You know your smartphone can help you a lot more than just send forwards. There are apps that will help you manage your finances like a pro and your life will become so much simpler. These apps are like sections at a departmental store, one separate section for every category of product. Similarly there are separate apps for every financial task.
1. Splitwise: App to split group expenses
This is a great app for splitting expenses between a group. A lot of times people have owed me money or I owe them but we somehow forget or miss-calculate. This app is so convenient for managing group expenses and it also gives reminders to settle transactions. After downloading the app you can create multiple groups on it to manage different expenses you have with your friends.
2. Calculators: Apps to calculate taxes, loan EMIs, convert currency etc.
There are different calculator apps for different purposes. Here are the 3 types of calculators apps:
My Tax India: This is used to calculate tax liabilities and plan tax saving investments. This app will be your go to guide if you are confused with the tax system and can’t get your head around how it works. Since its launched by the Income Tax Department it is pretty safe to use and you can trust it with your private information.
EMI calculator: This calculator helps you through the entire loan process. You can calculate EMIs on a monthly or yearly basis with this app. They have a Home Loan Eligibility feature which is pretty cool because it can help you decide how much you can borrow for a home loan depending on your income. These details can be made available to your family and clients if you want to share it with them too. Different banks have different apps for this purpose.
Financial Calculator: If you do not want to download separate applications for your financial needs, get this financial calculator app. It has all kinds of calculators ranging from currency converters, loan calculators, interest calculators, retirement planning calculators etc. These calculators can be arranged according to your usage. If you use one particular calculator often you can place it at the top for your convenience.
After demonetisation, we all realized the importance the internet. Paytm which was a mobile recharge app, can now help you pay utility bills, electricity bills, shop online and also receive and pay money. You can sign up on Paytm with your 10 digit phone number and email address and transfer money from your debit/credit card to this wallet. Instead of carrying around hard cash this is a safe and easy way to make payments.
Net-Banking is a facility provided by banks nowadays, to make payments online. Each bank also has a mobile app so after creating a net-banking account you can download the net banking app of your bank and make transactions through your phone rather than using a computer or laptop.
4. Money Control: Apps to track the stock market
If going online to track investments is a task, get this app to help you track your investments in the stock market and mutual funds through your mobile. It updates you with the latest prices of investments and also gives you advice on whether you should buy/sell or hold your investments. It also has active forums where people discuss tips on investments. Apart from Money Control which is the most widely used app for tracking the stock markets, there are similar apps that will help you with your investments in the stock market. Compare from the 15 Best Free Stock Market Apps in India and pick the best for you.
5. DigiLocker: Apps to store confidential documents
This app was launched by Narendra Modi in 2015 to help people keep their financial documents (PAN Card, Income Tax Returns, Bank Documents etc.) online in a secure and safe manner. You can access this digilocker through your laptop or through the app on your phone. It is linked to your Aadhaar Card and proper authentication is done before accessing the DigiLocker. The app is similar to using your debit/credit card. Just how you type an OTP after an online payment to access your DigiLocker you’ll need to type in an OTP that is sent to your registered mobile.
6.Money Lover Apps to manage daily expenses and incomes
Personal finance apps help to track and manage your daily expenses better. They allow you to categorize and set limits for expenses, scan receipts, manage debt, maintain budgets in different currencies, keep a track of your saving goals and also lets you synchronize your bank accounts to the app. You can download a report of your expenses and learn where you can save and where you can spend depending on your report.
7. Nearbuy: An app to compare deals
Does your heart ache every time you overspend? Don’t ever let a nice meal or movie make you feel guilty because you deserve it. Instead, try to get the best deal possible so you don’t feel too bad about it. This app helps you search for the best deals available and makes things affordable. It offers deals on everything from movie tickets and music concerts to weekend getaways and international vacations. This way you will get to compare and choose the best deal for yourself.
Most of these apps are online, so you can go visit them and familiarize yourself with it, once you’re used to it you can download the app on your phone and easily access it wherever you go. These apps have helped me manage my expenses, finances and money. You should give them a try and tell us if they have helped you.