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If you use Android, Walnut is the app you're looking for. It tracks expenses based on transaction messages from banks so the whole process is quite automated. Pretty impressed. Try it out -https://play.google.com/store/apps/details?id=com.daamitt.walnut.app
I use Walnut (https://play.google.com/store/apps/details?id=com.daamitt.walnut.app) which tracks my expenses without me having to do any manual expense entries. Basically it turns SMSs from banks into pretty cool graphs and charts and also reminds me of any bills due. One of the very few apps that only Android users can enjoy. 😁
I use a combination of Walnut (https://play.google.com/store/apps/details?id=com.daamitt.walnut.app&hl=en) and Financious (https://play.google.com/store/apps/details?id=com.code44.finance&hl=en) on my android phone to manage my funds.
Walnut has some killer features that make it stand out. It can give a consolidated view of your expenses across various credit / debit cards and bank accounts. It even tracks the location of all the ATMs you have withdrawn cash from. It does its magic by intercepting SMS messages sent by banks and auto-categorizing the spends. It also keeps tracks of the credit card bill due dates, and sends you reminders for any BookMyShow bookings too.
Financious requires some manual work, but its interface and to-the-point reports more than makes up for that. You will need to add your transactions one by one. You can categorize / tag them, distribute you money across various accounts, and even do a "transfer" between accounts. (Not that its real though. This is just an on-paper(!) accounting system.) Still, you get to know how much money you have on hand, and how much money you have spent across various categories. Very useful for budgeting purposes.
I have a spend tracking excel sheet where I track all my spends, allocate them to categories (Entertainment, Medical, Insurance) and have a breakdown analysis.
There's this app called Walnut that does it automatically using your messages and it works really well. You need to tag all you spends every week for it to properly show the breakdown.
I usually just track spend amount (by month and graphically to spot anomalies) , spend by categories (Walnut shows you a pie chart breakdown). I know this is good because this hurts to look at after a bad month (like buying a PC/Monitor)
If I really wanna go off the charts. I can tag every purchase to wants/needs and try to reduce wants percentage/whole.
For Investments, I'm slacking off and haven't tracked any yet.
My plan is to move all information (Spend from walnut, Investments) into a Notion page so that I can have my whole life in one place but that needs a lot more time investment.
Hope this helps.
I've been using INDWealth since Feb of this year and have been quite satisfied.
You do have the option of auto-tracking your portfolio to KISS it but if you're concerned about privacy (like me) still you have the option to upload the CAMS pdf.
Connecting with Zerodha tracks the stocks. This seamlessly tracks the SGBs and ETFs which I found difficult with other apps.
It helps you track MFs, Stocks, FDs, EPF, PPF, NPS, Bonds, Credit Score all in one place. One of the best features is their automated advisory on your portfolios. Notifies
You can also track other categories like PMS, AIFs and Real Estate but have/can not try those yet.
Also, they are not charging money for now for above features. They are slowly switching to paid version for some features but as of now I haven't felt the need to switch. Maybe if more people join, they'll start monetizing the app 🤭. They've also started giving loans on investment like Kuvera, so that might be another cashflow for them.
Also, you can grant access to the SMSs to auto-track your savings accounts and expenses (like Walnut, but Walnut seems to be much better at doing this job).
This may come to a point where you may be worried of a single company knowing too much about your financial health.
Have you given https://play.google.com/store/apps/details?id=com.daamitt.walnut.app a try? It catagorises the spends and did not require a subscription the last time i used it( which was a couple of months ago)
I would suggest automating the expense tracking by parsing through SMS you obtain on User's mobile and have them on your backend, have user do a phone number / email based account signup to be used as primary identifier. Parsing SMS is something which gets tricky, lots of bank SMS have their own format. I've been using Walnut Money Manager. I love it..
Check it out, it would give you a fair idea of how to go about implementation. I have worked with e commerce apps involving tracking orders and items for retails shops and shoppers, it was a pain to keep updating the price on products, discounts etc. In the end, we ended up writing a custom parser in Java to parse through excel sheets to update prices.
Clarification walnut is not an SMS app.
Man it's funny how you are defending your false case! XD
Not sure if this is what you are looking for, but there's an app (for India) which tracks spends, bills and tickets - have a look
Walnut. It's an Indian app with many India specific features but it'll get your job done
Or if you just want to split expenses between friends and not do much of expense tracking, Splitwise does the job. Your friends don't even need to have the app
https://play.google.com/store/apps/details?id=com.daamitt.walnut.app -> This is amazing.
Yes, in fact it is India-only. Check it out here - https://play.google.com/store/apps/details?id=com.daamitt.walnut.app
You should try Walnut! https://play.google.com/store/apps/details?id=com.daamitt.walnut.app
There is an app which already does it using SMS but they are diverged into BNPL
I hope it may help you click here
Play store: https://play.google.com/store/apps/details?id=com.daamitt.walnut.app
Amazing, graphs and visuals and everything.
I use this app to keep track of the money I spend.
It parses SMS and automatically adds them as expense.
Reminds me of this app's logo
I'd suggest Walnut for an expense tracking app. Love it. Will try out your recommendation for a month!