“Those who don’t manage their money will always work for those who do.”
This month we have brought to you two apps which embodies two crucial aspects of financial planning, i.e. the art of ‘budgeting’ and the art of ‘investing’.
Budgeting helps one balance their income and expenses and track where their dollars are going. Investing on the other hand is the best way to make money from money. If you understand the market and know the basics, you can build yourself a steady source of income with investing.
These two concepts cover a majority of financial planning.
Budgeting entails creating a smart spending plan and investing entails creating a smart earning plan.
The smarter you get about budgeting and investing, the nearer will you reach your financial goals. Learning about finance and money management may seem boring and bland to beginners. Apps provide a great and handy tool of both education and fun. Interactive apps can go a long way in helping people master financial planning. Let’s learn about this month’s apps.
1. Andro Money
Platform: Available for iOS, Android and Web
Andro Money is a personal finance mobile application via which people can manage their finances with ease. All they have to do is create an account, fill in the details of their expenses and income (recurring or occasional), and keep updating the information. Andro Money then automatically draws detailed daily/weekly/monthly/yearly financial health reports of cash flow and expenses of your account. These reports can be visualized in the form of pie chart, bar graph or trends. Andro money provides people a great platform to keep their finances on track, map their spending and create optimum budgets for at least 6 months in future. A user can leverage Andro Money interface for daily accounting, organizing personalized categories of expenses and income and creating budgets for different projects and thereon tracking level of spending within those projects. Andro money can manage real-time data very efficiently.
The data saved and recorded on Andro Money can be ported to other hardware devices or cloud storage mediums like Google Docs, Dropbox, etc. And that data can also be password protected.
Why Use Andro Money? Budgeting isn’t done to feel guilty about expenses, but to feel confident about them.
You will see the difference when you create your first budget and begin to use it. You will feel confident about your expenses and income, as you will be able to easily read your finances and forecast your future ones. Andro Money will help you gauge where you need to tighten spending and where you can spend more.
Following are the X Factors of Andro Money:
a) Colorful Interface
Besides easy to read overview of expenses and income, Andro Money’s colorful interface was the first thing which got me hooked to this simple to use personal finance app.
b) Customizable Categories
Andro Money has pre-categorized fields for expenses and income like loans, salary, part-time work, etc. but if required, one can add, delete or modify any category as per their individual needs.
c) Budget Management
Users can set detailed budgets on monthly or project basis. When one exceeds their budget, Andro Money alerts them about their rising expenses.
d) Multiple Currencies with Multiple Accounts
Multiple projects can be created in Andro Money and different budgets can be set for those different projects. And most importantly, we don’t need to settle for an American version of financial management now. With Andro Money, one can set different currencies as default and their exchange rate can be synced from Google in real time.
e) Real-time Reports
With Andro Money, you can better visualize your expenses and income via different types of statistical reports.
2. Forex Hero
Platform: Available for iOS and Android
Forex Hero is an educational cum simulation game which lets users make virtual/real cash via currency investment and trading. It teaches players actual trading principles and strategies as used by industry stalwarts needed to master currency trading.
Forex Hero comprises of three main sections, namely,
Investment school, an interactive method to learn about the fundamentals of trading and investment;
Quiz, to put knowledge gained in investment school to test; and
Trend Predictor, a trading-simulator game section to predict real-time trends and to learn how global events influence currency rates.
In Forex Hero, players will progress through the investment school and learn the tips and tricks of trading and earn virtual cash, which will enable them to unlock trend predictor gaming section.
Why Use Forex Hero? Forex Hero brings investment lessons out of boring theoretical boundaries to make currency trading approachable and understandable. It uses real-time data, news and stories to give essential trading training. Though concentrated on currency trading only, a lot of learnings in Forex Hero will give users a strong foundation in investing.
Following are the X Factors of Forex Hero:
Forex Hero is a perfect, unique and fun way to learn about the world of investments. It is designed in a completely user-friendly fashion. All the lessons start with a story and end with learnings about investment principles. Besides that, the interface is colorful and interactive.
b) Learn about other investment modes along with currency trading
Currency trading is a great way to learn about other investment modes. Forex Hero, while teaching about currency trading, facilitates learning about stock purchases and mutual funds as well. As one progresses in the school and the game, Forex Hero compares investment options of mutual funds, stocks, ETFs and currency trading.
c) Learn directly from industry experts
What’s better than learning from stalwarts themselves! In Forex Hero, users are taught secrets, tips and tricks as used by professional traders and industry experts who earn millions from currency trading in a single day. Learn from their decision charts, interviews, etc.
d) Boost real world predicting skills
This is one of the best things about Forex Hero. Though a simulation game, it provides 100% real world conditions and prompt users to predict trends in real-life economy.
Make learning about budgeting and investment more fun with these apps and overcome your obstacles in achieving financial freedom.