Not many of us are a stickler for budget and more often than not we end up spending more than what we are supposed to. And this often creates chaos and add to the stress, after all, it is never a good move to spend more than you earn (I mean who invented credit card, argh).
But one can’t go on like this, forever. Ultimately we all need to monitor our spending and the great news is that it can be done pretty easily with technology for your rescue.Yes, Personal expense tracker apps are the talk of the shoppers-town at the moment and I can’t stress enough of the fact that how great some of them are (silently thanking for making life easier and taking the stress off my head).
Why is it a good idea to build a Money Management App?
Well, first things first. A large number of people are already using expense tracking apps. In fact, in the year 2015, money management apps market in the USA was estimated worth $24.5 million, while the number of users of this app category was 12,816,140. So, this trend has been around for quite some time and now it is pacing up among users in all parts of the world. The most-prominent apps from this category, are:
- Mint has +20m users;
- Money Lover, +1m installs
- Monefy, +1m installs
- Level Money, +500k installs, 700k users
- Personal Capital Finance, +100k installs
Hence, it is clear that it is the right time to jump into this market and cash on its prominence. In order to get a money management app developed, the businesses are advised to get in touch with good mobile app development firms, as all goes in the making of such a huge app and you will surely require various third-party integrations and technologies to make a brilliant and sophisticated money tracker mobile app.
What are the integral features of Expense Manager apps?
Build-categories: As it comes to expenses management, nothing can be more helpful than this. Users are able to manage their finances easily when their expenses are categorized. For the same, the app developers can offer built-in categories, which can be renamed or classified by the users as per their requirement.
Apart from that, the businesses, via their expense tracker mobile applications, can also allow the user the capability to find expenses by merchant name or the suppliers. This helps to gain a better understanding of where exactly does their expenses go.
Suggest distribution plan: When users are enabled to bind their accounts, then with the help of financial management software they can track where to best invest their money and where do their expenses go. This allows the users to manage their assets more actively and thus, they can also set cumulative goals, such as saving money for a car purchase or for a bank loan repayment. There can be following types:
- Credit card payment;
- Bills Payment;
- Mutual Funds;
- IRA investment;
- Real estate investments, etc.
When information isbind in one account, then the app should be able to prepare a review, maybe in the shape of a table or diagram, displaying the user’s assets distribution. Undoubtedly, an app that can keep track of the investment is sure to be loved by any individual (after all, each one of us would like the control overour future finances.)
To avoid instances when a user might forget to make some payments and will certainly face some fines, the app can save their day by sending alerts in case of:
- To remind about future bill payments
- Change of cost standard
- Low-balance alert
- Doubtful transactions, etc.
Expense Tracking Features
- Track expenses and incomes
- Recurring expense and income
- Track Multiple bank accounts
- Click a picture of receipt
- Track you taxation
- You can Track mileage
- Track debts
- Credit/Debit Card and bank SMS message parsing
- Write, Print, and Email Checks
Budget and Bill Organizing Options
- Organizing bills by week, month and year as well as by categories
- Schedule the payments and recurring payments
- Payment alerts
- Daily, weekly, monthly, and yearly budget with progress bar
- Calendar view for expense and income
Search and Report
- Search by category, payment method, status, description, tag, etc.
- Import Reports in HTML, CSV, Excel and PDF
- Charts by category, payment method, status, description, tag, date etc.
- Email report for print
Provide Backup and Synchronization
- Automatic backup on Dropbox, Google Drive and SD Card
- Automatic sync between devices via Dropbox
Connect to PC via Network
- View all accounts on one page in bigger screen
- Do your regular work such as add expense/income, edit Settings, view charts etc.
- Add multiple expense or income records
- Backup data and restore data on PC
Must Have Additional Tools
- Currency converter
- In App Calculator
- Regular calculator
- Tip calculator
- Loan calculator
- Credit card payoff calculator
- Interest calculator
- Create Note
- Create Shopping list
Data Protection: Any Fintech app developer would agree, that security is their main concern. But owing to the progression of technology, today there are a number of reliable and secure data protection methods matching the same security level of a financial organization.
For instance, prominent finance tracker app, Mint claims to store users’ information & data in a ‘separate database’ and it uses multi-level protection; same security standards as a bank would have, along with 128-bit SSL-encryption.
It is vital on the part of an app owner to get the security level verified constantly. At the same time, also have a method ready for recovery of the user’s account, lest their device gets stolen or lost. Like, Mint enables its users to visit the Mint website and then de-activate access to a particular device. A number of other Fintech apps also follow this route.
Aggregate data of all accounts: We all use a few separate accounts, and it is usually common in case of business people. These accounts may vary from investments accounts, credit& business accounts, consumer & investment accounts, banking accounts, and credit/debit cards integrated to one account.
