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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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Income Tax Officers Quit Work For Mental Peace

Tax officer quit service as they prioritise mental peace over work

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Income tax officers
Nearly two dozen gazetted income tax officers have called it quits in this financial year alone. Pixabay

It seems that some people prioritise mental peace over other things in life.

Under unrelenting workload and high tax collection targets, nearly two dozen gazetted income tax officers have called it quits in this financial year alone.

“The situation in our department is really bad. There is a lot of work pressure. During this financial year, about 22-23 officers have left,” Income Tax Gazetted Officers Association (ITGOA) Vice President Bhaskar Bhattacharya told IANS.

Bhattacharya added that pressure has been mounting in the last few years.

The ITGOA is an association of over more than 9,500 promotee gazetted officers from across the country.

The lower tax collection has rung alarm bells among policy makers resulting in pressure on field officers to collect more revenues. The income tax department has so far managed to collect Rs 5 lakh crore in direct taxes, less than half of the total budget target of Rs 13.35 lakh crore for FY20.

tax officers
Tax officers prioritise mental peace over burden of work. Pixabay

With economic growth being in the slow lane, achieving the yearly tax collection target is a big task for the tax department.

Asked if the pressure has indeed been immense, an office-bearer of the Indian Revenue Services Association (Income Tax) replied in the affirmative, but said he was not aware of the IRS officers leaving service due to high workload.

“People have left service, but mostly for personal reasons. Some of them wanted to settle overseas with their children or for starting a practice of income tax laws,” the officer said, wishing not to be named.

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Many businesses in the past have complained of tax terrorism. But the government has allayed their fear maintaining that only realistic collection targets have been set in consultation with the concerned officers.

Earlier, Finance Minister Nirmala Sitharaman went on multi-city tour to meet representatives of trade and business assuring them of no harassment by tax authorities. (IANS)