10 Best Money Management Apps in India: Features and Benefits
Most individuals find it difficult to keep a track of their income and expenses. This is where money management apps come into the picture. These apps can help manage your money better. Moreover, with increasing expenses and the use of credit and debit cards and online payment apps, using an app to check your expenses could increase the chance of fulfilling your future financial goals. If you want to start managing your money efficiently, here’s a list of the 10 best money management apps in India. Take a look!
10 Best Money Management Apps in India
Mobile apps that help you manage your finances are extremely useful for creating your financial strategies. You can understand which areas you are spending most of your income on and where you can minimise those expenses. Listed below are the best money management apps in India in 2022:
1. Dhani
Dhani is a well-renowned money management app in India. You can use this application for all your financial needs. For example, one can open a Demat account instantly or apply for a personal loan with the help of this app. Moreover, it also enables you to manage your finances.
This app also has some additional recreational features like one can play games to win money or listening to an informative podcast. Additionally, you can use the Dhani Rupay card to purchase products in various stores across the country.
2. ET Markets – NSE & BSE India App
This app is very useful if you want to invest your money in the stock market and manage them properly. It allows you to keep track of all your investments. Moreover, this app has 8 Indian languages to choose from. It provides comprehensive market coverage like giving stock market updates, stock marketing tips, updating live charts, prices of shares and any other news related to business and the market.
3. Wallet
The Wallet is a popular visual application amongst Indians that offers quick and easy insights to its users. In addition, it has both paid and free features. You can also get a free trial for 2 weeks to check and then opt for the paid feature accordingly.
Moreover, you can bring all your accounts into one place and automatically track your expenditure by connecting your bank accounts. This app automatically syncs, categorises and budgets all transactions securely. Additionally, you can also keep track of your bills and track their due dates, observe your future payments, and anticipate their effect on your cash flow.
4. CRED
This app rewards its users with exciting gifts and offers each time they make a credit card bill payment. Further, if you wish to use this app, you can add multiple cards and stop worrying about the different bill cycles for every card.
The reward system for this app is getting 1 point which is equivalent to Rs.1 for every bill payment. You can redeem these points later to buy products of your choice.
CRED also has additional features like CRED Rent Pay and “buy now, travel later”. With the help of these features, one can get a free credit line of Rs.5 lakh.
5. Money Manager
Money Manager’s user interface is very bright and colourful; as a result, it makes the money managing activity easy and interesting for beginners and first-time finance management app users.
You can add images for bill entries, and it becomes handy when one needs to provide receipts at work. This app is easy to use and has sub-categories like income and expenses. Moreover, it provides all these details in a pie chart or graph format for easy understanding. One can also pay Rs.390 to unlock the paid features.
6. Monefy
It helps in tracking bills, purchases and expenditures effortlessly. This app tracks expenses and then compares them with one’s budget planner and income. One can also track multiple currencies and create multiple accounts with this app.
Users backup and export data easily with a single click. Moreover, Monefy also has provisions for password protection facilities.
7. Goodbudget
Goodbudget is specially designed for managing personal finances and budgeting. Besides, it uses an envelope system for finance management. Here, any data gets automatically secured and backed on the app’s website.
If you wish to use this app, you can save time with the category suggestions and smart payee features. Further, you can also easily transfer funds between Accounts and Envelopes. Moreover, this app plans a budget to keep track of your finances ahead of time.
8. Walnut
Walnut is not only a money manager app but also offers instant loans to its users. Moreover, it automatically tracks monthly expenses by analysing the SMS inbox on the phone. You can transfer money from UPI to bank accounts, and it will ensure that no money is stuck in the wallets.
Some additional features of this application include locating ATMs nearby and keeping track of trains, movies, events, etc.
9. Supersplit
This app comes in handy while splitting expenses between friends, colleagues and flatmates. One needs to create a group in the app with the people they want to split the expenses with and include anything starting from rent expenses. Further, it makes the process of tracking expenses and receiving payments hassle-free.
The USP of this app is that it sends reminders to every person in the group to pay their share and eventually saves the individual the awkwardness of reminding them each time.
10. Money View
Money View reads all transactional SMS from the user’s mobile and provides real-time analyses of the user’s finances. In addition to keeping track of expenditures, this app sends personalised bill payment reminders. It also finds out and suggests relevant saving opportunities to the users.
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Why Do You Need to Use Money Management Apps?
The main purpose of these money management apps is that helps one to monitor and control their expenses in a hassle-free manner. They act as personal finance managers and create weekly and monthly budgets for the users. As a result, individuals can stick to their budget and avoid overspending.
Most money management apps give a detailed overview of areas where users have spent more and enable one to minimise expenditure in those areas.
Besides managing expenses, these apps also help individuals invest money and give tips on where they can invest their savings.
Final Word
Money tracking is useful for staying in a good financial situation and avoiding unnecessary expenditures. Above listed best money management apps can assist you in identifying areas where your expenditures can be reduced. These apps are easy to use and managing expenses becomes hassle-free. It is advisable to choose the best money management app that caters to your needs and helps you achieve your goals.
FAQs
Ans: Some of the best apps to note down daily expenses are:
– Monefy
– Andromoney
– Wallet
– Goodbudget
Ans: Money management apps may not directly help you in wealth creation for retirement. However, they help in tracking expenses and minimising them if possible. These apps also offer valuable tips on investing.
Ans: The future of your finances does not entirely depend on the amount of money you make. Rather it depends on the amount you manage to save and then invest. But to do this, one must manage their finances. Here are some steps you can adopt for better money management:
– Create a budget
– Set goals for saving
– Tackle impending debts
Ans: The five principles of money management are as follows:
– Consistency
– Timeliness
– Justification
– Documentation
– Certification
Ans: Managing your finances will give you a better perspective on where you are spending your income. It will help you not exceed your budget and eventually increase your savings. You can use money management apps to manage your income and wealth.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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