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Here are five money-saving apps for millennials

Here are five money-saving apps for millennials
Saving for the future while keeping up with the expenses and maintaining a certain lifestyle has become a little difficult for millennials.
While saving for the long-term by investing in tax-saving avenues like systematic investment plans (SIP) or equity-linked savings scheme (ELSS) or fixed income savings may require the help of a financial adviser and will be a little tedious for the new generation. So, what do you do when it's for something immediate and small?
For instance, If you have to save for a short trip that you want to take in the near future or for a smartphone you aspire to buy, these savings apps on your phone can come in handy.
Here are a few savings apps to fulfil your short-term goals: 
The Walnut app tracks your monthly expenses by scanning through your phone's inbox and helps you stay within your budget. It's like the financial advisor you never had, which keeps telling you when, where and how to spend your money.
The app also supports about 40 banks. This allows users to keep track of their account balances in one place and understand their credit dues.
Apart from the said functions, the app also helps you settle bills among your friends, sends you bill payment reminders and helps in credit card payments. You can also use it to transfer money to your friends.
Walnut also gives you a chance to upgrade and become a Walnut Prime member where you can get access to credit lines for emergency and larger expenses.
This Bengaluru-based fintech startup has tied up with over 200 brands and has Yes Bank as its settlement partner.
You can link your bank account or UPI with the app and start saving in small denominations. The app has about three saving plan options - saving plan, flexi plan and pre-book plans, which are linked to the user's goals and helps you earn extra value, which adds up like your bank interest.
With the savings plan, you can save for a dedicated purpose. For example, a short trip you want to go for or a particular thing you want to buy. The flexi plan helps you save an amount that you desire every day and earn a scratch card. With a pre-book plan, users can pay a pre-booking fee and save for a particular purpose and earn maximum extra value.
The app has used 264-bit encryption to AES encryption to getting the Norton Secured deal to ensure that the data is secured.
As the app claims, it is a piggy bank in your palm. Like Wizely, Thriv helps you set a goal, allocate a budget and save accordingly.
Thriv goes the extra mile by letting users add a link or picture to keep them motivated in achieving their goals.
"Thriv is a digital Piggy Bank, Savings Planner, Budget Planner, Money Tracker, Expense manager! It simply helps you motivate yourself to keep saving money on track for the things you really want in the future! A financial solution for your personal volition," the app description reads on Google Play.
Settling debts among friends is a tedious and brain-whacking task. Every time you are out on a trip or at a restaurant having a grand meal, it just becomes a pain to recover your dues. Splitwise app, which helps track all the expenses comes in handy at a time like this.
The app helps to understand how much you owe others and vice versa allowing you to plan your expenses better, keep track of it and recover your dues accordingly.
The app gives you the option of either settling your debts with a single person or within a group and with multiple persons.
The Gurugram-based fintech company is making sure that millennials become familiar with saving and investment culture at an early age, with the inclusion of a unique feature called 'Save the Change.'
Every time a user does a digital transaction, the app rounds up the change to the next hundred and puts the extra change into an investment account.
Individuals, who opt for the said saving scheme are also given offers of investing in two mutual fund schemes by the app. The first one is a more conservative scheme for users who do not want to take much risk and are okay with lower but regular returns. The other one is a more aggressive equity-based scheme for users who are not afraid of little bumps on the road.
Apart from this, the app also offers SIP and lump sum investment options offering several schemes from multiple asset management companies for more seasoned investors.
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