These money management apps keep a tab on your expenses and even offer advice on tax savings.
PERSONAL expense tracking was the first thing to be digitised even before cash withdrawals from ATMs or transacting via mobile phones came about. People would use Excel spreadsheets for keeping track of their expenses each month. Though sheets are still the easiest to operate, there are a few apps that do the job while also keeping tabs on bill payments, reminders and refunds. You can set a budget on these apps, and even get advice on investments and tax saving. Here’s a look at four such apps.
While features across apps are quite similar, MoneyView is one of the most accurate apps . The app takes a few minutes to setup as it curates your messages to collect information on accounts and bills. Although registration process is not as easy, MoneyView makes up for it with the features available on the platform. It provides help in filing income tax returns and has a green account option where one can get advice on investments and tax savings. The user interface is not as easy, but the app will categorise each and every spend perfectly. It has embedded payment platforms for payment of mobile and credit card bills.
Though not as accurate as MoneyView, Gullak’s personal expense manager is the easiest app to setup. While registration requires a curation of messages, much like MoneyView, it isn’t as accurate in terms of categorisation of expenses. The dashboard is easy to use and provides information on spends via e-wallets which no other app does. Moreover, Gullak also records if you have lent or borrowed money from someone. The app will also give information on ATM withdrawals and reminders on bill payments.
Walnut, much like MoneyView and Gullak, depends on messages for expense management. Besides, it also provides options to send and receive money. Although the platform has all the expenses in order, the bank account information tab is very confusing. The user interface for the app is tricky and adding or deleting new expenses is impossible. The app offers features like three-month average spend, but it is impossible to account for deposits and ATM withdrawals. While it has a location based tag feature, it does not run as accurately as the one in MyUniverse.
This Aditya Birla Money platform does not look for messages but instead asks users to set up each and every account. The registration process for the app is difficult, as it requires too much information, but for those who want an accurate tracking of their expenses, MyUniverse is the best option available. Although the platform is not easy to use and requires some getting used to, the app integrates everything from market quotes to the group’s investment advisory service, ZipSip. The app also has a watchlist feature where one can track mutual funds and stocks.