Financial Apps For Young Professionals In 2021

Nowadays, one can carry the entire digital world in one’s pocket – thanks to the technical advancement. For young professionals intent on making more moolah, it’s essential to focus on their core competencies while leaving the nitty-gritty of counting cold cash (or maintaining balance sheets) to the digital domain experts AKA financial apps. 

These needs could be diverse. Such as securing a swift, small-ticket loan, fixing some last-minute tax snafu, splitting bills fairly with family and friends or even sorting insurance policy hassles and deciding on one’s best investment options. While the problems may be varied, every solution can come packaged securely in your smartphone. 

Here's a collection of few financial apps that can monitor, sustain, and grow one's finances – safely, efficiently, and easily.

ClearTax

Annual tax returns or periodic GST filings can be a pain even for financially-savvy millennials. Such tax worries are a thing of the past since ClearTax demystifies the most complex tax issues. As it works in close coordination with CAs and allied financial experts, one can leave all the financial wizardry to the nation’s largest tax filing portal. Consequently, compliance and monthly, quarterly or annual filing deadlines should no longer be a reason for the youth to tax their minds. 

PolicyBazaar.com

The pandemic made most millennials aware of the need for health insurance to safeguard their family’s future as the uncertainties of life suddenly came too close for comfort. For other youth, life insurance, motor insurance or travel insurance also assumed some importance. But the plethora of policies made the plans confusing. Now, PolicyBazaar.com offers peace of mind by handholding insurance applicants through the entire process from perusal to payment. What is more, at the click of the keypad one can compare a variety of insurance policies from multiple insurers. The portal offers bespoke options as per individual pockets and preferences. 

Zerodha

Sometimes, making money seems relatively easier. The difficult part is investing it safely. Through Zerodha, one can stop sweating about safe investment options. From equities to derivatives and mutual funds to fixed income plans, the investment portal offers a slew of options. Be it, traders or investors, the platform provides support via cost-effective investment avenues backed by tech-enabled tools. Its flagship trading platform provides streaming market data and more on all smart devices. Besides, its online educational initiatives empower both retail traders and investors. 

So far, so good. Your money is secure, soundly invested and growing. Yet, there’s one niggling concern. When you step out with family or friends, while each one is willing to go Dutch, tracking the expenses can be cumbersome. There’s help at hand,

Splitwise

Tracking shared expenses between friends and family members was never easy, until now. Today, mobile app Splitwise helps monitor shared expenses and balances, including who owes whom. By organizing all shared expenses and IOUs in a single spot, it’s easy to figure out what’s due from whom. Whether it’s a simple outing, excursion, vacation or a Dutch treat, the app tracks all expenses fairly between two and more persons. Since the data is stored securely in the cloud, it can be easily accessed anytime, anywhere via any smartphone or connected device. So stop worrying about having to ask your best friend about pending payments. The reminders will nudge people to honour debts without unpleasant feelings on either side because of this neutral expense-tracking app.

Google Pay

After its debut in 2018, it has taken over the Indian market and has the largest market share of 38.4 per cent, which converts into 75 million active users as of June 2020. These figures make sense because of their clean UI and UX and they have virtually no gimmicky features, unlike its competitors. Operating the application is very convenient, as soon as you log in using your UPI ID you can instantly start transferring money to your peers without any hassle, and the cherry on the cake is their cash back scratch cards and occasionally conducted competition where you earn hundreds of rupees while simply making day to day transactions. If you are using any other payment application, we would highly recommend using this app.

mPokket

Festive scenarios or crises can both trigger an urgent need for small amounts of cash. But for young students or newly-hired professionals, procuring quick, small-ticket loans from banks or traditional lenders is not possible. No worries! mPokket is just the right digital platform to disburse small-yet-speedy loans to youngsters keen not to miss out on a surprise date – or anything else. An easy-to-use digital-lending app, mPokket offers loans that are disbursed instantly, straight into one’s digital wallet or bank account. Given the instant personal loans from mPokket, whether it is New Year, Valentine’s Day or any other special occasion, a quick loan is just a click away.

Cred

The platform helps customers manage several cards, pay your credit card bills and get rewarded for making timely payments. Here you can pay your credit card bills, get 'cred coins' and redeem these coins for rewards from a wide collection of brands. Every time you pay for your credit card, you win Cred Coins. Each coin is equivalent to Rs 1. These coins may then be used to claim rewards from brands such as Samsung and Puma, among others. You can also utilities the option to 'burn' your coins to win cashback, which is credited directly to your credit card.

To make 2021 a ‘moneywise’ New Year, go for these apps to make your life simpler and take the time to enjoy those roses' smell or buy that precious bouquet for your loved ones.

The author is a Tech-Enthusiast and a Blogger