Five best financial management apps for millennials

While it is difficult to maintain an expense diary manually, tech savvy millennials can go digital

Money management is a tricky affair. More so, for millennials who live salary-to-salary scrambling for money at the end of each month to meet even basic expenses. A Little self-control and a close vigil on expenses may do the trick to not only hold one from going broke but also let one save for future. While it is difficult to maintain an expense diary and update it manually, the tech savvy millennials have an option to go digital. We have compiled five financial management apps that would serve the purpose: 

1) AndroMoney

AndroMoney app helps you link multiple accounts, sync many devices and also allow cloud storage (Dropbox , Google Docs). It is user-friendly, password-protected and is available on Android and iOS both. This budget app has features to crate pie and bar charts for expense and cash flow. Users have rated it 4.7 out of 5 on Google Play. 

2) Walnut

Walnut app tracks your SMSes to calculate how much money you have and how much you usually spend on what. Based on your transaction history, it generates your expense reports, which helps you analyse where exactly your money goes. The app also offers smart features like bill split over chat and real time P2P (Peer to Peer) money transfer to bank accounts using only Debit cards - eliminating the need to remember and exchange account numbers and IFSC codes. On Google Play, the app enjoys 4.4 out of 5 rating. 

3) Goodbudget

Another popular expense tracker app Goodbudget assists you in saving for specific and multiple purposes individually. Going digital on the traditional envelope system of putting money in actual envelopes, the app allows you to bifurcate your salary for different expenses and savings in unlimited virtual envelopes. Goodbudget syncs up to 5 devices and can store transaction history of last five years. It has 4.4/5 rating on Google Play.

4) mTrakr 

A comprehensive budget app, mTrakr displays all Bank Accounts in a consolidated format and automatically classifies all expenses into various categories like Shopping, Food & Drinks, and Travel etc. After you identify where you spend most, the app provides valuable insights on how these expenses can be reduced. This app also scans SMSes for tracking expenses. Although few users have reported issues of duplication, Google Play rating for the app is 4.3 out of 5. 

5) MoneyView 

This app also draws data from financial SMSes but goes a step further to send personalised notifications on reminding you of your pending bills. Shared expenses such as flat rent, restaurant or travel bills can also be easily split here. MoneyView recently joined hands with ICICI Prudential Mutual Fund to give its users an innovative app-based solution to invest their savings in the products offered under Green Account. On the scale of 5, users have rated it 4.3.