By Shipra Singh
Budgeting is essential to keeping your finances in order. While the task of watching every penny you spend may seem daunting, it really isn’t. Budgeting apps have made managing money easier than ever.
Budgeting apps allow you to monitor, save and invest your money with a few taps on your smartphone. Entrepreneur India reviewed various money management apps available on both the Google Play Store and the Apple App Store and settled on four of the most useful apps across categories. What more? These services are free.
1. ET money
This Times-backed online expense tracker plus investment management app lets you do it all on one platform. Apart from tracking your expenses, ET Money offers several financial products such as mutual funds, gold deposit and insurance. It also offers unsecured personal loans up to INR 20 lakh.
Basic functions: Tracks and records expenses via SMS;
Offers investment options in direct and regular schemes of mutual funds and gold deposits;
Allows you to track investments made through the application as well as made externally;
It gives an option to buy motor, health and term insurance.
Specialty: The unique ‘SmartDeposit’ option allows you to deposit and withdraw money in Nippon India Liquid Fund in less than two minutes.
Assessments: 4.6 stars, 5 million+ downloads
Walnut is one of the early players in the money management app space. It has largely stuck to its original expense tracking product and hasn’t experimented too much with other financial services. This focused approach and friendly user interface make Walnut one of the easy-to-use expense trackers in the space.
Main characteristics: Tracks and automatically organizes all expenses by reading SMS;
Allows you to check your bank balance and gives monthly summaries of your spending pattern;
Open accounts automatically and send timely reminders;
Enables BHIM UPI transfers;
Walnut Prime (at no extra cost) offers unsecured loans up to INR 5 lakh to its users.
Specialty: Allows you to save and split expenses with friends and manage them through the app itself.
Assessments: 4.3 stars, 5 million+ downloads
A basic money management app that allows multiple family members to manage their cash flow and investments in one app. However, unlike other apps, HomeBudget doesn’t track expenses via SMS, so you’ll have to manually add/edit/delete all expenses.
Main characteristics: Adds income and expenses to manage cash flow;
Set bill reminders to avoid defaulting on payments.
Specialty: The Family Sync feature allows multiple devices in a family to share information and work on a single budget.
Ratings: 4.4 stars, 10,000+ downloads
One of a kind, Slonkit allows parents of children aged 10-18 to manage their child’s pocket money and teaches children smart ways to manage money. This is done by issuing a Visa-powered Slonkit prepaid card in the child’s name, which can be charged instantly from any debit or credit card. Slonkit card offers a variety of discounts and cashback on transactions.
The parent can set a budget on the card, track spending, set alerts and create spending limits through the app.
Main characteristics: Records expenses;
Gives advice on money management;
Allows you to manage a Slonkit map. You can transfer money, freeze or even cancel the card with one tap.
Specialty: Parents can monitor their child’s spending, set a budget for them and limit their spending.
Ratings: 4.3 stars, 50,000+ downloads
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