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5 Apps Which Make Millennials Spend Money Wisely!

These finance apps may help the millennials in managing their expenses in a better way.

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Millennials
Apps which can help Millennials save money

Millennials are leading their lives in the “tech age”, where they have their own set of generation problems. Inflation has been a common problem of all the generations, but Millennials altogether have a different approach to life. The young adults of today are much more carefree. Their expenses are not just limited to home, family and food. From going on regular vacations to spending money in hip restaurants, they want it all. Keeping all these factors in mind, it becomes necessary to set meager budgets for all the planned luxuries and at the same time increase your savings as well. This may sound difficult, but the digital era has made it easier. Below are five finance apps which would manage your expenses!

  1. Cash Envelopes! 

Keeping a strong will is tough if you always find money in your wallet. This is a world-wide problem. The solution for it is to decide your budget for various expenses and keep them inside envelopes. An excellent savings app, Mvelopes, has expertly executed this idea with the help of technology. This way, if anyone savings envelope gets vacant, you can either wait for it to refill or take money from other cash envelopes. These envelopes will get connected to maximum four bank accounts.

2. ‘Balance’ Your Way

An app called Balance is at the rescue of millennials. It helps to manage money effectively so that one can save a good amount. It has recommendations on habits of expenditures in the form of ‘recipes’. The app streamlines the documentation processes in investments; thus, making an individual aware of the risks linked to it.

3. Keep a track on money spent

Sometimes, we may just get reckless and spend our cash without keeping in mind the expenses. To control this behavior is of utmost importance. An app called Money View would help you maintain a record of all the payments you made. It also tracks the dates of your bill and never lets you miss a payment deadline.

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4. Sharing budget

Setting a good budget will better your spending habits. And, the Google Budget app helps you to understand better spending habits. It is quite like Mvelopes, except that it also facilitates sharing these budgets with close relatives. This app taps all types of payments, users are making from the connected account.

5. Tracking Your Overall Financial Position

Since Millennials grew up in the generation when technology witnessed a boom, they are expected to handle their bank accounts digitally without much panic or mulling.Mint app keeps track of your expenses, cash and income inflows. This leads to constant reminders in your mind about how much money you should or should not spend. An integrated amount of your savings also helps you in making better and bigger future decisions.

by Megha Acharya of NewsGram.

 

 

 

 

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How Technology is Streamlining the US Lending Sector

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cash-lending

Today, people are more connected than any other time in history. Since people are constantly using computers and smartphones, most industries have adopted technologies that help in easier and faster service delivery to customers.

In the finance industry, the development of technology has transformed the landscape in the lending sector. In this article, you’ll learn more about how this industry has been affected by technology.

Technology creates better borrower experience

Basically, the lending process requires an exchange of some data between the borrower and the lending institution. Depending on the lender and the amount in question, you may be required to submit tens of pages of information before the application is approved.

As such, the process can be daunting given that you are expected to fill multiple forms as well as provide several documents.  Without patience and some free time, getting through the loan application with traditional banks is close to impossible.

However, when the lending process is digitized the amount of paperwork is reduced dramatically. This is because account activity, credit history, income history as well as tax compliance can be fed into the system with the click of a button. This has made the collection and verification of information quite easy. Besides streamlining the application process, the amount of time it takes to get a loan has also reduced.

In addition, some lenders have developed some innovative mobile solutions that enable customers to submit an application from anywhere. The most outstanding feature about mobile loans is that there is a constant interaction between the lender and the borrowers. This goes a long way in improving service delivery.

Increased transparency

In the past, borrowers had no access to a lender’s system that hold the borrower’s personal details as well as loan application status. This implies that most borrowers were in the dark for the most part of the lending process. When the need to communicate comes, the loan teams were the most potent option. This has been the reason why loan officers were getting hundreds of phone calls from clients who were dying to get the updates about the loans.

Courtesy of technology advancements, now it’s possible to view the status of your loan application as well as your account status with a lender. This helps borrowers to stay updated during the entire online installment loans process. In addition, you can get instant communication about any requests that a lender may have that is critical to the borrowing process.

As a result, there is a high collaboration between borrowers and lenders which makes the involved parties satisfied.

