With global debt growing at a steady pace, more attention is focused on getting household debt under control. In India alone, household debt is at an all-time high: Rs 6.74 lakh crore for the period 2017-2018, which is up from the 2016-2017 figures at Rs 3.75 lakh crore. This increase in personal debt will place consumers under significant pressure if not carefully managed. With the influx of technological advancements in the banking sector, finances become easier to manage. For consumers to drill down deeper into their finances, however, it will take a clever combination of some of the best apps out there.
Apps To Set Up A Budget
You Need A Budget (YNAB) is an app that allows you to tailor your budgeting requirements right down to the very last paisa. The budget is income-based and allows users to track their spending by allowing fast updates. Each rupee in the budget is assigned a specific task and through the tracker, users stay on top of their budgets. Another budgeting tool that does more than its fair share of work, is the Mint app. This app syncs to the bank account and effectively tracks the budget as you spend. It allows users to create alerts to more effectively track their spending.
Beat That Debt Mountain
Debt cannot always be avoided and at times, it’s necessary to take out that credit card or personal loan. This can add some pressure on a personal budget and to help consumers work through the debt faster, debt management apps such as Debt Free and Debt Payoff Pro were created. For users, there are numerous advantages to making a concerted effort to paying off their debt, such as reduced liability, better liquidity in their personal finances, and the opportunity to manage their credit risk rating more effectively.
Learn To Save And Invest
While there are plenty of apps that deal with shop discounts and coupons, it’s that money that gets banked at the end of the month that gets remembered. Acorns is an app that takes the small change and actively invests it on behalf of the user. Qapital is another app that rounds off funds and moves it into savings. With both these apps, users will hardly feel the money move from their pockets but will have fun watching the growth over the months and years.
Technology allows users to bridge the gap between just using their money to pay bills and actually letting their money work for them. What’s more, this transition takes very little effort as mobile apps allow you to update on the go.