- Date : 06/03/2023
- Read: 4 mins
Personal finance management tools are designed to help individuals better manage their finances. These tools can help individuals plan for their financial future and make informed decisions regarding their money. Personal finance management tools can help individuals create budgets, track their spending, set realistic goals and objectives, and analyze their financial situations.
Also read: Why millennials are struggling with finances?
Personal finance management (PFM) tools for financial management!
Personal finance management tools for financial planning in India can be extremely helpful for individuals to stay on top of their finances. These tools help individuals better track their expenses, set goals, budget, and plan for the future. They also provide helpful insights into spending and saving patterns. With these tools, individuals can also monitor their investments, which can be beneficial in helping them make more informed decisions when it comes to investing. Furthermore, personal finance management tools provide easy access to financial education, which can be especially helpful for new investors or those who are just getting started. By having access to this information, individuals can make more informed decisions when it comes to their finances.
The digital environment has streamlined this process for this tech-savvy generation, rendering financial planning available at the simple click of a button, so they are less likely to hire specialists or administrators to maintain their financial health. An easy transition to the virtual environment has been made possible for people by the blooming ecology of payment facilitators, mobile banking, and account organizers. There are numerous software programs and programs that can help you keep track of your income, manage your expenditures, and protect your investments. Personal financial management (PFM) solutions are just one of the tools this industry uses to offer customers a customized experience. PFM tools have already been integrated into mobile banking applications, and the majority of them want to do so again in the future to enhance their user experience.
Here are a few things that one should keep in mind while choosing an appropriate personal financial management (PFM) tool for monitoring one’s finances:
1. Easy to Use: A good personal financial management tool should be easy to use and understand. It should also be intuitive and user-friendly, with a straightforward interface and clear instructions.
2. Comprehensive: A good personal financial management tool should provide comprehensive and detailed information about your finances. It should allow you to track your income, expenses, investments, and debts in one place.
3. Budgeting Capabilities: A good personal financial management tool should have budgeting capabilities. It should allow you to set and track budgets for various categories, such as groceries, bills, and entertainment.
4. Automated Tracking: A good personal financial management tool should have automated tracking capabilities. This will enable you to keep track of your finances without having to manually enter data.
5. Security: A good personal financial management tool should have strong security measures to protect your financial information. It should also offer two-factor authentication to keep your information safe.
Some popular personal finance management (PFM) tools are:
1. Money View Money Manager:
Android App Rating: 4.4, iOS App Rating: 4.7,
USPs: All-in-one money manager with budget planner & expense tracker,
Downloads Count: 5 million+ Android, 1 million+ iOS
2. Walnut:
Android App Rating: 4.5, iOS App Rating: 4.5,
USPs: Automatically track spends, daily expenses & manage finances,
Downloads Count: 10 million+ Android, 1 million+ iOS
3. ET Money:
Android App Rating: 4.5, iOS App Rating: 4.6,
USPs: Track expenses & save money with smart features,
Downloads Count: 5 billion+ Android, 10 million+ iOS
Also read: Money ratios that will help you in your finances!
Final words
Personal finance management tools for financial planning assist individuals in saving and investing money to improve their financial situation. These apps are very popular nowadays among young people, as these comprehensive tools safeguard one’s future while keeping in mind income, savings, debt, expenses, and insurance.
Disclaimer: This article is intended for general information purposes only and should not be construed as investment or legal advice. You should separately obtain independent advice when making decisions in these areas.
