list of nearby available ATMs for better and quicker managed ATM withdrawals.
• The app provides investment in various options like a savings account, mutual fund schemes apart from enabling tax saving options.
About the Author
Archana is a content writer at GoodReturns. She has been writing articles related to investment planning and personal finance for more than two years.