A less painful borrowing process

Traditionally, it takes an average of 18 days to get a loan approval. To get through the borrowing process, you need an extra 50 days if you are applying for a mortgage. But when you consider that it’s possible to purchase something from miles away at the comfort of your home and get it in a few hours, the long lending process seems like a bad joke.

To match the level of service delivery in this digital era, the financial sector has incorporated technology for a better experience. The innovative technology makes it possible for borrowers to navigate through the process thanks to great design and real-time customer support.

This makes it easy to switch from traditional lenders who implement outdated technology and business models. The comfort of knowing that you can get help from the lender in a matter of seconds has made the process painless.

It helps you save money

On average, a lender spends about $8,000 to finish one mortgage. This is because they have to pay employees to look into tons of information and collate in various databases. In a manual process, the tasks are repetitive and consume a lot of time. The tragedy here is that the borrower will cover these costs in the form of loan fees and charges.

But when innovative technology is used, much of the redundant tasks during the application process is scraped off. This means borrowing becomes cheaper for both lenders and borrowers. Besides the huge savings on cost, the process takes less time.

Over-reliance on human capital is eliminated and this implies there are fewer errors when gathering information. While this doesn’t conclude that technology has taken the place of experienced manpower, it helps create time and resources that are focused on other tasks with higher value.

Risks associated with technology in the lending sector

While technology has a way of making life more bearable, it comes with several risks. Basically, most of the information is transmitted online and this makes it easy for criminals to intercept the information. With data security being one of the biggest concerns in this industry, most companies are investing heavily in precautionary measures to keep their customers safe.

Therefore, if you are working with a reputable loan company that has implemented the necessary safety measures, you don’t need to worry. However, this doesn’t mean that you should submit a loan application to every online lender out there.

All lenders are not created equal and there are a few predatory businesses out there that can take advantage of vulnerable borrowers and charge astronomical interests. As such, you should restrain yourself from getting into an agreement with any lender who doesn’t have a track record of outstanding customer service and a demonstrated commitment to helping customers.

Finally, identity theft is real and can cause a serious problem if a criminal gets your personal information. Therefore, you should be careful when requesting loans through online platforms. As a rule of thumb, choose to work with businesses that have strict privacy policies as well as having the necessary security measures to prevent data theft.

Final words

Innovative technology has taken the financial industry by a storm and it has created a serious revolution in the industry. Unlike in the past, loans are now easily accessible to more people and the lending process is less painful.

Considering the current trends, it’s clear that more resources are going to be invested in this industry and create better technologies. While there is still much that needs to be done with regards to improving certain loans like mortgages, technology has transformed the sector.

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‘Delhi Metro Cruelly Killed my ‘Achhe Din” : Here is why Passengers are dumping the popular mode of travel

The author shares her take on shifting to Delhi from Kolkata and her experience with the Delhi Metro

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Delhi Metro
Delhi Metro. Wikimedia

– By Somrita Ghosh

New Delhi, November 5, 2017 : Delhi Metro cruelly killed my “acche din”.

Metro fares have been doubled in just four months, forcing me to give up my favorite mode of transport and take to crowded DTC buses.

Besides putting the new fares beyond my budget, I have also been stripped off the safety of travelling in the Metro. And I am not the only one.

My biggest shock came two days after the latest Metro fare hike. I commute daily between Green Park in south Delhi and Noida Sector 16 where I work.

As I punched my smart card while leaving the Sector 16 station, my heart skipped a beat — Rs 37 had been deducted from my card.

By the time I reached my office, the mental calculation was already done. I realized every month I would have to spend double of what I was shelling out only five months ago if I wanted to use the Delhi Metro.

When the year began, I was spending Rs 18 on my Metro ride — one way. The Metro then hiked the fares and my one-way cost shot up to Rs 27. The latest hike had taken it to Rs 37!

This was hard for me to digest. The sudden hike of almost Rs 20, that too one way, was surely going to painfully pinch my wallet.

When I landed in Delhi five years ago, my friends advised me to avail the Metro, not just because it is safe for women but comfortable too, never mind the crushing rush during peak hours.

Most important, as I realized very soon, the Metro was affordable. It was so cheap that while an auto-rickshaw would charge me a minimum of Rs 25 from my home to the nearest Metro station, the Metro charged me only Rs 18 all the way from south Delhi to Noida in Uttar Pradesh. This was too good to be true.

