Budgeting app to help you manage your finances better

Budgeting is the first thing you need to do when it comes to managing your finances. “Money goes out in different ways. Cash, direct debits to bank accounts, credit cards, wallets, etc. It complicates things. There will be more than one of these,” says Dhanayush Capital Services Pvt. Kiran Terang, co-founder and director of Ltd and a registered investment adviser to Sebi.

If you don’t track your expenses, you tend to spend too much and you’ll have less money to save. “It’s important to know your savings capacity. Savings are used for investment, which creates wealth,” says Terran.

Previously, people listed their costs on dairy products to keep track of where their money was heading. Old-fashioned diaries are never out of date, but personal finance apps can do the job. They come with a number of features that make it easy to keep your budget. Here are some of the features these apps offer:

Create a bucket of expenses. These apps allow you to categorize your expenses into different categories. Therefore, you can organize your spending under the head of groceries, transportation, eating out, entertainment, utilities and more. At any time, you can access the app to see how much you’ve spent under a particular head.

Automatic expense classification: These apps can be synced with your bank account or electronic wallet. When you make a payment via a bank account, debit card, credit card, or wallet, the app will read the corresponding SMS and club to the head of the appropriate expense. This makes the expense tracking process much easier. However, expenses made in cash must be manually added to certain categories. Some apps also have the option to scan physical receipts and update expenses.

“Fiscus is a money management app with a highly automated interface that enables automatic tracking of users’ bank accounts, credit cards and electronic wallets at the transaction level,” Finlabs India Pvt said. Said Sudipto Roy, Founder and Director of Ltd. Developed Fiscus.

Create a budget and stick to it. Some of these apps allow you to set spending limits by category, which makes it easier to manage your expenses. In addition, you can set monthly, weekly, and daily budgets. “Users have the ability to set a monthly budget for each of these categories and track them in real time. Users will be alerted when they exceed their monthly budget,” Roy said. say. You can set alerts for utility bills, phone invoices, DTH invoices, and insurance payments. In addition, you can check your bank account or credit card balance from the app.

View report: These apps can also visually represent expenses and budgets through bar charts, pie charts and flowcharts. Through these, you have an idea of ​​how you spent your money during a particular period of time. “We tried to keep the app simple and easy to use so that users weren’t threatened. Capital Float’s AVP product, Shameel Oswal, said: Personal financial management app Walnut: Is an app provided by Capital Float.

Data security: Although these apps handle highly personalized sensitive information, they do not have access to or store personal or sensitive information about clients such as real bank account numbers, login credentials, PINs, passwords, OTPs, etc. is not. “To protect transactional information, we have implemented bank-grade security of 256-bit encryption for data storage and transmission,” Roy says.

“When a user starts using the app, they check the relevant permissions and educate them why they need these permissions,” says Oswal. The user may decide not to give permission to parse the SMS. In that case, the user will not be able to use certain features. ..

Some apps have a paid premium plan, but the free version works as well.

If you’re cleaning up budgeting and following, a money management app may be all you need. After all, it’s your hard earned money.

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Budgeting app to help you manage your finances better

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