Managing Your Money Just Got Simplified

The Diaries and Excel have been the popular means of managing your money. Where tech savvy prefer keeping it in excel the majority of us still uses the traditional ways of keeping our financial records in diaries. But that’s not the case with Gen Y who want paperless ways of doing things. Managing money also figure in the list and so diaries or any paper form is hardly in consideration.

But things are for change now as tools/applications are evolving. The presence of few of them are already making the task of managing money much easier. From these some are independent while some are being nurtured by existing institutions. If we look closer at them than even people who are not tech savvy are being benefited through these tools/applications.

Here is  a review of some of the tools and applications which are helpful in managing your money- 

E-Wallet

This is  a game changer. Likes of Paytm and many others have changed the mode of  doing financial transactions. In fact, these e-wallets have forced many  bigger banks to come digital way and be in tune with our next generation. SBI, Axis, HDFC and almost all other banks went  ahead for launching their own e-wallet applications. This space is going to go more competitive which will benefit end consumers.

For information, E-Wallet is a concept of  keeping your money in your mobile then in your purse.With it, you can manage all your financial transactions reaching out to even your kinara store thus avoiding carrying cash. An e-wallet gives you  following benefits:

1. You can pay all your utilities, grocery bills, entertainment, larger purchases, just through your e-wallet account.
2. You don’t need to use internet banking anymore to make financial transactions. The other user should have an e-wallet account and then your task is to only transfer money through your e-wallet account.
3. You only need to keep funds in your account which can be done by transferring funds through internet banking. Once your e-wallet account has sufficient balance you can make any financial transactions with it.
4. Where likes of Paytm can be useful almost through any bank specific application like SBI Buddy can be really helpful if you hold an SBI account.
5. Lastly, for using e-wallet up to a certain limit such as Rs 10000 per month in paytm, you don’t even need to go through banking procedures. For any amount above this, you have to mandatorily go through the KYC process much like any other bank.

So in  a nutshell, your smartphone is now being converted into a mobile wallet. Throughout the day cash can lie there and then you just have to use your phone to make your transactions. However, your other partner must have an e-wallet account which I see most kinara stores using successfully.

Control Your Transaction Limits

Excel has been a very good tool for tracking your household budget. But online tools are evolving fast and banks are also foraying into this area. Money managing tools like Perfios or My Universe are considerable options. Through these tools, you can manage your complete finance right from banking transactions to housing loans to investments. I have been using Perfios for quite some time and it’s a wonderful application. You can set your  expenses budgets and then track your actual expenses to know where you are overspending. Though, initially it requires  some time to set things, post it its really a good tool to track your finances. What’s more, it even gives you a well-drafted networth report which  is useful for your annual progress reviews.

Apart from these tools there are now application from banking channels which also helps you in setting control on your expenses. Yes Bank, Kotak Bank, and ICICI bank have launched facility wherein you can keep a limit on the debit card transactions you are making in a day. Check Yes bank  “In Control” features.

These facilities have their advantages not only for checking frauds on your debit card but even  controlling your spendings habits.This a good feature especially for people who have built a habit of going high on their spending.

Virtual Cards

This is one of the features present in many banks. You can create  a virtual  card much like a credit card and use it for online shopping. The beauty of this card is that it can be used only for the day and expires after 24 hours. You need to create this virtual card through funds from your banking account and then you can utilize it for online transactions. Since it can be used for 24 hours you can plan it wisely. What makes it helpful is that you create this card from the funds lying in your account thus bringing your spending within you means. It will have its limitations but can be  really helpful for consumers who do not wish to use credit cards in online shopping.

There will be  many other applications/tools which will be useful in managing your money. Soon I will be reviewing some expense manager and will come out with good ones. Till then check out the tools/applications mentioned above and start managing your money smartly.

Are you using any of the above tools/applications? Share your experience….

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