Technology has made life easier with several finance apps being available in the market. This app is a dashboard, which tracks your transactions and keeps you prepared for any issues.
A finance app tracks and presents you with bills, spending, investments, debt, savings, banking, and budget. When you track your finances, it helps in improved cash flow management.
Here is how to choose the right finance app.
Determine the kind of app you need
When researching different apps, you need to understand if the chosen app suits your personal requirements. You must determine if you need an extensive app or the one that focuses on your bills, spending, budget, and investments. Secondly, the chosen app must offer a simple and easy to understand user-interface (UI). Finally, you must ensure the security of the chosen app. You may need to share confidential information, which is why ensuring complete security is crucial to prevent data theft that may be misused.
Now that you know the kind of money management app you need, here are five features to look for:
- Budget planning
When you choose the right finance app, you will no longer need to maintain cumbersome excel worksheets for planning your budget. Such apps will provide a detailed process that allows you to create a personal budget. Once you complete the procedure, you may setup expense and income categories. It is recommended you choose an application that memorizes transactions, which ensures you do not need to input the same information multiple times.
- Online bill payments
To make your life easier and to ensure you do not forget paying bills on time, it is important to choose a money management app that offers this feature. It is a beneficial feature because most banks today allow you online bill payment facilities. However, you need to ensure that you do not have to pay any additional charges for using these services. Online bill payment services provide reminders, which allow you to schedule payment dates.
- Investment tracking and analysis
Another beneficial feature of finance apps is that you are able to input and download investment transactions. In addition, you are able to track the performance of your portfolio. Some apps also come with additional features, such as graphs and reports that make it easier for you to track your investments. A mutual fund app like Angel Wealth is the ideal platform to help you track your investments in a smart manner. The core highlight of Angel Wealth’s mobile application is the technology-driven ARQ investment engine, which provides several beneficial features.
- ARQ uses scientific algorithms and quants to evaluate and analyze the different mutual fund schemes offered by asset management companies (AMCs). The research is done by analyzing over a billion data points.
- The findings are then matched to your personal goals, lifestyle, and risk appetite. Based on this comparison, the investment engine provides customized investment recommendations that are most beneficial as per your requirements.
- ARQ also evaluates your current investment portfolio and provides a ranking based on detailed analyses. It offers recommendations on whether you must buy, sell, or hold your current investments.
- The smart investment engine allows you to invest in recommended mutual funds either as a lump sum or through Systematic Investment Plans (SIPs).
- ARQ is automated ensuring there is no human intervention or preference towards any particular investment.
- As ARQ is a proprietary investment tool of Angel Wealth, you could receive customized investment recommendations on-the-go by downloading the Angel Wealth mutual fund app on your smartphone.
- Calculate your net worth
Although this is not a feature offered by all finance apps, it is a beneficial one to have. It keeps track of all your liabilities and capital to allow you to calculate your net worth. However, apps that offer this feature often are not available free of cost and you may need to pay some charges for the same. However, it is advantageous to know your net worth, which makes this small investment worth the price.
- Simplify taxes
A good finance app simplifies taxation. The software will incorporate various categories of tax transactions or allow you to create your own categories. These will help you determine your liability, deductions, and other calculations. An annual tax report may also be available, which allows you to know about your tax returns.
A complete financial planning app has several advantages. However, to maximize these benefits, you must know your exact requirements. You may require to plan your budget, or pay bills online, or analyze and track your investments. You may also get an app that helps your children understand about money and teach them good management principles. This will prepare them and help them develop responsibility as adults.
