Good money habits are difficult to cultivate, especially for people who lead a stressful and busy life, where there is hardly any time or energy for personal finance management. It is very natural to get overwhelmed while trying to organise your personal finances and get things in order. Most of us are not taught about the many practical aspects of how to deal with finances in school and as we reach adulthood, we struggle to make financial decisions. This is when personal finance management apps come into the picture. These apps help you keep track of all your finances - savings, investments, and spending - all in one single app.

The BankBazaar app is one such app that helps you manage your personal finance, keep track of your expenses, compare and apply for various financial products including fixed deposits, credit cards, home loans, personal loans; and get financial news and tips. In this article, we will tell you some of the most important do’s and don’ts for successful personal finance management and tell you how to use a personal finance app.

The Do's

• Get a personal finance app: Lets be real. Not all of us can afford to hire someone to manage our personal finance, and not many us would want to reveal our personal information to others. This is why it is best to use a personal finance app. You can manage all your finances through an app on your smartphone. It is free, safe and the most effective way to manage your personal finance.

• Pay yourself each month: At the beginning of each month, before spending money, paying rent and other bills, first pay yourself. This means that apart from your regular monthly expenses, you should save some money in another account or make an investment for the future. This can be done easily using the BankBazaar app, where you can check your bank balance, learn about the best interest rates offered on fixed deposits, recurring deposits, etc and apply for the same.

• Check your loan eligibility before applying for one: It is always wise to check if you are eligible for a loan before applying for one because if your not, you can take the necessary steps to meet the eligibility criteria. It is very easy to check your loan eligibility online and this can be done for free on the BankBazaar app. You can also compare different loan products and choose one that best suits your interests.

• Have a good credit score: A good credit score will open doors to a number of credit options and loans for you in the future. You can use the BankBazaar app to check your credit score for free. If you do not have a good score, you can always take steps to improve the same.

• Set financial goals: The first step towards a successful financial future is setting goals. Remember, you need to set both long-term and short-term goals, and ofcourse, your goals need to be realistic. Make plans so that you have enough money when you retire, create an emergency fund and make a list of lucrative investments you can opt for.

• Track your spending every month: It is very important to meticulously track where your money is going. This way you can go back and see where you have spent money unnecessarily and what amends you can make the next month.

The Don’ts

• Do not default credit card payments: Remember, if you do not make payments on time, it will take a toll on your credit score and this will reduce all future prospects of getting a loan or any other form of credit.

• Don’t spend too much on rent: If you are renting a home, do not be too extravagant and keep your budget moderate. This way, you will have more money to save and make other investments.

• Don’t forget tax planning: A little bit of tax planning can go a long way in helping you save that little bit of extra money. So take that extra step and invest in a few tax saving schemes that will give you tax benefits.

• Don't take risks without reading the fine print: Making investments can get tricky if you do not know what you are getting into. So, do not blindly make an investment just because someone told you to. The best thing to do is to read the fine print, the terms and conditions and know what you can lose because of the risk involved.

How to use a Personal Finance app?

Using a personal finance app is very easy and all you need to do is download the app and follow a set of simple instructions. For example the BankBazaar app is such an app that can be downloaded for free and can used to:

• Compare and Apply: Comparing various financial products such as loans, credit cards and fixed deposits, and applying for them

• Personal Finance: Better management of your personal expenses. Keep a track of all financial transactions in one single app

• Finance 101: Read tips on finance and news related to money management

• Gold Rate Tracker: Get daily alerts on gold and silver prices

• Fuel Rate Tracker: latest petrol/diesel prices in and around your city

• Credit Score: Get to know your credit score for FREE!

• EMI Calculator: Calculate EMIs using the EMI calculator

• IFSC Codes Finder: Find the IFSC and MICR codes of all the leading banks. Your online bank transactions made easy!

• Get best deals and instant quotes for various financial products

Use the BankBazaar app to manage all your personal finance needs from A to Z. Get a complete personal finance manager at the click of a button - DOWNLOAD NOW!