There are some expense management products in the android market which try to solve the problem of managing expenses. Some of them are good as well. But most of the products lack a wholehearted approach to personal individual finance management.
Financial expense management so far has been treated only for family's monthly budget management. There are much more use cases where this needs to apply and most products miss this.
For example, every one definitely needs some kind of budget management for their monthly expenses. But there may be situations where they might need a to maintain a different book for the expenses of their son/daughter's college. Though this typically comes from the family budget, they may need to track this as a separate expense list.
There may be a wedding plan in the house which again needs a different expenses tracking book. Different activities would be performed by different family members and they might have paid or received cash during these. So they may need an application which helps them to track all their expenses as a group.
Similarly other events like a House construction project, expenses during hospitalization of a family member, expenses for holding a big party with friends, a reimbursement account for business travel.. are few of the examples where we need a different approach in expense management.
Most of the current expense management products do not cater to these needs. So PM Square Soft Services Private Limited, India has come out with Grosspad product (http://www.grosspad.com/) which can help people to
- Manage different expenses with multiple groups & members
- Maintain multiple bank, card accounts
- Never lose data as data is automatic synced to cloud
- Store receipts as attachments
- Set one time or monthly budgets
- Use different currency transactions with exchange rates
This product tries to fill the gap in the current scenario and may help many people who are struggling to cope with different scenarios when they need to track their expenses. This can be installed from https://play.google.com/store/apps/details?id=grosspad.pmsquaresoft.com.expensemanager .
Be it this product or any other expense management product, such disciplined expense management is tough, but can result in long term benefits to our family and result in a much financially healthier retirement to people. Hopefully we don't get into the trap as said by Herbert Hoover "About the time we can make the ends meet, somebody moves the ends." :)
Last updated 4 Oct 2017