New to Personal Finance? 5 Mobile Apps You Can Try to Streamline Your Investment
Personal investments are really tricky, especially when you are new to it
Indians are generally termed as ‘savers’ and not ‘investors’. Wealth creation as a concept is not very popular in the country. Traditionally, we have preferred to save our money in bank accounts, FD or ‘invested’ it in gold or real estate. But if you want your money to grow, we need to grow up too.
However, personal investments are really tricky, especially when you are new to it. For instance, if you are looking to invest in mutual funds – then one has to choose among at least 44 assets Mutual Companies together offering more than 2500 schemes. So, among equity, ELSS and Balanced schemes – how do you know which one is right for you?
Here are two things that you can do – hire a wealth manager or download a mobile application. Thanks to robo-advisory, with a tip of your finger, these mobile applications can process your goals and will help you to stay invested..
FundsIndia is one of the largest financial investment platforms in India with more than INR 5000 crores in asset under management and 2 lakh investors across the country. The application allows you to invest in products like mutual funds, equities and company fixed deposits.
With its robo-advisory solution, Money Mitr one can get personalized advice on your preset goals. Additionally, FundsIndia has a group of SEBI-registered advisors who also manage your portfolio.
Saveabhi is a very unique investment platform. Every time you spend, the application's feature ‘save the change’ rounds up your expenditure to the nearest hundred. So, every time a user triggers a transaction with his/her phone, there will be pop-up asking one to save the change.
Once the change amounts up to INR 500, it will be invested in the risk-free money market. For a new user, this might seem an insignificant amount, but this is your small step towards a larger goal.
The app’s features also include expense tracker and budgeting tools. Additionally, with a small fee, you can buy a financial advice package to manage your investments.
Be it liquid or debt, Scripbox has something for everyone’s needs.
Additionally, its annual review process helps you stay invested till your goals are achieved. If in case, you plan to exit a particular fund, they also take your exit load and provide a tax efficient option.
Scripbox’s ‘Learn’ section is full notes related to investment, personal finance management, SIPs, mutual funds, etc. While its plan section can quickly do a wealth check for the user and tell how much you need to invest to save tax, for retirement and other major goals in life.
Just like the above mobile apps, 5nance also assists you to manage your funds.
But one of its interesting products is Tax-Max which also allows users with their tax process – planning, advisory, saving and filing along with real-time management of your portfolio.
Coin is powered Zerodha, one of the largest retail stock brokers in India by its active client base.
The unique feature about Coin is the platform holds your mutual fund in a demat format. So, just in case of emergencies, users can pledge it as collateral for loans as against securities.
I am a Mumbai-based journalist and have worked with media companies like The Dollar Business Magazine, Business Standard, etc.While on the other side, I am an avid reader who is a travel freak and has accepted foodism as my religion.