Mobile App Development
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Finance And Bill Management App Development – Cost and Key Features

blog publisherBy Kamal Kishore published dateApril 18, 2022

In this blog, we discuss Finance and Bill Management App Development, its revenue models, features and cost of finance app development.

“My indifference to money and my spendthrift ways are disgraceful. You have no idea how reckless I am; how often I practically throw money out of the window. I am always making good resolutions, but the next minute I forget and give the waiter eightpence.”

To be honest with ourselves, we all at least once a day think of managing our expenses as we make a purchase. The day the paychecks are given, there is a lot of mathematics that goes behind. The rent, ration, grocery, salon, what not and a budget is prepared. But we stick to this budget for a day or two only. 

At least in my case, it is just for a few days. Managing your expenses is a herculean task especially if you are in your twenties or have just started making money. 


Then why not enter the market with a solution that would teach the spendthrifts and not so spendthrifts a better way of managing their expenses and saving more. 

When we talk about financial stability, it is not just about decent earnings, it is also about decent savings and better investments. To be financially stable one needs to take care of your expenses too.

With our finance and bill management app development company, you can build solutions that would help users manage and track their expenses and save better. 

Before we talk about the development of these applications let’s understand their significance. 

Why do we need a Finance and Bill Management App? 

These applications are meant to deliver substantial value to users and are in great demand.  Many businesses see this as a money-making opportunity to develop a personal finance management app.  


Psychology of Savings! 

When we talk of a solution, before we come up with some suggestions and ideas, we need to take care of the problems first. All of us, despite the differences in our social status and incomes, subconsciously manage our cash flow on a similar psychological model.  

How Installing a Personal Finance Mobile Application Can Help You Save?

Interactive Application Keeps You Busy

The budget application is loaded with aesthetics that use gamification as a method to keep the users engaged. By increasing the interaction with the application, the users are persued to connect often. With advanced technology like Artificial Intelligence Solutions being a part of the solution, it becomes easier for the user to connect and interact. 

With various challenges and small discounts, the users find it much better to interact and accomplish challenges on the application for the sake of rewards earned. 

Setting Up a Personalized Budget 

Let’s admit we are all good with the number game when it comes to making calculations on paper. When it comes to practically implementing the plan, there are setbacks.

How about you get these calculations done on the application, where you are constantly reminded of the expenses and the budget limits? Well, sounds like a great idea to stop. The application’s customization isn’t limited to showing transaction history in a lovely infographic. 

Artificial Intelligence Based Financial Training 

What if you have a better way of managing your money than simply putting it in the bank account? Most people simply spend money because they have no idea how to invest it in better places. If you are taught about investments and given simple reliable investment alternatives, then you can let your money work for you. 

With smart saving instructions, it becomes quite easier for teenagers to connect with such applications. 

The Fintech app development companies are entering the market with higher artificial intelligence solutions that make things easier. 

Most of the people that we are targeting here can be grouped into spenders or savers. People from these sections use a personal finance management application in clearly different ways and make use of different features of the applications in a unique way.  

Also Read: Fintech App Development – Cost & Key Features

And the Numbers Reflect It All…

Around 63% of smartphone users have at least one personal budgeting application to take care of their expenses. (Source:

Around 40% of Americans have savings that are less than $300. (Source: GOBankingRates)

Almost ⅔ of the American population that uses smartphones has a finance manager app to manage their expenses.

The numbers clearly reflect the utility and the popularity of the solutions and the hard struggle of managing your finances. 


So, a budget app must meet the requirements of both groups. For spenders, you must offer schemes for reducing costs and budget-conscious spending. And for people who want to save money, an app should offer simple ways to build a fortune. A long, difficult pandemic time has affected how people work on their budgets. Grueling lockdowns deprived us of any possibility to shop outside. In a situation when people had no opportunity to travel, to go to restaurants, or to any other public places to spend money for relaxation, they started spending here and there.

Not sure if the mobile app development team at Octal IT Solution can help you build a solution that deals with these problems? 

Well, easy. Here’s how experts define the mobile app development process. 

  • Ideation 
  • Market Research 
  • Business Model 
  • Wireframe 
  • Development 
  • Launch Beta Version 
  • Launch App 

Yeah, that’s a lot of homework! But let’s get started. 

Also Read: Mobile App Development Process

How to Build A Personal Finance App: Experts Spill the Beans 

When you reach the custom mobile app development team before they start the project they would discuss with you how to build a personal finance app. 

This is to affirm that the process is transparent and helps you stay on the top of your business. 

Ideation of the Application to Turn It into Working Reality 

Most of us ignore the infinite small expenses that individually may seem insignificant, but when seen in total they may look like a sum. 

Sounds like trouble, isn’t it?

