Personal finance management app — startup relevance in 2023

Personal finance management app that allows you to track expenses, income and budget, as well as manage your money. Key features may include:

• tracking expenses and income;
• creating budgets and setting savings goals;
• tracking bank cards and credits;
• investment and portfolio management.

The relevance of personal finance management app development stems from the fact that it is a key competency that everyone needs to master. The use simplifies this process and helps people better understand where their money goes and how they can reduce expenses and increase income. They can also help manage debt and investments, which can increase portfolio returns and reduce risk.

Overall, it is a very useful tool for those who want to manage their money more effectively.

How personal finance management apps work

Specific functionality and operation may vary depending on the developer and the target audience, but in general the main steps can be described:

• Registering and setting up an account and filling it with the necessary information.
• Tracking expenses. Expenses for each category are automatically analyzed and totaled so you can see where the money is going.
• Setting goals and creating budgets for different expense categories (e.g., food, transportation, entertainment). This way you can track your budget and warn if the user exceeds their goals.
• Payments and repayment deadlines for debts.
• Tools to analyze portfolios and help you choose the best strategy.
• Reports and analytics on expenses, income, budgeting.

These applications provide a variety of functionality and tools. It all comes down to helping you better understand the nature of money, and plan your expenses.

Necessary features for a personal finance management app

A personal finance management app should have a lot of features to provide full and effective money management. Listed below are a few key features that should be included:

• Expense and income accounting to have an overview of your situation.
• Tools to control costs.
• Tracking debts that users have taken from other people or credit institutions and helping them plan and make payments on debts.
• Analytics and Reporting — allows users to analyze their data and get reports on their transactions.
• Integration with bank accounts so users can manage their money in one place.
• Investment planning, which allows users to plan their investments and keep track of their returns.
• Tax planning to help plan and manage their tax obligations.
• Tips and advice to help them manage their finances.

This is not a complete list of functions that a personal finance management app can have, but they are the key functions that will allow you to effectively manage your money and multiply it.

The process of creating 

The process can be quite complex and varied, depending on many factors, such as customer goals and requirements, budget, functionality and scope of the project, the selected technology, etc. However, in general terms, the process can be described as follows:

• Definition of requirements: at this stage, market research, and analysis of customer requirements are performed. Functional and non-functional requirements are defined, as well as key features such as budgeting, cost accounting, debt tracking, integration with bank accounts, etc.
• Design: at this stage, the design and architecture are created, functional blocks are defined, and their interaction with each other. The user interface is also designed, which must be user-friendly and intuitive.
• Development: During this stage, the actual development takes place, including code writing, testing, and integration of all functional blocks. Development should consider all of the customer’s requirements and project specifications.
• Testing for compliance with requirements, quality of performance, stability, and security. In the process of testing, bugs and errors may be detected, which should be crossed out before the release into production.
• Release: once all tests are passed and all bugs are fixed, it is ready for release. It may be published to the appropriate stores or installed on the customer’s servers.

Support and updates: once released, the project needs to be maintained and updated to ensure its stability and security. This may include fixing bugs, adding new features, and improving existing ones.

Keep in mind that each stage in creating a personal finance management app requires some knowledge and skills in development.

How you can make money from your personal finance management app

Selling is suitable for those who want to sell their product through the App Store or Google Play. You can specify a fixed price or use a subscription model. There are also several other ways to make money:

• Advertising: this is one of the most common ways to monetize. You can sell advertising space and get revenue from advertisers.
• Affiliate programs: you can include affiliate programs that allow you to earn income from the sale of products or services.
• Paid features: You can add paid features or content that will only be available to paid users. For example, you can offer advanced cost accounting features or access to exclusive content.
• Participating Commissions: You can receive commissions from partners who offer their own. For example, you can get commissions from banks for selling their products.

It is important to understand that monetizing a personal finance management app can be a complex task and will require some knowledge and skills. Therefore, it is important to think about the strategy in advance and take it into account when developing it.

Conclusions

First, before starting such a project, it is necessary to conduct research and develop a strategy. One of the key factors is to understand the needs of the audience and the peculiarities of its behavior.

It is important to consider that everyone has different needs and preferences, so the product should be as flexible and customizable as possible. It should be possible to add and change expense and income categories, set goals and deadlines, and customize notifications.

To guarantee reliable and secure operation, it is necessary to use modern technologies and data encryption methods, as well as to provide for the possibility of backing up information.

An important component should be the analysis and visualization of data, which will allow you to quickly and easily assess the financial situation, identify weaknesses and make the right decisions. To do this, it is necessary to provide the user with the ability to view summary reports and graphs, as well as an analysis of trends and changes.

It is important to remember that implementation of any project is a long and time-consuming process that requires constant support and development. Therefore, it is necessary to provide feedback mechanisms and consider every opinion and wish in the further work on improvement.