Now, as a money expense tracker app developer, you are required to create the finance tracker app in a way that it keeps all the users’ accounts in one place. Users are certainly going to love your app owing to its user-friendliness and ability to manage their finances effortlessly.
For this purpose, “Data Aggregation” feature comes useful for implementation of the accounts & records binding together. As an app developer, you can do this, by:
- Integrating your own solution;
- Integrating ready-made technology from a trusted source so as to provide high data-security;
Meanwhile, some prominent expense tracking apps are using services like Yodlee and Intuit to perform data aggregation of their users’ accounts. These technologies do a wonderful job of collecting accounts, such as investments data, banking data, loans, credit-card data, etc., at one place via accounts aggregation.
What are the benefits of Expense Recording Mobile App?
Keeping exact records of the personal spending is highly important for a number of reasons. It is very crucial to keep careful records for at least a month, and if you can do for three months then it will be all the more helpful. So, here, let’s know about the benefits of tracking your expenses:
Know where the money is going: There is all kind of advice from people, about how good it is an idea to spend on things most needed or valued most first. However, often it becomes a difficult thing to do, especially when not keeping a track of the actual figures. When not keeping track, money that is supposed to go into a savings account often gets vaguely spent on shopping (and you can do nothing but let that dream vacation of your stay a dream.)
It’s pretty easy to start living beyond one’s means when not paying attention to what you are spending your hard-earned money on.
Set & Meet Goals easily by tracking your expenses: When someone has an idea where all their money if going and have a control over their finances, then they can begin to set financial goals. Like, to put aside a specific sum of money each week/month, or to have a certain sum of money saved by the end of a year.
Suppose, someone wants to buy a house in five years, then s/he would need 30,000 dollars, and for this, the person will need to save at least 500 dollars each month.
Forced to prioritize spending: When putting down all the expenses, it forces the person to prioritize and spend money on most-needed things or activities. It gets a lot easier to set & meet goals when someone prioritizes where to best allocate their limited sum of money.
Reveals bad spending habits: As one keeps a track of where & when their money is being spent, it gets easier to analyze their bad spending habits if any and accordingly they can work on them. The understanding itself would be enough to work on a bad spending habit as it will make the person consider their future purchases and see whether it’s actually needed.
Stay aware regarding fraud: When someone is not keeping a track of their expenses, credit card statements, bank accounts, they might be getting fraudulent charges and have no clue about it. Like, they may be overlooking auto-pay charges, double charges, or not being charged as usual.
So, by keeping a track of expenses & financial information, a person can stay aware of where their money is and what’s happening with it. Thus, if any unexpected activity occurs, it can be dealt with immediately.
Take Control: Keeping track of finances is no big deal with expense tracking mobile app, as it is a smooth-sailing and the person doesn’t have to be a genius to make it work for you. All that you need is to spend a little time with it and it will be all sorted.
Prominent Personal Expense Management mobile apps:
Mint: This app comes integrated with a lot of brilliant features. Users can see everything in one place, manage their money & bills, and even pay their bills. It provides their credit score, remind them of forthcoming payments, multi-factor authentication (for high-security), and also offers a web app.
Money Lover: This is a free app that offers a clean &colorful interface with myriad useful features. MoneyLover enables the users to get granular with their expenses, and it automatically categorizes spending on movies, games, food and anything else you buy, with cute images. This app also tracks your spending & income in the past, present & future months, and displays everything in an easy-to-read format. However, there is certainly a downside with this app as its free version includes annoying ads that often clutter the interface.
Monefy: This one is a lot like Mint, though there is one big difference, there is ‘no-automation’ here. So, it won’t simply hook up your accounts and let the app take care of everything, as here you’d be required to manually enter your expenses. Though there would be bill reminders or pay within the app features, you surely will have ‘more control’ and will be more involved in the process, and that can actually help in curbing spending.
Personal Capital Finance: With the help of this multi-platform financial portal, users can manage their stocks, investments, bank accounts, retirement savings, and even budget their spending all-at-one-place. It is also available online as well as on wearables. This app actively compares its users’ stocks’ performance to the markets in real time. At the same time, it provides an easy access to a team of finance professionals, who can offer the users more of a personalized advice on how to grow further.
Conclusion: Hence, it is clear that managing your finances with money tracker mobile apps can do multiple goods for a person, like it can stop the impulse purchases, help them from going under necessary debt, remove needless purchases, force them to focus on what their money is worth, and most important it makes money management easier and allows the users to be in absolute control of their finances.
How to determine the cost of money management mobile app?
The cost to develop an expense tracker mobile app on various factors, after all the system is integrated with myriad features and a lot of integrations. Here are the factors that mainly affect the cost of Personal finance management mobile app are:
- Basic Features
- Additional Features
- Size of the development team
- Development Partner Location
- Third-Party Integrations (Third-party Resources, like Database, API, Authorisation)
- Maintenance & Support
- Certifications & Compliances