New Delhi: The concept of saving is universal, and everyone, at some point in time, prioritizes their personal financial goals. In a world of endless expenses, it becomes essential to manage and plan one’s spending effectively, which is where the theory of personal finance comes into action.

Adopting a healthy financial habit is indeed helpful but can be a bit tiring to carry out with the game of calculation taking place in mind. With the help of the reliable and user-friendly budgeting apps that are available in the market, an individual can plan and manage their finances to achieve the financial literacy.

Significance of personal finance

The need for personal finance is varied, it depends on person-to-person’s financial aims, which in turn possess several benefits including money management, explore investment options etc.

For instance, it makes money management easier while for some people it could streamline their investment plans in order to earn maximum returns.

Keeping an eye on personal finances gives clarity to an individual who is aware of their emotional buying habits; at times it helps them in relaxing their minds and control their spontaneous unnecessary buying urges.

Personal budgeting can be defined as the process of sticking to a plan in order to make healthy decision regarding their expenditure and investments. Furthermore, it is a vital part of gaining financial literacy, hence offering a sense of monetary security.

Below are the top 5 budgeting applications available in the market:

Money View – Expense Manager App

This app reads all the transactional Short Message Service (SMS) messages and gives real-time visibility into one’s finances. The app stands out from other applications as it has the feature to pull out hidden financial data sitting idly in SMS logs and using it to get exceptional results.

Goodbudget – Budget & Finance App

A home budget app – a dynamic budget planner which helps an individual in managing their personal finances. This app is easily available on Web, Playstore and iPhone store.

This app allows an individual in real time tracking his finances. However, on the other hand, this app consists of several features including simple, real-time budget and financial tracking.

Realbyte Money Manager App

The Money Manager is purposely built for financial planning, and expense tracking along with an asset management app for both iOS and Android devices. The platform aims at simplifying the management of one’s finances.

Monefy – Budget Manager and Expense Tracker App

Keeping the track of a person’s daily purchases, bills and miscellaneous expenses has never been easier or more enjoyable than with the Monefy money manager app.

Monefy tracks the user’s expenses by drawing a comparison between the expenses and monthly income and provide an effective budgeting plan to help them in achieving financial freedom.

Bishinews Expense Manager App

The application is simple and stable for users to micro-manage their money. Bishinews’ expense manager app can be accessed at no cost and is one of the best daily expense manager apps in India. The app contains no hidden fees or in-app purchases.

(Written by- Mahek Nigam)