How To Manage Your Money!

How to manage your money better by using latest apps and other digital upgrades.

- Naveen Kumar

Your money is no longer a piece of paper and ink, changing hands, getting soiled and landing up at a bank exchange counter. Theoretically, it may still happen, but much of this is history in the era of digital transactions. What kicked off with ATMs, debit/credit cards and Internet banking has now evolved into touch-and-go Web and mobile apps. They cover every aspect of our financial life, be it banking, borrowing, investing, tax filing, buying insurance or paying bills. But technology becomes obsolete fast, and by the time you are adept at using one, an advanced version comes into play. Of course, cash will not die all of a sudden, but you can manage your money better digitally, with a vast range of tech tools to choose from. But before we look at the latest technology changes and how you can make the best of it, a brief overview would not be out of order.

The most revolutionary tech feature is the ability to make and receive payments at any time, no matter how far the transacting parties are. “India’s payments ecosystem has been recognised as global best by several developing and developed countries. The country has built a sound legal framework and state-of-the-art infrastructure, and they have contributed to digital payments adoption,” says Monish Shah, Partner at Deloitte India. “The exponential adoption of digital transactions has made India a less-cash economy, and the trend is likely to continue with improved digital literacy.”