Creating a Personal Finance app: 5 Things to Consider

Examples of Personal Finance Apps

Managing personal budgets, controlling spending, planning for the future, and efficiently dealing with finance-related operations is quite a task. Personal finance apps automate and digitize these processes, taking all the heavy accounting lifting off a user’s shoulders. Finance management apps come in different packages, with different ‘tastes and flavors’ to suit different needs in a variety of countries with unique mentalities and preferences. That’s a lot of synonyms, but you’ve got the gist of it. Also, consider that even though most finance management apps have common functionality, they also have unique specialties. They aim at a certain audience or have unique features that separate them from the rest.


Mint is already an old-school app by the modern digital market standards. However, founded in 2008, Mint is still fresh and popular. It is a free personal finance app with 15 million users, which provides the following functionality:

You Need a Budget

Unfortunately, You Need a Budget (YNAB) is a rather relevant app that helps people to get out of debt and “stop living paycheck to paycheck.” The key benefit of YNAB is that the app not only provides a user with the functionality to monitor and manage budgets but also with relevant advice and support on how to handle financial crises and avoid financial distress situations in the future. So, besides providing your ‘typical budgeting app’ features, You Need a Budget has a forum for financial advice and emotional support, prioritization guides, long-term goals advice, support on dealing with debts, saving guides, etc. It has versions for Windows, macOS, iOS, and Android.

Functions of Personal Finance App

If you are to make a personal finance app, you should know its primary and additional features. The former ones make an app relevant, the latter ones — interesting. Thus, the functionality of a money management personal finance apps are


Synchronization with a user’s bank and credit accounts to keep track of budgets, which also may include investments and loans. While synchronizing, an app should download data on previous transactions that occurred in recent months to provide some initial statistics.

Pleasant additions:

Monitoring of investments: keeping people informed on the condition of their investments, comparing market indices, etc

“Ahem… Hello, do you have a spare minute to talk about security of personal finance apps?”

There’s no avoiding talking about security when the deal gets to fintech. We’ve already talked about it, we are talking about it now, and we’ll be talking about it in the future again. Security is where overt repetition is justified. A lot of money and sensitive information are being lost due to crafty cyber attacks and mishaps. And while people somewhat tolerate the potential vulnerability of personal data, money security is not what they’re willing to risk.

How to Build a Personal Finance App?

Developing complex software is an epic tale in several chapters because of the initial market research, thorough planning, developing, and testing required to build a robust product. Personal finance app development is not an exception. Be it personal management app for iPad, personal expense tracker android app, or personal expense tracker app for iPhone, the plan for the development is the same. In broad strokes, if we build a personal finance app from scratch, the plan is the following:

Idea & Research

During this stage, business analysts, software developers, and QA specialists shape the blueprint of the future system based on functional and non-functional requirements, regulatory environment compliances, market research, and competitors analysis.


Creation of personal finance app’s visuals by UI/UX designers considering the results of the previous research, requirements of platforms, stakeholders, and fundamentals of intuitive user experience.

Here, at KindGeek, we combine the first and second stages into the Discovery Phase, which is a neat condensed package of all necessities required for further development, funding, and cost estimates.


The development itself is a complex process, which involves separate iterative stages, called sprints, which in turn are divided into smaller phases, such as, planning development, testing (QA phase), review. The iterative nature of the development allows for continuous building and polishing of the product. At the same time, tight communication with the stakeholders and owners is present to consider feedback.

Support & Maintenance

After the product is developed, it’s time to support and maintain it, updating its functionality, adapting it to new circumstances, and dealing with bugs.

How Much Does it Cost to Develop a Personal Finance App?

Measuring the price of software development is … tricky. It’s not like building a table, where we know the price of materials, and with enough experience can estimate how much time it will take to complete it ‘by eye’. With software, the situation is more complicated and requires a thorough analysis. to consider requirements, regulatory environment, tech stack, third-party services, number of features to develop, time for developing each feature, etc.

Monetization of Personal Finance App

It’s all sweet and neat, but how exactly do personal finance apps make money? Of course, you can charge money for an app. For instance, Quicken is for sale and appears to be quite a successful contender. However, mind that people are not used to paying for apps, and if you decide to charge for the software, the marketing for the product should be immaculate and articulate why the app is worth the price in a surprisingly engaging and convincing way.


Budgeting, keeping track of all expenses, managing banking accounts can be a daunting task. You can make it easier for people by developing a relevant app. The market is just ripe for such endeavors; it’s just important to find the right opportunity and target the right audience.



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KindGeek Software

KindGeek Software

KindGeek is a software development company of ambitious technology professionals.