Everybody wants to manage personal finance and expense, but only a few people are successful in it. It is an issue for many people.
Wait! Do you think it is impossible?
The answer is—’No’. You can easily manage your finances and expenses. Again there is a question that might be in your mind—How? The answer is through a personal finance app.
Although this blog is all about the top benefits of personal finance apps, still, it would be much better to reach its upcoming section after reading some related information. So, let’s start this blog.
It is a reality that managing finance and controlling spending is such an arduous job. Keeping track of expenses in a week or a month is no fun if one has to go from page to page or receipt to receipt. Some readers may say that they can do it with the help of an Excel sheet. It is not an easy task for some people because not all need to be experts in handling spreadsheets and applying the formulas to the columns.
From the challenges point of view each one of us can face while thinking about managing personal finance are:
- Spending without planning
- home loan
- Borrowing money from someone
- Excess spending on festivals
Is there a way by which I can easily manage my personal finance?
Yes, a personal finance app can help you to do it quickly or effortlessly. Some apps exist in the market, like Mint, due to the evolution of finance management app development. These apps help users effectively to manage their finance.
What is a Personal Finance App?
The personal finance app is a mobile app that allows users to track their income, expenditures, investment, and banking. These apps are a working boon for many people, especially those who are not experts in accounting or finance. It is advantageous to use a personal finance app for money management on your own.
From the development point of view, these apps are being developed by fintech app developers having in-depth expertise in fintech application development.
Some of the best examples of personal finance management apps are:
- YNAB (You Need a Budget)
And more. You can choose any one of them for personal use.
Why Personal Finance Management App Is Needed?
The best part is personal finance management apps come with all features and functionalities that a user needs to manage their own expense and earn money in a month. While using the personal finance app, users have a more transparent view of how to spend in a controlled way, so their spending objectives must meet, including saving money.
The most appealing thing about personal finance apps is that they allow you to manage your finances from anywhere and at any time, even while traveling in a metro or flight. These apps track your spending, suggest you a better way of management, and restrict you from useless spending.
Overall, we will read about the multiple benefits of using these apps in the next section of this blog. Furthermore, developing these apps for business is a great way to generate revenue, as a fintech software development company can help you offer your customers a unique financial management experience.
Top Benefits of Personal Finance Apps
Personal finance apps works are just like a friend or well-wisher that helps you to control your expenses and advises you to manage your funds in a well-mannered way. From the advantages point of view, here are some of these that you can have as a user.
#1. The budget calculation will be on the fingers
While using a personal finance app, you do need to bother about the expenses as you can calculate your budget in a single click. It helps you to optimize the budget for your requirements such as food, house rent, utility bills, transportation, loan EMI and others. With minimal effort, you can manage savings, credits, and debits.
#2. Easy User Interface
The financial software development services providers develop personal finance management apps in a way that anyone can use. There is no need to be an expert in computing or finance. These apps offer a clear view of all features/ functionalities and come with an easy and attractive user interface. Various tools remain available with these apps that you can use to manage the cash flow.
#3. Avoidance of Late Fee
Due to their busy professional life, most people forget to pay a bill like a credit card or utility bill. Then they pay more amount instead of paying a regular fee. It is such a drastic situation, and no one wants to put themselves into it, but it happens. A personal finance app has functionality that provides an option to set a reminder about the ongoing bill to avoid the late fee. On the other hand, in the history section, you can also view previous bills paid.
#4. Personal Accounting
Personal accounting is so easy with personal finance apps. Accounting is one of the premium features of these apps. It facilitates the users with a general ledger, pay & receive accounts, and more. Suppose you are looking to develop a personal finance app. In that case, you can add some advanced features with the help of experts having comprehensive expertise in fintech app development services.
#5. Improved Money Saving
The prime goal of using a personal finance app is to save money in a better way, and it is possible in all senses. While using a personal finance management mobile app, your incoming and outgoing remain transparent, and you can see them anytime. You can track your spending and have suggestions to save more via using tools. For money saving, expense tracking is the only way, and you can do it smoothly.
#6. Take Financial Decision With Confidence
Again, the key role player is effectively tracking money to manage finances. If you can do it, you have won half of the battle. Still, if not, then a personal finance app can help you to do it. Later you can leverage it to make any financial decision with confidence.
#7. Meet Your Financial Objectives
You can easily meet all your financial goals when you have all the financial information(debited and credited) available on your smartphone. The app can tell you all the weekly or monthly details of money spending. It can help you to save money and let you achieve your financial goals.
#8. A Financial Guide In Pocket
Most of the fintech apps come with educational materials and guides containing tips & tricks, and tutorials for budgeting or effective budget management. They also have an FAQ section that helps you to quickly know the answer to your questions related to personal finance management.
#9. Remote banking Activity
There is no need to go to the bank; you can easily manage your banking with personal finance management apps. However, more than 65.3% of users will be using online banking in 2022, and the ratio will increase after COVID-19. Online banking using a fintech app saves you time and money.
#10. Plan Your Budget With Family
Budget is the thing that is equally important for all family members. It will be best if all family members participate in budget planning. You will be surprised to know that you can also add your family members to the app to participate in budget planning actively.
Personal finance apps are beneficial in all terms for managing personal finance as well as in revenue generation as a business. What you can do is develop an app with assistance from a mobile app development company and launch it for your users.
But do you have any idea—How a personal finance app earns? The next section of this blog is dedicated to it.
How Does Personal Finance App Make Money?
You can make good money by launching a personal finance management app as a business owner. One of the best examples is an app like Mint.
It is one of the legendary apps for personal money management. It provides users with personalized deals, specific money management tools, credit card offers, and more. The Mint app earns from the subscription fee.
Here are the ways by which you can also earn a good amount via your app.
- Premium Apps: Although there are several free apps available, those are not so perfect. So here, you can offer the best user experience by selling a premium version of an app with a set of advanced features, including the basic ones.
- In-App Purchase: You can also earn via in-app purchases. You can offer users some paid tutorials, finance e-books, reports, and features they can leverage to manage their finances.
- In-App Advertisements: One of the best options to earn via personal finance apps. You can earn commissions from third-party fintech-related brands to showcase their ads on the app.
- Subscriptions: Offering various subscriptions to the users is one of the most proven methods of earning via a mobile app. The same concept applies to the personal finance app. You can offer personalized subscription plans to the users, and in turn, you can generate revenue.
The Final Thoughts
While there are many personal finance apps available, they each offer unique features and benefits. In order to find the right app for you, it is important to consider your individual needs and preferences.
One of the top benefits of using a personal finance app is the ability to track your spending. This can help you identify areas where you may be overspending and help you to stick to a budget. Another benefit of using a personal finance app is the ability to set financial goals. This can help you stay motivated and on track as you work towards your goals.
Finally, personal finance apps can help you manage your money more effectively. By providing you with a clear picture of your finances, you can make better-informed decisions about where to allocate your money.