As the year comes to an end, millennials tend to spend beyond their financial capacity out of excitement. It can either be for travel or celebrations, or just buying that perfect present for their loved ones. While this could be a fulfilling and a quality time of the year, it may leave a dent on your pocket. And before you know it, the tax filing season will be here and most people would start looking for their last minute investments for tax saving purpose. Fret no more. Here are some useful tools that millennials, and even others, can make use of to navigate their investment journey:
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1. Groww - It is an app-based investment platform that has become a game-changer for a new generation of investors. The Sebi registered investment advisor focused on simplicity and transparency as its key USPs. The app has been designed keeping in mind the needs of millennials, powered by intelligent user interface. Today, 60 per cent of Groww’s user base is spread across the country, predominantly in tier II and III cities, and more are joining the bandwagon.
2. Scripbox – Another user-friendly app-based investment platform that makes invest completely hassle-free. One can start an SIP or make a one-time investment just through a few taps of their fingers. A great app for beginners, Scripbox automates most of the investment process through its scientific and unbiased fund recommendations.
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3. Goalwise.com - It is a new-age Mutual Fund investing platform which provides goal-based investing for investors looking to invest in direct mutual funds. With Goalwise, one can easily set up SIPs or invest a lump sum in the best mutual funds chosen by its algorithms. It is ideal for first-time investors looking to get started quickly as well as for experienced investors looking for planning and automation. The app has features like automatic fund selection and switching, automatic asset allocation based on the goal’s time horizon. The app is also highly customizable to suit the needs of every individual investor.
4. Paytm Money - Launched in September 2018, it is the wholly-owned subsidiary of One97 Communications Limited that owns and operates Paytm. It is India’s largest online platform for mutual fund investments that has partnered with all 40 Asset Management Companies. With 30 lakh users on its platform in less than 10 months, it is a great success story. On Paytm Money investors can start investing from as low as Rs 100 with an entirely digital onboarding process. Also, it offers only direct investment plans, with lower expense ratios which result in higher returns.
5. Piggy - Piggy is a next-generation investment app that simplifies investments for everyone. It is an initiative started by a team of ex-investment bankers and tech professionals to develop a product that makes investing easier and seamless for regular investors. With Piggy, one can invest in direct plans of 25 mutual fund houses on one app. Piggy gives one a curated list of top mutual funds and helps them track and manage their portfolio.
