Kitne aadmi the? Remember Gabbar’s iconic line from Sholay? Well, for most of us, it’s not the dacoits we fear but our empty wallets by month’s end. If you are bored of living paycheck-to-pay-check or are looking for a better short-term personal loan, personal finance apps are here to the rescue.
More financial apps will be available in 2025. This is similar to having a financial advisor in your pocket who can help you save or apply for a short-term personal loan. Suppose a cash injection seems necessary. Here’s how personal finance apps can transform your finances.
What are Personal Finance Apps, and Why Are They So Popular?
Do waqt ki roti ke liye bhi struggle hai! For many of us, budgeting and saving money is a battle that has no end. However, these apps make this struggle easier. Save, track your expenses, or grow your wealth—it’s all there in a one-stop shop.
According to a recent report by Market Research Future, the industry is expected to grow from 17.75 (USD Billion) in 2023 to 95.6 (USD Billion) by 2032. That mostly comes from the ease of use and the fact that financial literacy is right at your fingertips.
Keep track of every Penny.
The best thing about budgeting apps is that they check on all your spending and how you are doing throughout the month. Some fantastic apps for tracking your spending are Walnut, ET Money, and Money View. Real-time alerts regarding spending habits help avoid slipping into financial pitfalls.
Rahul was an engineering graduate who was 26 years old, and he felt the day was on the money, spending ₹400 or more on tea and snacks. Using the Walnut app to track his expenses, he had set his budget for the day to ₹300. It kept sending him alert notifications every time he exceeded that limit. Rahul was thus vigilant about his daily expenditure cutting down from ₹400 to ₹100 and thus saving 15%. But this app provided him with all the reasons to stay on track – hence he saved a lot of long-term money.
Short-Term Personal Loan Apps
Kabhi kabhi lagta hai apun hi bhagwaan hai. Well, these apps will never make you godlike, but surely they save you from trouble. Apps like PaySense offer short-term, no-brainer, and quick personal loans with minimal hassle. It’s more advisable to pan out high-interest credit cards than to start freaking out; take a peek at these apps for emergency expenses or some other urgent need.
Savings and Investment Apps and its advantages and disadvantagesÂ
Deepak decided to invest ₹500 per month in mutual funds through the Groww app. In a year, he invested ₹6,000, which is ₹500 × 12. His Rs 6,000, multiplied by 12% annually, worked out to Rs 720, increasing the value of his investment to Rs 6,720.
And that’s how some small consistency compounds work. It is doing in Deepak’s case further highlights how that small monthly investment through something as simple as a SIP can morph into mass growth in the long term.
| Advantages | Disadvantages |
| Easy to Use: Simple, user-friendly interfaces for beginners. | Privacy Concerns: Sensitive financial data may be at risk of breaches. |
| Expense Tracking: This helps you track spending and stick to a budget. | Subscription Costs: Premium features often require a paid subscription. |
| Investment Monitoring: Allows real-time tracking of investments and returns. | Connectivity Issues: Problems syncing with bank accounts or financial institutions. |
CONCLUSION
Personal finance apps are changing money management in effortless budgeting, saving, investing, and quick loans. Through a personal finance application, one can enjoy real-time tracking and instant approval, keeping you on top of your finances and guiding you into making the most intelligent decisions with your money. The savings app makes saving up for something you want or managing everyday expenses much easier.
Frequently Asked Question
Q. Are the personal finance apps safe?
Yes, most apps, especially reputed ones, have secured servers and encryption to guard your data. Just like you wouldn’t lend out your debit card, do not share app login details.
Q. How will a short-term loan increase my credit score?
By repaying your loan on time, you demonstrate creditworthiness, which can help boost your CIBIL score.
Q. Can Personal Finance Apps help build wealth?
Personal finance applications can make it easier to save and spend wisely and gain access to short-term loans without going through conventional banks. Good luck getting that extra large pizza most nights. It is all worth it when you have your nest egg.
After all, “dosti mein no sorry, no thank you.” But when it comes to personal finance apps, you will thank them a thousand times more. From instant loan approvals to expense tracking and investment advice, they are the game-changers of 2024.Â