Matters of finance have proven to be quite complicated for everyone to get them right. They are not complicated because they require particular skill levels, but simply because it is a continuous and tedious process to manage finances efficiently.
Managing your finances is not just about monitoring and controlling your expenses and tracking the growth of your investments and savings. It begins with prioritizing your expenses, followed by tax planning, investment research and analysis, and finally keeping a track of all the aspects in order to ensure that they are all going as planned.
While there are various mobile apps that help you track and analyze expenses, calculate Equated Monthly Installments (EMIs), and plan your tax payments; applications that help you research the various investment options, analyze the options and track performance of investments are on the rise.
Once you have surmounted the most critical and difficult part of tax planning, expense prioritization, and investment research and analysis, comes the tedious part of tracking them. You have to record all your expenses and periodically monitor the growth of your investments.
Thankfully, with the advancements in technology, you can get a lot more done with your smartphone, including managing your finances. There are a plethora of money management apps available, which can help you record and analyze your expenses, calculate tax payments, research and evaluate investment options, and much more.
Several applications are available that can help you turn your phone into an efficient finance tracker and manager. Here are some popular expense manager apps.
Expense Manager Apps:
- Angel Wealth
Angel Wealth is an all-in-one app for your investment needs. The app tracks your expenses from your messages automatically. The app also helps you plan for your future wealth creation or goal planning needs, and suggest you the best mutual fund investment options according to them.
ARQ, the proprietary investment search engine of Angel Wealth’s mobile application, provides you with an in-depth research on a wide range of investment options based on AI and machine learning. All the findings of this detailed and thorough research are presented to you on your mobile screen in a simple and comprehensive manner.
Wally reads purchase receipts and bills and categorizes the expenses by identifying the location of the expense made. It also helps you set savings targets and lets you know when you have reached them.
MTrakr is a useful expense manager app that reads your SMSes from the bank about the expenses you made using the debit and credit cards and records the same,efficiently, for you as if it were your personal accountant. You can also record cash expenses therein.
- Money Lover and Andro Money
Both Money Lover and Andro Money help you record every expense that you make and categorize them for you to chart and analyze as and when you want.
The Expensify money management app can be exported and integrated with account suits including but not limited to QuickBooks, Xero, and SalesForce, over and above doing everything that the above apps do.
- My Tax India
MyTax India allows you to input your income sources by using its simple tax calculator to determine your tax liability and thus help you decide how much more you need to invest to reduce the tax outflow.