SwirlyPickle
SwirlyPickle

Which app is the best for managing finances (investments, insurance and expenses) ?

Preferably free. Drop in your suggestions!

16mo ago
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SwirlyTaco
SwirlyTaco

If you cannot manage all 3 on a Google Spreadsheet, you're doing it wrong.

FuzzySushi
FuzzySushi

Can you please share a template 😬

GroovyBagel
GroovyBagel

True that. I have tried multiple apps out there since desktop days. All apps are just good at collecting your data and making use of it.

If you want better control and understanding, use excel/google sheets.

WigglyDonut
WigglyDonut

Have used ICICI for everything, so just go on the individual apps to keep a track for everything
It’s the reason I don’t go to newer banks, stock broking apps

prolly not the right approach

PrancingMochi
PrancingMochi

You make your investments through the bank? I have a bridge to sell...

Jokes apart, if you buy MFs through them you're buying Regular plans which incur broker fees, you're okay with that? And bank employees are incentivised by their targets, which has always rubbed me wrong. Do you not have this problem?

SwirlyPickle
SwirlyPickle
Google15mo

Demat account bhi ICICI ka? How's it?

BouncyBagel
BouncyBagel
Google16mo

MyMoney. Simple UI with customisable categories. You can also export data

SnoozyBoba
SnoozyBoba

Can you share a link if on the app store?

GoofyPotato
GoofyPotato

I use the notion finance manager template by Easlo.

QuirkyHamster
QuirkyHamster
Student16mo

Same seems easy and effective

FloatingPancake
FloatingPancake

I see this is not free. Is it worth the money? @lucifer09

PeppyMarshmallow
PeppyMarshmallow

Been using INDMoney for some time now. You can add and track all investments (stocks, MF, Bonds, Crypto) and Insurance. Not just that you can also use it to invest.

But it doesn’t help with tracking expenses.

QuirkyPretzel
QuirkyPretzel
TCS16mo

When you say bonds , does it also include FDs?

FloatingBurrito
FloatingBurrito
Gojek15mo

Yes it has FD

JazzyBagel
JazzyBagel
Zepto15mo

I am working on creating a startup around this idea only! As I am the customer zero for these pain points. Would love to understand all the different pain points that you have faced so far and still not found a viable solution for it.

SwirlyMochi
SwirlyMochi

+1

JazzyBagel
JazzyBagel
Zepto15mo

Let me start:

  1. Not exhaustive enough- For e.g. there are hundreds of apps in INDIA in the fintech space but none can be the one stop solution for everything related to money. No phone in the country has only one financial product/service related app.

  2. DIY mess- The plethora of information and tools available for this space makes it a choice paradox. Instead one trustworthy provider that can handle all the mess for us will be a great sigh of relief. For e.g. if one is a HNI, the private bankers will take care of almost everything from banking to investing to taxation,etc. but no one is solving for emerging HNIs.

  3. Fees- the growing gap between forever free products and confusingly priced premium products makes people like me find a good and simply priced product/service. But none available.

  4. AI- compared to all the other aspects of human lives, finance can get the best help from AI related solutions as it is majorly numbers. So if it can be combined with humans for less bias, distribution and empathy, it will be a combination never seen before. Generative AI if used correctly can be one of the examples.

DancingJellybean
DancingJellybean
Nvidia15mo

I have tried many. But best of all is Axio for tracking expenses. You can create 'Tags' for expenses made via credit card/bank account. Also very customisable.

For tracking investments i manage spreadsheet.

GigglyRaccoon
GigglyRaccoon

Axio is the best..

WigglyBanana
WigglyBanana

Pocket Money!
I haven’t used it yet, but I will :)

Feel almost part of the journey

WigglyBanana
WigglyBanana

Until I do that, whatever @TallTales69 said

PrancingMochi
PrancingMochi

Is this an ad? Or a bot?

WobblyWaffle
WobblyWaffle

Indmoney is the best, you need some time to set it up but it's great.

SparklyLlama
SparklyLlama

Goodbye privacy đŸ‘‹đŸ»

WobblyWaffle
WobblyWaffle

That's true, truth to be told that's the most sensitive data you are handing over to a private org. For someone with a low net worth like me, it's fine.

SparklyPanda
SparklyPanda
Airbus15mo

Simple plain Google sheets.. My own template.

Dedicatedly sit 1day per month and log all my Financials in the sheet.

Recently started using Fold tough. It's looking good but still has long way to go.

PrancingMochi
PrancingMochi

I'm doing something similar. I feel that it's very reactive. I want to be proactive in managing expenses. Do you have tips for making this shift?

SparklyPanda
SparklyPanda
Airbus15mo

For something to be proactive the expense should be real-time. You need to use some kind of Account Aggregator tech. Fold is one such app. It brings in all your bank transactions twice a day and you can tag them and group them. So you can have nice overview for spending summary and cash flow of incoming and outgoing.

Let me know if you want to try fold app.

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