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In this day-to-day busy life, handling all our expenses has become a huge task to do. Along with managing all other things like booking a taxi, ordering food, watching Tv serials, etc. with just a few taps, what if we can manage our expenses also this way?
To escape from this hassle and make our lives easier, there is a mobile app called “expense management mobile app”. Do you know what it is and what are its features? In this blog, you are going to get all the details about this mobile app and its provided benefits along with its development cost.
What is an Expense Management Mobile App?
Expense management mobile apps or we can say personal finance management mobile apps are very useful to have in your smartphone. These are getting famous among users due to providing them with the facility to manage and track their expenses and keeping them within their budget.
Some major market drivers also allow users to link their bank account to the app for making direct payments, setting goals, and saving invoices. These money management apps are developed to handle the money, planning out a proper budget, and tracking the spendings. You can also call these apps money-saving apps as these permit you to borrow and invest the money.
Different Sorts of Expense Management Mobile App Development
- Peer-to-peer payments app
- Financial management software
- Full-service banking app
- Financial prediction apps
- Simple money management apps with manual data entry
- Money investment management app
- Regular & monthly budgeting apps
What You Can Get From Expense Management Mobile App Development?
Let’s get to know what are the things that make us use these finance management apps, have a look-
High-security & Standards Compliance
In an expense management mobile app, keeping the user’s sensitive data security must be the top priority, and this app fulfils it. Because financial data is something, people fear losing the most.
It is why it is necessary to provide that data high-security, and the app has to follow the advanced data processing and management principles like ISO 270001 and GDPR. Considering that, always create apps by conducting penetration testing, safe cloud infrastructure, and security audits.
Amazing data visualization is essential for wealth management app development because it is the thing that makes it so attractive. There can be used charts, infographics, and dashboards to impress and get the attention of the audiences. These things make the provided data more manageable and understandable.
Integration of Different Payment Systems
An expense recording mobile app will benefit you by having all your bank accounts together. Because of this, this app can analyze and observe the finances of all users in one place. For this, an app must integrate the banks and payment systems.
What Are The Features That Make A Personal Finance Management App Worth Using?
Having an expense management mobile app is beneficial to track where you are spending all your earnings, and you don’t even need to carry a pen and notebook along with you every time.
You have many facilities through it such as bank account linking, store invoices, direct payments, and setting goals. Want to know more features? Take a look at below-
Monitor Expenditures or Spendings
Users can have ease in writing down the expenses through a digital expense tracker app. For instance, if a user is out to shop, they can enter their spendings in the app immediately before leaving from there.
Connect the App with Your Bank Account
Get linked to your digital wallet app with the bank account as it will make you keep monitoring the credits, balance, and debits throughout.
Handle the Expenses by Category
An expense recording mobile app makes you able to categorize your expenses such as monthly bills like house rent, electricity bills or frequent expenses of shopping & food. A user can make as many categories as he wants.
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Generate Monthly Plan & Budget
Expense tracker app development has enabled users to have a history of their spendings and estimate the common spendings. They can have a monthly budget plan and can spend as per that. It is the same as auto-calculation, and you can know when you are going out of budget.
Manage Different Bills
Most people have a habit to save all the bills, be it anything, this app is very useful for them. It allows them to capture the images of the bill’s hard copy and save it in the soft copy within the app.
Do you remember the dates of bill payments? Don’t worry if you forget them often as this app will remind you about all the taxes, bills, EMIs, accommodations, etc. It will prevent you from the late penalties by sending push-notifications about the nearby bill dates.
Security Via Passcode
Personal finance management app development always includes security as money management comprises user’s confidential data including bank details that should not be disclosed to anyone. The passcode is a highly secure approach to protect the app data.
Make Payments Directly
By taking the help of an expense management app, you can integrate the third-party with the app and you can do direct payment to them. It will remove the need for multiple apps.
Multiple Currency Support
Expense management mobile app development supports multi currencies and you can choose among them to do payment anywhere worldwide. It will also manage the finances in the language you want.
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Convert the Currency
If you often travel from one city to another, then you don’t have to worry as it also converts the currency such as dollars, Euro, rupees, etc. It can be a great help through an app.
What Are the Leading Personal Finance Management Apps?
- Personal Capital Finance (over 100K installs)
- Monefy (over 1 million downloads)
- Mint.com (Over 20 million users)
- Money Lover (more than 1 million downloads)
- Good Budget
What Are The Excellent Benefits Of These Expense Management Mobile Apps?
There is always a question when we use an app or want to invest in app development, what are the benefits of that particular app? So, here we are presenting the amazing benefits of the Expense management mobile app-
Secure and Safe Finance Management
If you have a money management app, then you will feel more secure and confident about your spendings and transactions. This app allows money transactions between only sender and receiver. You can analyze what are the luxuries and what are the must-buys along with where you should spend the money?
Effectively Organize Your Monthly Budget
We all are concerned about the disbalance of our monthly budget, isn’t it? We spend our money on unuseful clothing, food, etc. but this app will facilitate you to keep an eye on your specific purchases, identify the expenses, and make smart decisions. It will help you to make the essential adjustments.
Enhanced Market Growth
Take a look at these below points that will describe you the increased market growth of personal finance management app-
- The US personal finance software market was reported at $232.1 million in 2018 and it was forecasted to reach $343 million by 2026 with a CAGR of 5.0% during the period.
- As per the statistics, the finance management apps have crossed 24 billion installations in the last months of 2020. Here are the stats of finance apps download trends worldwide till 2020-
Required Tech Stack for Expense Management Mobile App Development
- API/backend- Postgre DB, Ruby, .NET
- Admin panel- Angular, React, jQuery
- Designing- Trello, Font Awesome, Clipboard.js
- iOS mobile app- Objective-C, Swift
- Finance & accounting- Square, Recurly
- Customer support- Intercom, Forumbee, Help Scout
What is the Overall Cost for Expense Management Mobile App Development in 2021?
What is your budget if you are here for mobile app development? Do you have a high budget? Do you want native or hybrid app development? What are the features you want in your app?
These are some questions you have to face if you want to build a finance management app like Monefy. So, get prepared for this and here we are also providing you guidance about the estimated cost of expense recording mobile app development.
The overall price assessment of personal finance management apps can be in-between $10,000 to $30,000 for a single platform, whether you choose Android or iOS.
It will take 1-2 months to develop an expense management app. Although factors like app platform, design, core & advanced features, functionality, developer’s location, etc, can vary the exact mobile app development cost and time.
- Cost of hiring freelancers for mobile app development– $10 to $15 per hour
- Cost of hiring in-house developer’s team- $100 to $150 per hour
- Cost of hiring outsourcing app development- lower rates than anyone.
How BR Softech Can Help You in Expense Management Mobile App Development?
We have guided you with all the essential things to understand the expense management mobile app entirely. If you are thinking of investing in such an app to help the users in terms of money budgeting, management, tracking, and investing, then you should go ahead with it.
Besides the basic functions, our skilled team of developers and designers will help you to provide advanced features to make the app unique from others. We provide premium-quality development services at an affordable price you will get nowhere in the market. If you want to make one, contact us for the further process!
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2010 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, mobile/ software development and other digital marketing services intending to deliver outstanding digital outcomes.