Money wise: Smartphone apps to manage expenses

Keep track of your money and even take help on deciding how to spend it

Managing finances can be tricky. It’s not easy to keep track of every little expense. However, with the right personal financial app, you can stay up to date with where you spend your money and even learn to spend it wisely.

Fisdom

Price: Free

Available on Android, iOS

Designed to help people decide where and how much to spend, Fisdom provides an estimate of how much you can save with a long-term investment. Once you have made up your mind, it will tell you how much to spend on any fund. This amount is generated after a thorough research of the fund’s performance, quality of stocks, bond held in portfolio and exit load. For example, it tells you how much you should spend on, say, Kotak Self Focus or ICICI Prudential Value Discover and why. You can invest through the app but you have to complete a one-time registration for which you have to furnish details such as PAN (permanent account number) and address proof. It also suggests tax-saving investment options.

Ola Money

Price: Free

Available on Android, iOS

More popular for its cabs booking services, Ola also has a mobile payment and wallet service called Ola Money. The app allows its users to recharge their smartphone, DTH service, and pay their electricity bill through their mobile wallet. It also allows users to recharge their metro card. You can also send and receive money to other OLA Money users by simply feeding their mobile number and the amount you wish to send them. You can’t pay directly as a guest, but have to add some amount on your Ola wallet. You can add money into the wallet through debit/credit cards or net banking. You can login with the same mobile number and password that you are using in the OLA app. You can use the money saved here in Ola Cabs too.

SBI Anywhere

Price: Free

Available on Android, iOS

State Bank of India users can make payment using their smartphone app SBI Anywhere using the new mVisa feature. This allows users to make payment to merchants without having to draw cash or credit card. A separate app designed for the merchant will generate a dynamic QR code for a truncation. The customer will have to scan the QR code using the SBI Anywhere app and the transaction will be completed without the customer. The feature requires users to configure some debit or credit card with it or the net banking account before the transaction is made. It’s free and available to all SBI account holders.

DVAT Bill app

Price: Free

Available on Android

Every time you eat outside or go for a movie, a certain amount is deducted as VAT. In case you are suspicious about the amount that has been charged, you can click a picture of the invoice or bill and upload it on the DVAT Bill app. Make sure that the amount, name and registration number of the dealer is clearly visible. Developed by Delhi government’s Trade and Taxes department, the new app will generate a unique ID for each bill and send it to the VAT inspector. If the merchant is found to have overcharged you, the government will take action against him. To encourage users to help the government catch the defaulters, the government will conduct a computerised lucky draw every month and provide a cash reward of up to 50,000 to one of the users.

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