5 apps that can help the millennial generation to track finances

Tracking your expenditure, investments and insurance is a difficult but extremely important task. Know which apps you can use to track all your finances from on mobile.

Millennials are the generation that believes in automation. They are glued to the social networking sites and want to get everything from the comfort of their home. This tech- savvy generation is comfortable in using the mobile apps. Starting from ordering of food to online banking to investment decision to budgeting to cab ride, this generation wants everything within the single tap. But this generation relies more on EMI and believes in living for the present, hence it is important to manage the money smartly so that the overall budget is not outraged.

Here, in this article, we have mentioned 5 apps that can help the millennial generation to track finances.
Let's go step by step

Budgeting- As told earlier the millennial generation need to budget their money smartly so that there is no overspending.

The best app for budgeting is Mint- This money tracker app helps you to manage your finances with ease. This is a free money manager app that does all kind of tasks for you. Through this app, you can check your credit card bills, accounts, investments, and a lot more. It can even help you to keep a track of your credit score. The app brings the gamut of financial options under one roof.
Mint app screenshot

What can you do?
See everything under one roof- with this comprehensive app you can enjoy a freedom from financial encumbrances. Starting from free credit score to determining your net worth to managing the bills to keeping track of finances and debt to budgeting to free credit score to suggestions on how to manage the money to a reminder about the missed payments and credit card charges, the app gives you wings to fly. Apart from that, the app takes into account your security so that your investment data remains in the safe hands.

Saving- Today's generation lives on one pay cheque to another, they don't believe in building the pipeline of income, which could help them in the years to come. It is prudent to save at least 10% of the salary every month towards the saving. For this several instruments are available like bank FD, SIP, investing in an equity fund or debt fund. So, if you want to earn astronomical returns on the investment it is better to go for the non-traditional mode of investments. There are several apps that can help you to build a roadmap of success.

Stock Market Apps-5 paisa mobile app is one of the lowest mobile stock trading apps available. The app offers real-time information about the stocks and other financial instruments.
5 paisa screenshots

What can the app do?
The app delivers exceptional broking services to the customers. It offers updated information about the stocks, derivatives, currencies, currency exchange and live share market data. This online powerful mobile app also provides a recommendation from the experts along with the technical charting. The app is meant for the seasoned investor and beginners who want test the market depth. You can easily open demat account from this app, trade in equity stock market, invest in top mutual funds, etc.

Insurance- Though living for the moment appears to be a glamorous option, but an accident and medical emergency can strike any time and it can make a huge impact on our lifestyle. When you are young, you are less prone to the diseases and hence the premium is less. So, the millennial generation needs to download an insurance app that can help him to cover for the exigencies.

LIC- The most trusted app for the generations to come is LIC. The app helps the investor to register for the premier services. With this app, you can make online premium payment, do top-up, loan interest payment, get a notification about the premium, claim history, loan taken, email and SMS alerts, complaint status, etc.
LIC screenshots

Tax Planning-Don't wait for February or March, tax planning needs to be done in advance. There are several apps available in the market that helps the investor to check the tax liability and how much tax can be saved by exploring different options.

Apps that help in tax- planning Tax Caster- This app has transformed the way we used to calculate the taxes. With the help of this calculator, you can estimate the tax returns that need to be filed, the tax refund that you will get, rent receipts, notifications and tax liability that you hold. The app is free to download and is bliss for the salaried people.
Taxcaster screenshots

Sticking to the plan- The plans may get derailed if they only exist on the paper; so it is important to maintain self-discipline so that the expenditures are tracked rightly and the investments are made as planned. For this, you may need a money tracker app.

Money Tracker app- there was a time when the calculator used to rule the roost, but with the advent of technology various apps have come into existence that helps you to calculate the loan amount that you need to pay, interest accrued, return on investment, etc. Such calculators help you to save from the bad decisions. The app like GoodBudget: Budget & Finance is not only free to download but comes loaded with features. You can sync everything from this app. Additionally; you can keep a check on the expense tracking, income tracking and other tools. You can even input your data and extract it as a CSV file and OFX for Microsoft. Its simplicity and ease of use, make it the best app for the millennial generation. For the rest of functions, the subscription is required.
Goodbudget app screenshots

So, now there is no need to live on the edge, these apps can help you to make a sound financial decision. It will also factor into the appetite for the risk and returns so that your investment portfolio doesn't suffer. Being home to 45 crore millennials, more than 35% of the entire population it becomes imperative to select an app that not only helps you to save, rather the app should be able to understand your lifestyle and consumption needs and based on that it can help you to build a portfolio.


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