23/06/2017
Walnut Android App
This is a perfect example of a common problem solved using the simplest solution. I inherited a philosophy that to maintain a good financial life, I should pay one-third of my income to the tax guy, save one third and spend the remaining guilt free.
Ever since I started earning, I always wanted to keep track on how much I am spending and on what. Instead of saying, may be 1,00,000 a month and I think, it is all because of the restaurant orders, I am placing. I wanted to be sure, so I can take necessary changes in habit to maximize impact.
It is only in the last 3 months, that I have finally found a solution at least for Android smartphones. There is an app call Walnut. It helps you track all your expenses in one place, categorised. It does so no intrusively by reading the confirmation SMS that you receive from your various banks after every transaction.
For example, when you swipe your card at Big Bazaar, say, for ₹1000, you get an SMS. Walnut reads this SMS and understands you have spent
₹1000 on groceries. If you fill up petrol, it automatically assigns the spend to fuel category and so on.
Also, Walnut is smart enough to not double count PayTm recharges and spends from your wallet balance. It also, doesn't double count ATM withdrawals and Cash spends.
It also takes your pan card and fetches all your linked accounts and displays them in one place so you can efficiently manage your funds across bank accounts and credit cards.
So far, I have reached a point where I am aware of where I spend most of my money which is on Amazon, buying something or the other every week as opposed to restaurants which I thought was where my spends are coming from.
Some of these insights are what I am working on to improve my finances.
Overall: simple concept executed to perfection with great UI.
If you share my problem, you will love this solution!
https://play.google.com/store/apps/details?id=com.daamitt.walnut.app