INTRODUCTION:-
In this article I will be writing about the Intuit Money Manager, one of the popular online money manager in India, and how it helps to manage your financial statements efficiently. The product is very new for many of our readers since there is not many products available in the market. Using money manager for your financial needs also a new trend in India, mainly youths and techies follow this technique to track the spending’s. I would like to present this article so that every one must understand the value of using money managers and non-techies to start learn how to use the product. If you have any doubts about this article, please post it in the comments section. If you like the article, please subscribe to our future articles here.
What is Online Money Manager?
Before getting into the specific product, it will be good idea to understand what is online money manager and how it will impact your every day life. Online Money Managers are used for tracking all of your expenses, income and any other financial planning goals. For example, if you have three bank accounts and two credit cards. You have to spend time on review all of your bank account balances separately and pay the bills.
The above process is simplified using the online money managers. You just need to add all your account details in money manager, they will take care of tracking all your transactions. Money Manager will consolidate all your transactions in one place and give you the report on your income, expenses, etc. It is great advantage to see the graph and understand how your money going out from your pocket. This article explains one of such product in the market.
What is Intuit Money Manager?
As we have explained in the above section, there is plenty of online money manager products available in the market. It is important to selected the best product and also cheapest one in the market. Intuit Money Manager is one of the popular product available for cheap price. This article explains how to get started with using the Intuit Money Manager. This product is available with Money Control profile. Money Control is popular portfolio manager in India, they have joined with Intuit and offering this excellent service to Indian Customers.
How to Use Intuit Money Manager?
Step1: Register with Money Control
At first step, you have to register with Money Control Portfolio Manager. You must have to launch the money manager inside this portfolio. This restrictions will be removed and launched as the separate product once it come out from the beta label. That means still this product is in the evaluation stage and you can get the 90 day free trial period to test the application.
Step2: Add Bank Accounts
Once you launch the application, you will be presented with home page that has over all status of your transactions and spending. Click on the Accounts tab in the below screen. This page will list the banks and you have to choose the bank name to proceed. If the bank name is not in the list, then you have to wait till they added into the application. At present most of the banks have been included in the list.
After selecting the bank name, provide all the credentials like user name and password to retrieve the transaction to your account. Like this you can add all the bank accounts and credit cards.
Step3: View all account transactions
Once you have added all the bank accounts, you can click on the Accounts tab or Transactions tab to see the latest transactions. This page lists all the transactions from your bank accounts. If the data is not latest, click on the refresh button to update the data. You can edit the description to customize the category of income and expenses.
Step4: Add Goals
Everyone has at least one goal in their life. That too related to the financial planning. For example, buying house after 10 years worth Rs.60 lacs is one financial goal. The goals might vary for each individual. It really depends on individual’s financial ability and earnings capacity. One has to plan correctly to achieve their financial goals. In the Money Manager, you can add the goals and set it. See in the below picture.
Step5: Use Tax Planner
It is one of the important component on everyone’s planning. At the end of financial year, you must plan your tax savings and find out how much you are liable to pay the income tax. Typically we can use one of professional tax calculator created by Paisaa.in for this purpose. Coming back to our topic, including tax planning inside the money manager would improve the efficiency and save time.
Step6: View the complete Portfolio
Portfolio is the single place where you can see the entire financial planning goals, investments, etc. It is the over all picture about your financial planning. Use this option to check the status of your investments and expenses instead of going to the specific category.
Summary
In this article I have covered the most important aspects of Intuit Money Manager. There is lot more options available inside this product. It will be excellent product if you learn to use. As of now, this product comes with very low price. Because it is in beta stage. It is worth trying to get new experience on money manager concept. Hope you like this article and subscribe to our free email updates. If you have any doubts, please post it in the comments section.
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