Connect with our experts and share your application idea with them. The mobile app development team would suggest some basic ideas and help you build a Fintech Solution that is interesting and engaging. The application design and features that we integrate with your application help you earn the most profits. 

Market Research and Understanding to Understand User Persona 

Who needs a finance and bill management application? Well, all of us. If you think a little hard fintech app businesses are making money out of your trouble. A lot of people need assistance from a personal finance management mobile application that would be a remedy to their impulsive expenditure and ineffective budgeting.  

Also Read: Fintech App Development: Cost and Key Features

Thus, entering the market with an application that can easily manage your expenses is a great idea. Once you have done the market research and are sure of your target audience, the next is to design an application monetization idea that helps you earn the most profits.

Business Model of the Application for Finance and Bill Management Application  

When you enter the market with an on-demand mobile application, it is basically to affirm that you resolve a major issue your users face. The finance app development process isn’t just interacting with the users, it is also about how much you earn from the interaction. To make sure that you get the most of your investment, you need to choose a business model that makes things easier for you. 

The most dominant models to choose from are: 

  • Commission-Based Business Model: On every service that you offer you can charge the user and the service provider a certain amount. 
  • Subscription-Based Business Model: Let your users have direct access to all the features by paying a certain amount to use your finance and bill management application. 
  • Dedicated Business Model: Build a financial institution dedicated application that deals with just certain organizations.
  • Mixed Business Model: Choose a hybrid model, where you integrate two types of business models for maximum profits.

No matter what business model you choose, our experts can always help. We are not stopping here. The finance and bill management application that we are working on is interesting and can help your users manage not just their expenses and savings, but their investments and income too. 

With the ease of what we bring to the picture, we make sure that the solutions are engaging. 

Once you have decided the business model that would work for you, the next in line is working on the wireframe. The basic design of your application. 

Designing the Perfect Wireframe for a Profitable Application  

The next line is defining the basic feature set and functions of the application. We need to talk about the basic things that are to be focused on. A wireframe is basically a rough diagram that talks about the solutions that are designed and defined to be developed. 

This is basically where the UI/UX developers come into the picture and move forward with a solution that becomes easier to interact with. 

A few things that you need to pay attention to here are: 

The Device Size

Build a fintech business application that can easily be accessed via all devices. Be sure that if you want to reach a wider audience range, your application must be compatible with various devices so that the screen alignment is not an issue.  

The Aesthetics 

The aesthetics play an important role in how your application looks like. It is important that the solutions that are being designed and developed are engaging and can impress at first glance. Not just the looks but the feel of the app must be smooth. The application would reach the goal with the least number of clicks and reflect on how things function. 

The Content Goes Well

The content of your application has to be well designed, and it should be simple yet engaging. The idea of the application and the functionalities must be clearly indicated. The information to be shared must be crisp to make sure your user doesn’t confuse. 

Your personal finance application must help the users manage their finances and be updated with the latest updates in the field.  

Bill Management App Development


The important Elements of the Process Are: 

  • Challenges Faced: The challenges that occur when you are designing the finance and bill management application.  
  • Solution Defined: The developers build a simple software requirement specification to help you be in line with the work progress and avoid conflict of interests.
  • Implement Alternatives: We make sure to come up with interesting alternative codes for your application’s functions. Working on a finance management application needs a little extra precision as it does deal with a lot of sensitive and confidential information.
  • Decide Final Idea: Once you have discussed all the elements of the application, we make sure that the final functions and features are defined for the prototype. 
  • Prototype Development: This is basically the application that you wanted to develop. Let your tech partners work on the application quickly and get reviews on the idea of the work.  
  • Reflect on Feedback: Once the prototype is ready simply test it with a few people. If there are flaws or sections that don’t respond well, then simply move forward with a solution that is easy to use and interact with. 

There could be times when your design may not work as you want. We make sure to take sprints to affirm that you are always a part of the development cycle. 

Develop Your Finance Management Application with Exemplary Features

Once you are done with the wireframe designing, the next in the line is developing an application that works. Here you need to define the features and functions of the application and how they would work. 

Features You Can’t-Miss to Include in Your Finance Management Application 

Safe Onboarding 

When your user installs a personal finance application they want it to be easy to use. The onboarding process plays a significant role in reflecting the engagement of the application. If the onboarding process is simple and safe, then the user would find the application credible. 

Interacting with an application that does not take a lot of details from the users makes it easier for them to use the application sooner. 

Secure Log in

Finance is a sensitive industry to jump to. It is important that the login process is safe and secure. Our android and iOS mobile app developers make sure that the solutions that are offered to you have at least two-step verification. 

This would affirm that the application cannot be accessed by others and also reduce the chances of digital theft. Safe and secure log-in and no privacy infringement are two important aspects that one needs to focus on. 