Since I came from Kolkata, where the minimum Metro fare was only Rs 4 and the maximum Rs 12, Delhi Metro initially seemed costly.

But I realized the full story in no time once I started using the Delhi Metro. The infrastructure, service and overall facilities provided by Delhi Metro were far better compared to Kolkata.

Delhi Metro offers free WiFi, its stations have coffee shops and the bigger ones even host fast food chains. Travel is hassle-free despite the odd technical snags that hit the Blue Line that I use.

But suddenly charging a salaried person like me Rs 40 more, or Rs 1,200 a month, just because the Metro needs to finance itself better is something I cannot appreciate.

Like numerous others, I have changed my mode of transport. It is now the DTC buses. The DTC’s frequency may not match the Metro’s and DTC rides can be bumpy too, not to talk of unending traffic jams. But do I have a choice?

(Editorial note : This article has been written by Somrita Ghosh of IANS. She can be contacted at somrita.g@ians.in)

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5 Mobile Apps to Help you with the Arrangements for the Upcoming Festive Season!

Is the upcoming festive season giving your jitters? Are you worried about organizing the best party? We have you covered!

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Are you ready for the upcoming festive season? Pixabay

New Delhi, October 4, 2017: In the digital era, one can pick and choose from a variety of mobile apps to connect and bond over with friends and family, and enjoy the festive season.

Mobile apps are a great way to not only engage users, but their easy-to-use interface makes it easier for individuals to organize and manage all work. This demand further rises multifold during festivals when a lot has to be done in very little time.

mobile apps
Mobile apps allow you to avail every possible service at your doorstep using your smartphone. Pixabay

Is the upcoming festive season giving your jitters? Are you worried about organizing the best party? We have you covered!

The following five mobile apps perfectly fit the bill for mobile apps for festivals and help you organize the most memorable festivities!

 1. View and Revise Mythology

Various especially designed mobile apps for festivals are offering advanced viewing of animated mythological epics that will not only keep you engaged but also help you revise and brush up your information and knowledge.

Apps like HOTSTAR are offering Ramayana movie for its viewers. Kids can watch animated stories around Ramayana and Panchatantra, among other texts and learn moral lessons on virtues that will help them throughout life.

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Watch all your favorite TV series on mythology on Hotstar. Youtube

 2. Learn More About Diwali and Upcoming Festivals

A vast number of people celebrate all major festivals; however they do not know the deeper meanings and significance behind these festivities. Are you wishing to learn more about the upcoming festivals, too?

ALSO READ Get Your Home Festive Ready for Dussehra and Diwali!

There are some mobile apps for festivals like YuppTV that offer elaborate catalogs on festivals like Diwali, centered around information on the significance and practices of the festivals and also interesting stories and legends. Individuals can avail these apps to learn more about these festivals on the go!

 3. Do Not Compromise on Security

Single girl in the city, or not visiting your family for the upcoming festival season?  That shouldn’t stop you from going out and celebrating with fervor.

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Do not compromise on security this festive season! Pixabay

However, festivals might mean travelling across the city and staying out till late. Your security must not be compromised.

For these security reasons, download apps like SOS, which send an alert to family members in case of an emergency.

 4. Get All Odd Jobs Done

Looking for an electrician to put up Diwali lights? Or do you need a beautician to deck you up for your glamorous best? Or did the air conditioner stop functioning at the last moment right before your guests arrive?

mobile apps
Do not have time to visit the parlor in the festive rush? Bring the parlor home by ordering these service online. Pixabay

For all your last moment and also all pre-planned tasks, you can avail services of apps like UrbanClap, LocalOye, HelpForSure etc for all your nitty-gritty and major developments.

 

 5. Order Food For Everybody

Did more people turn up for your Diwali cards party than expected? Or did uninvited guests drop by? Or are you too tired to cook after all the festive cleaning?

While welcoming people home is not troublesome, problem lies in cooking for a large number of people, especially during times of festivals.

To take care of those moments, you can make use of food delivery apps like Food Panda, or Zomato Online. These apps come with a wide variety of menus, and delivery and packaging choices. Get it delivered during the early hours of the day, or during late night hours.

mobile apps
Online food deliveries are a savior! Pixabay

Today, it will not be wrong to say that there exists a mobile app for almost everything. However, our list will sort all your confusions regarding mobile apps for festivals and their preparations. Have a great festive season ahead!