5 ways your smartphone can improve your financial life


5 ways your smartphone can improve your financial life


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Key Highlights

  • Choose 2-3 digital wallets which you find easy to use and which covers your payment, money transfer needs.
  • There are a host of budgeting apps out there which come with a lot of budgeting features. These apps can help you track your expenses, set a budget and more
  • There are several banking and insurance who have official apps through which you can check quotes and do comparison shopping before you apply for a loan or want to buy an insurance polic

New Delhi: In recent years, smartphones have become an important part of almost everyone’s life. Today, we use the smartphone for almost everything. From banking to ticket booking to video calling, you can do almost everything with a smartphone nowadays. However, not many realize that using certain smartphone apps can help you manage your finances better. 

According to a study by Google in 2016, people between the ages of 18-64 had an average of 2.5 finance apps installed on their smartphones. Here are five types of financial apps that can make your financial life simpler.

1. e-Wallets: When we talk about digital wallets, Paytm, GooglePay, PhonePe, MobiKwik comes to mind. These apps are useful for making cashless payments, sending money to others and also for paying telephone and utility bills. In order to lure customers, these apps often have rewards and cashback offers. Choose 2-3 such wallets which you find easy to use and which covers your payment, money transfer needs. With UPI, you can now link multiple bank accounts to these apps and pay directly and receive money to your bank accounts.

2. Budgeting apps: Tracking your expenses might be a tedious task but it is necessary in order to ensure that you stick to your budget and do not overspend. Small expenses throughout the month can sometimes not make you realise just how much money you have spent. Budgeting apps can help you with that. There are a host of budgeting apps out there which come with a lot of budgeting features. These apps can help you track your expenses, set a budget, alert you when you have reached the spending limit and more. Using such apps will help you know how you spend your money and make necessary adjustments to your spending patterns.

3. Banking apps: Gone are the days when you had to visit your bank branch in order to transfer money, get a small loan or invest in FDs. Nowadays, you can do all this and a lot more with banking apps. It is a good idea to have apps of the banks you use on your phone. With these apps you can avail the benefits for mobile banking, checking balances, sending money, requesting for a new cheque book and so on. Banks also let you directly invest in FDs, mutual funds and apply for loans through their official apps.

4. Aggregators: There are several banking and insurance who have official apps through which you can check quotes and do comparison shopping before you apply for a loan or want to buy an insurance policy. With these apps, you can easily see what’s on offer by different service providers. These apps also let you apply for loans and credit cards and buy insurance policies right from the app. With a comparison between different products available on this app, you can make better-informed choices when it comes to borrowing a loan or buying an insurance policy.

5. Investment apps: There are a number of apps out there which let you invest in stocks and mutual funds directly from their apps. While brokerage houses have their apps for investing in stocks, apps like Kuvera, Scripbox and Groww, PayTm Money etc. let you invest in direct mutual funds. Investing through these apps is easy since the KYC process is simple and paperless. Most of these apps come with advisory services which help you pick the right stocks and mutual funds to invest in. You can easily view all your investments in one dashboard and redeem funds directly from the app.



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