Budgety – Budget Management

About project

Budgety is a software program designed to help individuals manage their finances and track their expenses. It provides a user-friendly interface where users can input their income and expenses, categorize them, and create a budget plan.

The tool also allows users:

to set financial goals, such as saving for a vacation or paying off debt, and tracks their progress towards these goals
to view a visual representation of the user’s finances, such as graphs and charts
to help them understand their spending habits and make informed decisions

10 months duration

10 technologies

5 specialists

US geography

The problems that a Personal Budget Management Tool aims to address are:

the challenge that many individuals face in effectively managing their personal finances. Without a clear and organized way to track income and expenses, create budgets, and set financial goals, individuals may struggle to make informed decisions about their spending and saving habits. This can lead to financial difficulties, such as debt, overspending, or inadequate savings.

individuals may lack the knowledge and resources to plan for the future, such as saving for retirement or a child's college education. This can result in a lack of preparedness for major financial milestones and unexpected expenses.

Main goals of the project

Providing a user-friendly interface for managing personal finances:

The tool should have an intuitive and accessible interface that allows users to easily track their income and expenses, create budgets, and set financial goals.

Improving financial literacy and decision-making:

The tool should provide users with insights and guidance on how to make informed decisions about their spending and saving habits. This can include alerts for overspending, suggestions for reducing expenses, and information on financial planning.

Enabling long-term financial planning:

The tool should allow users to set and track progress towards long-term financial goals, such as saving for retirement or a child’s education.

Enhancing financial security:

The tool should help users avoid financial difficulties, such as debt and overspending, by providing a clear and organized view of their finances and identifying areas for improvement.

Integrating with other financial tools and services:

The tool should be able to integrate with other financial tools and services, such as bank accounts and credit cards, to provide a comprehensive view of the user’s financial situation.

Challenges and solutions

Privacy and security

Users may have concerns about the privacy and security of their financial data. To address this challenge, we’ve taken strong security measures, such as encryption and secure storage. The tool clearly communicates its privacy policy to address concerns about privacy and security.

Maintenance and updates

The tool may require regular maintenance and updates to ensure that it remains functional and up-to-date with changes in financial regulations and technology. To address this challenge, the client has hired us as a dedicated team responsible for maintenance and updates. The client informs us of the changes and challenges and we regularly release new versions with updated features and functionality.

User adoption

One of the biggest challenges is getting users to adopt the tool and make it a regular part of their financial routine. To encourage adoption, we have designed a user-friendly interface, which is easy to use, and offers clear benefits, such as improved financial security and the ability to achieve financial goals.

Data accuracy

Another challenge is ensuring that the data entered into the tool is accurate and up-to-date. To address this challenge, we’ve implemented real-time updates and integrated with other financial tools and services to ensure that the data is accurate.

Functionality

Goal setting:

the app allows users to set financial goals, such as saving for a down payment on a house or paying off debt, and track their progress towards achieving these goals.

Multi-currency support:

the app can support multiple currencies for users who have financial assets or transactions in different currencies.

Collaboration:

this feature allows users to collaborate with others, such as family members or financial advisors, to share financial information and work together on budgeting and financial planning.

Expense categorization:

this feature enables users to categorize their expenses, making it easier to identify areas where they are overspending and where they can cut back.

Finance Management:

features like adding your cards to the app, analytics of expenses and scheduling payments allows users to easily manage their finances.

Bank account integration:

the application can integrate with users’ bank accounts to automatically import transaction data, making it easier to track expenses and income.

Alerts and notifications:

to prevent unplanned and unwanted payments, the tool provides the ability to set personalized notifications.

Analytics:

monitor your expenses and incomes, check out possible ways to make savings.

Features that make this project unique

Personal Finance Management
Bills Tracker
Monthly Budget Calculator
Credit Card Integration

Securely Send Money and Receive Payments
Personalized Notifications
Connection of Other Accounts to monitor a family budget
Categories for expenses tracking

Tech stack

Frameworks

React

NodeJS

Languages and libraries

Chart.js

Passport.js

NestJS

KoaJS

PostgreSQL

Auth0

GraphQL

Optional features that can be added to similar project types

Investment tracking:

This feature allows users to track the performance of their investments, such as stocks or mutual funds, and evaluate their impact on their overall financial situation.

Debt tracking and repayment planning:

This feature allows users to track their debt, such as credit card balances or student loans, and create a repayment plan based on their budget and financial goals.

Tax planning:

This feature allows users to plan for tax payments and estimate their tax liability based on their income and other financial data.

Automatic expense tracking:

This feature automatically categorizes expenses and income, reducing the need for manual data entry and improving the accuracy of the data.

Recurring expense tracking:

This feature allows users to track recurring expenses, such as monthly subscription services or rent payments, and plan for those expenses in their budget.

Net worth tracking:

This feature allows users to track their net worth over time, providing a snapshot of their overall financial health.

Educational resources:

This feature provides users with educational resources, such as articles and videos, to improve their financial literacy and make informed decisions about their finances.

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