  • Link Bank Accounts

One thing that the bill management app development team has to take care of is linking the bank accounts of the user with the application. It is vital that all the bank accounts that the user has is integrated with the application to make sure that no expense that is done online is missed or not tracked. 

Let your users shake off the stress of penning down all their expenses to review. Simply link the bank accounts and the rest can follow. 

  • Manage Categories

How amazing it would be for your users if they know where they are spending most of their money!

Well, to make sure that your users can track their expenses and the sections where they have spent their money they get to choose the categories. When our experts build an app like walnut, they make sure to integrate the categories feature similar to the application. 

In most cases, the AI in the application identifies where the expense is made and adds it to the particular category. 

  • Link with SMS

The data on the application is picked over the SMS. Each time you get a text that talks about the amount debited, the application picks up the amount and adds to your expense in the particular category.

This simply reduces the time invested in noting out the expenses manually. Also, this adds to the precision and the effectiveness of the application.  

  • Scan Receipts and Bills 

The cash payments can surely not be auto-picked by the SMS. In that case, one can simply scan the bills and receipts to make sure no expense goes unaccounted for. 

One can also add each expense to the in-app calendar to affirm that by the end of the week or month they know exactly where and when they spent and how much. 

  • Manage and Schedule Recurring Payments

There are a few payments that are meant to be made on the regular basis like EMIs, RD, Bills, Rent, etc. One can simply set reminders and manage the dates and schedules when these payments are to be auto deducted. 

This makes it quite convenient for the users to be punctual in maintaining their payments and maintaining a strong record with the financial institutions. 

  • Set Monthly Budget

Keeping aside the recurring payments, one can fix a budget for themselves that is for general needs. This would help them spend a little less and save a lot more. 

An application like mint reflects what value you are over budget and how much you can spend on a daily basis. 

The personal finance management app that we deploy would be ladened with features that would make things easier for your users to manage and record. 

  • Reflect Investments

Another important thing that we need to talk about here is the investments. Investments are a major part of any finance and bill management application. Simply, a record of where you have invested, how much and a basic calculation of the returns would make it easier for your users to understand their finances. 

These investments make it really easy for the user to understand and identify what they are earning and how much. 

  • Currency Converter

If your user is someone who often shuttles between various countries, then this is a feature they would applaud you for. It is important that the solutions that you take to the market can be used in multiple languages and with multiple currencies. 

This helps the users to maintain their expense records no matter where they are and in what currency they are being paid. 

  • In-App Calculator

Wouldn’t it be amazing if the application that records expenses, calculates the average, and does all the maths? 

Our finance app development team affirms integrating an in-app calculator with the application that would make things easier to manage and execute. If you are looking forward to a solution that can reduce the efforts and stress of your users regarding their finances, this is a feature you can’t miss to integrate with your application. 

  • GPS Tracker

An efficient location tracker affirms that the expenses are marked with the locations. Suppose your user visits a restaurant, then the application would fetch the complete details. 

The location of the restaurant, the amount paid, and the time. Thus, the probability of any confusion or missing anything is completely eliminated here. 

  • Push Notifications 

Push notifications are the easiest way to engage your users with the application. Let them be aware of the expenses and the savings.

With important notifications, you can make sure that your user never misses anything important. 

  • Backup Data

With advanced cloud computing solutions integrated with your application, we make sure that the data is never lost. In case you change your device or somehow lose the data, it is always available over the secure cloud. 

We understand the value of confidentiality and ensure that the cloud solutions integrated with your bill and finance management application are safe, secure, and credible. 

  • View Transaction Records

Another very basic yet vital use of your application is to record the transactions. Let your users check their transactions on a daily, weekly, or monthly basis. 

This would make it really easy for the users. Also, they can easily figure out where the expenses can be cut for the next time. 

  • Generate Financial Records 

With all transactions being recorded and categorized one can generate reports that reflect in which domain they spend more. Also, they can analyze how they can balance the expense, savings, and investment circle without any crisis.

We understand that building a solution that can help the users maintain and invest their money is a complicated idea, but our experts have delivered similar solutions in the past and can help you enter the market with one of the best finance and bill management applications of all times.  

Now that you know the feature set to integrate with your application, the next is understanding other basics. 

When you struggle with how to build a personal finance app, another important question that would pop up is the platform. Choose the right platform for your application to make sure you earn the best. 

Bill Management App Development


Platform to Choose for your Personal Finance Application

When talking about your personal finance application development, you have to specify the platforms where you want to go live. 

Native Application Development: Here the application delivered would be compatible with certain platforms like either iOS or Android. You can hire iOS or Android app developers to make sure that the cost of development isn’t high and the solutions you get are flawless and efficient. 

Hybrid App Development: In the case of hybrid app development, you reach a wider audience with a little extra investment. These applications would be available to interact with various application platforms like iOS, Android, etc. 

