Managing your money is not just simply about a monthly budget and living within your means. Effective and efficient money management has great benefits providing benefits like:
Track Income and Expenses
The first step to money management is expense tracking. With a smartphone app you can keep an eye on inflows and outflows of funds in terms of assets and investments. The apps can generate graphs using inputs like your income and expenses. This can help you analyze your spending habits.
Savings give you a sense of security that even in times of emergency such as medical emergencies or the one in a million chance that a tree falls on your brand new sedan, you will have a buffer of funds to help through the rough times. And help you avoid taking on unnecessary debt.
As a digital generation you would be aware of how banks, fintech companies and financial institutions have made it convenient for us to manage our money in different ways.
As your career progresses, your money management will not just involve budgeting but also make you take decisions in terms of investing your growing income. Knowledge about the correct investment modes such as Mutual Funds, Stocks etc. will open up avenues to multiply your income. The great thing about investments is that as work your 9to 5 job your investments are also working for you.
Investment tracking apps such as Fyers Market, FundsIndia and Scripbox help track investments, keep a watch on the market, pull up real tie market data, shows a calculator, enable trading in equity along with allowing transfer of funds. Bill Reminder Apps will remind you about imminent bill payments, deadline for the monthly EMI payment etc.
Today, mobile banking apps not just facilitate basic banking services like check balance statement, receive or send money etc. they also are loaded with extra useful features helping you with opening Fixed Deposit and Recurring Deposit accounts, tracking mutual fund investments and even daily expenses as well as paying your bills.