It is the first day of the month. You know what that means… Paycheck Day! But a few days later, your wallet is pretty much empty again with all those bills to pay. It’s an all-too-common struggle for millennials and Gen Z. However, Kaushal Raj, a 17-year-old, thinks a little money management can help solve this problem. The Chennai-based student has created an app called MYLAT (My Little Accountant) and it serves as a personal financial assistant. The app, aimed at families and teens, can be used to keep track of income and expenses. It can also be used to set budgets, plan savings, and set reminders for your loans and EMIs.
Launched in 2018, the app has had over 5,000 downloads to date. Explaining the purpose of the app, Kaushal says, “My main goal is to encourage the importance of financial literacy in the younger generation. Financial decisions and decisions related to investments are very important. The younger generation should be better informed about this because when you are older there will be many challenges if you do not understand the impact of your financial decisions.It is important to inculcate the habit of bookkeeping.
He goes on to add, “I have a relative who took out too many loans and is now unable to repay it. There are others who misuse credit cards. Many such problems arise because of bad decisions. , it becomes difficult to properly account for how much we spend and save. I was inspired by my grandparents who told me that they used to keep track of everything during their days. They always saved enough for emergencies. But that is not the case with today’s generation. If they get into the habit of keeping accounts, they will save more.
On the app, you can set the income and expenses you expect for the month. There are also features to set weekly and monthly budgets. The app then creates graphs and shows you how much you spend each month. It also has categories such as food, accommodation, and travel, and you can set individual budgets as well. The app has alerts if you spend more than the budget you set and will also send reminders for due payments.
Kaushal participated in the KIDx Asia contest of Kidspreneur, a platform for. children to share their entrepreneurial skills, experience and journey, and won an investment of `3 lakh. He now plans to make the process more automated and introduce more features to make it more secure.