A simple way to manage your money better

Money Management is a broad concept which includes process of tracking expenses, investing, budgeting, banking, and assessing tax liabilities. Money management is basically became trend as lot of people like us don’t understand where there hard earned money is going into. we spend money in small chunks into lot of things.

Manage your Money in a simple way

It is a natural human tendency to spend money to fulfill the cravings no matter whether or not they are often justifiably included during a budget. The idea of cash management techniques was developed to scale back the quantity that individuals, firms, and institutions spend on items that don’t add any significant value to their standard of living, long-term portfolios, and assets.

People like us have access to a variety of resources and applications in the market like zerodha kite, clear-tax, policybazar ..etc, which helps them to manage almost every aspect of their personal finances individually.

When investors increase their net worth, they often frequently pursue qualified money management advice from financial advisors. Generally, financial advisors are affiliated with private banking and investment services, offering resources for holistic money management programs that would include estate planning, retirement, and more.

But now there is a single app which has integrated most of these services under a single umbrella and created money super app called “INDmoney“

INDmoney is a finance app, that allows you to track all of your investments in one place. It tracks your investments like stocks, mutual funds, EPF, PPF, FD, bonds, NPS and so on, spending’s like credit-card bills.

It isn’t just a tracker, it also lets you invest in direct mutual funds, fixed deposits, insurances, and US Stocks. You can earn the rewards from INDmoney as well in form of US stocks or INDcoins which can we be used to purchase the US stocks or the crypto currency or can be redeemed into cash.

It allows you to check your “Net worth” in the app which is calculated based on your investments and the liabilities.

INDmoney uses Artificial Intelligence and Machine Learning to analyze your investments. You have to complete a questionnaire and they prepare a personalized investment plan based on your risk tolerance. You can get the personalized insights in your investments as well to save and earn more.

With INDmoney you can track all of the following in one place:

  • Stocks
  • NPS (Tier 1)
  • PPF
  • EPF
  • Mutual funds
  • Bonds
  • Fixed Deposits
  • Real Estate
  • Alternative Investment Funds
  • PMS (Portfolio Management Services)
  • Credit cards
  • Loan
  • Manage the entire investment portfolio of your family in one place.

It’s an interesting app, one among a sort for Indians. Allowing you to trace your investments, loans and assist you understand your asset allocation is such a lot important to realize financial security.

And INDmoney quite helps you by solving the most important issue – knowing where you’re making money and where you’re losing it.

They do provide the advisory services as well from the SEBI registered advisors. Using AI , INDmoney allows you to research the stocks. Both the stocks you hold in your portfolio and other stocks within the market (most of them).

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Personal Finance: The most required Life Skill for everyone

Why Personal Finance is so important?

Many of us might be feeling insecure when the end of the month arrives, as we will be on low of funds and eagerly waiting for the salary to be credited in the month. so lets find out the importance of the personal finance.

Lack of awareness of about how to manage the money leads people to ask a question “why personal finance is important?

The answers to this question are so many but one of the important thing is that to lead a secured and fulfilling life. Personal Finance skills are important because without these skills people usually spend their life slaving for money. They always stay in debt and cannot catch up ahead. This situation gets worse when this habits passed down to their children and even they end up slaving their lives for money and end up in debts.

In simpler words “Personal Finance is important, because without these generations of people most likely continue to live unfulfilling lives as slaves to money“.

one of the example of Celebrities went bankrupt due to lack of Personal Finance skills.

Ronaldinho:

Every football fan has heard of this name. He is a Brazilian former professional footballer and ambassador for Barcelona. He used to have a very extravagant lifestyle. In 2018 he declared bankrupt having 5 pounds in his account. (https://www.sportskeeda.com/football/how-did-ronaldinho-become-so-broke-in-such-a-short-time)

Being rich does not mean managing money well. So today I will help you gain some knowledge on Personal Finance.

What is Personal Finance?

Personal Finance is a term that covers managing your money as savings and investing. Personal Finance includes the budgeting, banking, insurance, mortgages, investments and retirement plans.

But why we denote it as “Personal Finance”, because it varies from person to person. It solely based on person (individual).

Personal Finance is all about meeting the financial goals of each individual. It varies from individual to individual. It all depends on your income and expenses. All these financial goals are based and measured in money. So for fulfilling a financial goal we need money to do these 3 things :

  • Earn money
  • Save money
  • Multiply money (Invest)

Basically we learn managing money from parents unconsciously. As we are doing it unconsciously we develop them biased from each individually. So my recommendation to each and everyone of you is do not copy any individual in managing money as each financial goals are different in the world.

The money management is not only for achieving your financial goals but also to help yourself and your dependents in hard times like when there is no income for you ( in times of retirement or any sudden loss of income source)

Using 3 E’s mantra to manage money.

  • Education : Educate yourself how to handle money.
  • Experience: Analyse your finance experiences, to find trends in where you are spending/saving money.
  • Expression: Bring both education and experiences together to make an financial expression to manage (save and invest ) money.

Experiences include all to know which type of investments will help you in long run. So start early to experiment yourself to find your financial goals and what works for you.

For more on Financial Planning click the link and give it a read. It will help you to be one step closer to achieve your financial goals.

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