Progressive Web App Development: The progressive web app development solutions aren’t the ones that are available over the play store. These are basically web applications that look like mobile applications. If you are just entering the market and aren’t confident about user response, then you can surely go for a web app. 

At Octal IT Solution, we have a dedicated team of developers who can offer you solutions as per your budget and business needs. 

Technology Stack for Your Personal Finance Management Application 

The technology used for the app development process plays a significant role in the performance and future response of the application. We make sure to integrate standard technology with your personal finance management application. 

  • Marketing Stack: Google AdMob, Google Tag Manager, Mailchimp, Google Sign-In, Mandrill, Segment
  • Backend/API: Ruby, .NET, Postgre DB
  • Admin panel: React, Angular, jQuery
  • DevOps & IT Stack: Jira, Bugcrowd, Cloudflare, Comodo SSL, Crashlytics, ExpressionEngine, Fabric, Facebook Comments, Gravatar, Heroku, Jenkins, Phusion 
  • Analytics & Data Science Stack: Amplitude, Google Analytics, VWO
  • Passenger, Rollbar, Wistia, Zencoder
  • Productivity & Operations Stack: G Suite, Google Drive, Google Hangouts, Slack
  • Customer Support & Success Stack: Forumbee, Intercom, Help Scout
  • Finance & Accounting Stack: Recurly, Square
  • Product & Design Stack: Font Awesome, Trello, clipboard.js
  • Other Stack: 1Password, TripActions, Mixpanel, ClickTale

If there is something that you want to add or remove from the list or modify we are open to discussion. Our team would consider your request and would help you suggest the best technology for a flexible and scalable application. 

Test the Solution for Their Functionality

Another important aspect of the development process is testing. The quality analyst and software development team that is associated with us affirms that the solutions that you take to the market are bug-free and work exactly as you expected. 

This ensures there is no rework and the application builds a strong reputation in the market. 

Once the development process is completed, next we launch the beta version. That means making your application available to a limited audience to check their response. 

Launch the Beta Version of Your Money Management Application 

Once the development of your personal finance application is done, you need to see the response the audience would give it. To make sure that the response to the application is positive and eliminate the elements where the audience feels troubled, all you need to do is record and analyze feedback. 

If there is something that the majority of the users cannot relate to we would work and fix it. We affirm that once the beta version reflects success then only we let you take lead. 

Launch the Application to the General Market 

The mobile application that you take to the market is approved by the users. The mobile app development team affirms that the solutions that are delivered to you are the best in the market and have features from the best solutions that are available. 

We offer after-deployment services to make sure that in no case your business suffers any pitfall. 


If you hire the right mobile app development team, this is how simple the complex task could be. 

Now that you are aware of the development process and other details, let’s have a quick look at the competition that you are fighting against. 

Best Finance Management Apps in the Market 

To ensure that you enter the market with the best finance management app we study your competition well for the loopholes. 

Acorns: Basically an investment-based finance application that makes it easier for the users to invest and earn several folds. The application has been educating the users through its glossary and Faqs. 

Qapital: The application lets the users save and invest with shared goals. The application can help the users to diversify their investments for maximum returns and reduce risk on investments. 

Albert: Another application that makes it easier for the users to manage personal finances. One can focus on personal finances, automatic savings, budgeting, guided investments, and other aspects in just a click. 

Walnut: A personal finance management application that would help the users track their expenses, schedule their payments, review their payments, and fixed budgets. The application is quite popular in all demographics. 

These are some of the applications that our experts study when they build a personal finance application for you. The pitfalls in these applications become a distinct feature of your application. 

One significant point to consider here is, the cost of the development of your personal budgeting application. 

Cost of Development of Personal Budgeting Application 

The cost of development of any mobile application is defined by various aspects like the feature set, technology stack, platform, etc. We have discussed these in detail and according to the choices you make the cost of development would be defined. 

For a basic application with limited features, the cost of development maybe $25k USD to $35K USD. If you are looking forward to earning more, then the cost of development with advanced features and advanced technology would be around $50k USD to $75k USD. 

Long Story Told Short!

With gentle reminders where you are being told about your investments and the savings, it keeps you conscious all the time of managing the money you have. 

“In the long run, it’s not just how much money you make that will determine your future prosperity. It’s how much of that money you put to work by saving it and investing it.”

– Peter Lynch

It is a great idea to enter the market with a personal budgeting application and see how it can help your users save money more than they could imagine. With staggering dashboards and UI, most budgeting and finance app management applications are making it big in the market. Our fintech mobile app development team affirms that the solution that is delivered stands a few steps ahead of the competition. 

So turn your app idea into a working reality and let the savings amount at the end of the month bring a big, bright smile to your users’ faces.

Bill Management App Development


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