Vignesh owns a café in Bangalore and plans to open another branch. So he applies for a business loan via digital application and gets ₹ 5,00,000. The paperless process ends easily without any complications for his business. Suppose he visits the bank; this will be the scenario:
| Transportation Cost | Time Consumption | Processing Fees | GST fees (approximately) |
| Minimum of ₹500 for petrol cost. | 3 to 5 hours of waiting | 2% of the loan amount, i.e ₹10,000 | 18% of the processing fees, i.e. ₹ 1,800 |
To apply for business loans in Bangalore, you must tackle these difficulties. That’s where digital applications become a saviour. This blog enumerates the top 12+ best money management apps in India.
Introduction
With the integration of technology and Artificial Intelligence (AI) with banking sectors, money management has become easier. This is because all the digital applications show the transaction history. The Unified Payments Interface (UPI) transactions in India reached 1330 crore in April. Indeed, digital platforms and online portals ease the banking process for banks as well as their customers.
There are 12 best money management apps in India that enhance the banking experience and are also user-friendly.
- Money View
This app offers many features for the users to manage their finances and also integrates your bank account.
Key Feature
- Expense Tracking: All your incomes and expenses are monitored.
- Budget Tools: Users can customise monthly budgets based on speeding.
- Customisation: All your financial transactions can be categorised.
- Daily Expense Tracker: This feature provides reports on expenditures for every day.
For example, this app informs you about your monthly expenses of milk for ₹ 1200, groceries for ₹ 3000, and petrol cost of ₹ 2000.
- Walnut
It tracks the expenses and helps in preparing a budget. The bank account is synced with this app, which gives reminders about pending bills and other reminders.
Key Feature
- Expense Tracker: All your expenses are tracked via SMS.
- Reminders: This app notifies about pending bills.
- Automatic Customisation: All the expenditures are categorised automatically.
- Monthly Summary: It provides a summary of monthly expenses.
For example, your last electricity bills can be viewed via this app.
- Goodbudget
It is a budget tracker that helps users allocate funds for their different needs, such as groceries, utility bills, medical bills, and others.
Key Feature
- Budgeting: This app helps you to allocate funds for different categories.
- Tracking Expenses: All your expenses and incomes are examined.
- Reports: It provides detailed reports on all financial transactions.
For example, this app suggests groceries amounting to ₹ 3,000 (approximately) based on your last spending.
- ET Money
This app is an all-in-one financial tracker about insurance, income taxes, the stock market, and many others.
Key Feature
- Investment Tracking: Tracks your investments in share markets, and mutual funds.
- Expense Tracker: Tracks all the financial transactions by integrating bank accounts.
- Investment Insights: Provides the details of tax management and financial management.
For example, you can get suggestions on tax slabs based on your income. If your annual income is above ₹500,000, the app reminds you about 5% taxation.
- YNAB (You Need A Budget)
It is a globally recognised budget app become popular in India for preparing budgets.
Key Feature
- Reports: This app provides detailed reports on financial transactions.
- Categorisation: The expenses can be categorised.
- Budget Planner: Gives suggestions on budgeting.
For example, this digital application suggests allocating ₹2000 for fuel costs.
- MyMoney
It is a personal expense tracker which allows users to customize the expense categories.
Key Feature
- Customise tracking of money.
- User-friendly.
- Monthly reports for money management.
For example, some users prefer to have chocolate every day, although it is non-essential and a meagre amount of ₹10. This can be customised as essential spending.
- Mobikwik
It is a digital wallet that helps you to identify outstanding bills and expenses.
Key Feature
- Provides transaction history.
- Traces spending source.
- Reminds of bill payments.
For example, you can set a reminder to pay ₹ 5,000 for electricity.
- Spendee
This app integrates your bank account and tracks your expenses.
Key Feature
- Provides graphs and reports about transactions.
- Budget tracker.
- User-friendly.
For example, you set a statistics report on spending above ₹ 5,000.
- Zoho Expense
This app is highly useful for business owners and freelancers. It tracks all the expenses and helps the business people to identify its sources.
Key Feature
- Easy customisation of expenses.
- Report generation about expenses.
- Integrated accounting service.
For example, this app suits a grocery owner whose current account will have transactions of ₹ 10 to ₹ 1,00,000. This app can find the source.
- Expensify
This app is also highly suitable for entrepreneurs and business owners to track the expenditure and income of their businesses.
Key Feature
- Automatic receipt of a transaction.
- Cloud-based system.
- Suitable for business people.
For example, you can protect the data of transactions above ₹ 1,00,000 in this app.
- Bishinews Expense Manager App
This is a money management app that tracks the expenses of a budget.
Key Feature
- Notifications about the payments.
- Enhances budget planning.
- The organisation of bills as per the customisation.
For example, this app notifies about pending payments such as year insurance worth ₹ 50, 000.
- Dhani
This is an all-in-one platform. You can open a Demat account, apply for personal loans, and manage your payments on this app.
Key Feature
- You can earn rewards.
- User-friendly financial management.
- Tracks share market details.
For example, a 10% increase in shares can be viewed.
Conclusion
All these digital platforms can enhance your financial management. These apps provide insight into stocks, budgeting suggestions, and many others. The Digital India flagship by the Indian Government promotes digital banking and financial transactions. So the future of money management is in mobile phones. In a comfortable place, one can prepare a budget with these apps.