These Apps Can Help You Save, Make And Invest Money!

Ours is not really a generation of pen and paper, right? I still find my dad keeping an account of his finances in a diary, but that is not something we millennials are particularly enthusiastic about doing. While a lot of us do keep a rough track of our expenditure and savings to make sure we don't run out, a lot of us still struggle with staying on top of all things money.

Thankfully, for us, keeping track of our finances does not require for us to sit down and actually do complex calculations. There are many useful apps out there that can help keep track of our monthly expenses, loans, taxes and what not; not only do they help manage our money, they help us save it!

First of all, you need to figure out how much you spend on necessities and how much of your income you'd like to save.

The most popular rule of breaking the budget down is 50-30-20 rule. According to this, you dedicate 50% of your income toward necessities, like housing and bills; 20% of it goes towards financial goals like savings; and 30% for expenditures like entertainment and dining.

Or you can divide your income by 80-20. Where 80% is spent on everything else and 20% on financial goals and savings.

• Goodbudget (Budget App)

¡®Goodbudget is a budget tracker for the modern age¡¯. This expense tracker and budgeting application helps you keep your expenses in check. This app can be a digital version of a journal of monthly expenses, that your parents might've kept when they started earning.

Good budget

It keeps a track of your expenditure and restrains you from emotional or impulsive spending. It is available for both Android and iOS platforms.

• Bankbazaar (Loan Comparing App)

If you are planning to take a loan for anything, then this app lets you compare and apply for loans and credit cards instantly. You can compare rates on a number of loans - from home loan to personal loan - to figure out the best deal.

Bankbazaar

It takes care of your EMI calculations for the loan too. You can find IFSC codes of all Indian banks on this app with just a click, and even daily gold and silver rates. You can also check your credit score on this app.

• Tax Apps

Income tax is one thing that a lot of us struggle with, but it's not something we can - and should - escape. Given substantially low knowledge we have regarding filing them, we need apps like ThinkTax , MyTaxIndia, Clear Tax, to get it all sorted.

You can easily calculate the tax based on income or simply get detailed calculations with apps like ThinkTax.

One tax app, MyTaxIndia app, instantly calculates your tax, tax splits, and can decide how much more investment is required to save a given amount from your income!

ClearTax app can easily help you to e-file you tax returns. You can check your Income Tax refund status with just your PAN number and date of birth.

• ET Money (Investment App)

ET Money is the one app that takes care of all your investments, in one place. You can invest in mutual funds and apply for instant personal loans through this app. One advantage of investing through the ETMONEY is that you don¡¯t need to pay commissions to banks or agents, you can invest in direct plans of mutual funds, without shelling out commission. This means your returns can increase about 1%.

ET Money

You can invest in top mutual funds without having to create multiple accounts for investing, or having to go through the hassle of remembering various account passwords. The app helps you weigh all factors in helping you decide the choice of funds depending on your investment goals, risk appetite and the time frame you have in mind.

• Reliance Selfi (Insurance App)

Most of us live ¡®on the edge¡¯ and ¡®in the present¡¯ - while that's a good thing, it is also important to invest in insurance, not only for yourself but also for your family.

In our country insurance penetration is as low as 3.69%, according to IRDAI¡¯s latest report. One of the major reasons for this is the lack of awareness, and the volume of paperwork involved.

Reliance selfi

However apps like Reliance Selfi app are there to take care of one¡¯s insurance.

This app allows users to buy/renew insurance policy on the go, get instant video claim assistance, track service & claim status in real time, etc.

• CouponDunia

So, this is one of those apps that will help you save money and MAKE money in the easiest way possible. Apps like CouponDunia provide you with a number of coupons for shopping for a wide range of stuff - from necessities like grocery and clothes, to luxury products. You can save money and get good cashback offers too.

• Kaikebo

However, if you are old school and do not want a third party to keep a track of your finances you can go the Kakeibo way.

¡°Kakeibo¡±- which is pronounced ¡°kah-keh-boh¡± ¨C is a Japanese word that translates to ¡°household account book.¡± You can manually keep a journal and track your finances, stick to a budget that you set for yourself and reach your savings goals.

Money crushers

Of course these are not the ONLY apps you can use to track your budget, take care of your money and make more of it. However, these are the KINDS of money saving, managing and making apps that you should have in your phones. Insurance and investments, like mutual funds, only help to make one more money in the longer run, and given our limited knowledge about money management, these apps can be really helpful.

It is important to have a plan for the money we are making.