Tarun Nagar 
Managing financial expenses was a tedious and challenging job, especially for people running a business. But, the invention of expense-tracking app development has made it easier to keep track of payments online. Similarly, like mobile applications are taking over the globe, financial services benefit from technological advancements and expense tracking app development is one of them.
As per research, the worldwide market for personal finance software was worth $795 million in 2016. It is expected to expand at a compound annual growth rate (CAGR) of 6.40% from 2017 to 2023 and reach $1.2 billion by the end of the forecast period. Most businesses today plan to create an expense-tracking app for their business.
The foremost question that strikes their mind is, ‘How much does expense tracking app development cost?’ So, here in this blog, the fintech app development company professionals have explained everything about expense tracking app cost, the factors affecting it, benefits, and more. Read it to know more.
Table of Contents
What Is An Expense Tracking App?
An expense tracking app is a software application that helps users track and manage their expenses. While using a personal expense tracker app, users can enter their expenses manually or import transactions from bank accounts and credit cards.
Well-developed and feature-rich expense tracker apps help users identify areas where they are overspending, set budgets, and reach their monthly or yearly financial goals.
If you want to improve your financial health, there is no better option than expense tracking app development. It helps to understand better where your money is going and change your spending habits.
Why Invest in Expense Tracking App Development?
1. Growing Demand
With an increasing number of people managing their finances and seeking ways to save money, the demand for the best app for expense tracking is growing rapidly. So, with huge demand, there is a big opportunity for businesses to earn enormous profits.
2. Cost Savings
By helping users monitor their spending, expense tracking apps help discover areas for cost-cutting and saving money. It can be a valuable feature for users to differentiate your app from other expense tracking apps.
3. Revenue Potential
An expense tracking app generates high ROI and revenue depending on the monetization strategies. You can include premium features, advertising, or commissions to generate income through your expense tracker application.
4. Convenience
Expense tracking apps are convenient and make it easier for people to track their expenses, monitor spending habits, and plan budgets. It is one of the major benefits of the fintech mobile app development process, leading to increased engagement and loyalty.
So, these are some major reasons reflecting the need to invest in expense tracking app development today.
Major Factors Affecting The Cost of Expense Tracking App Development
Developing an expense tracking app is a complex and multi-stage endeavor. To accurately determine the cost of creating an expense tracking app, it is crucial to consider the multiple stages involved in expense tracking app development and associated cost.
Below are some of the major factors affecting the cost of developing an expense tracking app:
1. App Complexity
Application complexity is one of the major factors that leave a huge impact on the expense tracking app development cost. The more complex the application is, the higher will be the cost. Several features, development platforms, and other considerations can gauge the complexity level involved in app development.
2. Development Platform
Choosing an expense tracking app development platform is another critical factor in determining the cost of app development. While certain platforms offer services free of cost, some take additional charges.
So, the type of platform you choose will decide the mobile app development cost. For professional help, connect with the mobile app development company experts.
3. Popular Tech Stacks
The latest tools and technologies are strong assets to add value and worth to any mobile application, irrespective of the domain. So, the tech stack you will use during expense tracking app development will impact the cost. Thus, choosing the right tech stacks is necessary when creating apps to track expenses.
4. UX/UI Design
A great user experience must satisfy the users’ demand and increase the application’s engagement. Therefore, banking app development professionals suggest focusing on a unique UX/UI design when planning for expense tracker app development. Although this factor adds a little more expense to tracking app development costs, it is absolutely worth it.
5. Development Process
While the app development process is similar for all apps, various factors can impact the development cost. For instance, one may consult a leading fintech app development company to handle the entire development process.
Alternatively, some prefer to hire dedicated developers for each stage of development, providing more flexibility. Overall, the cost of app development can range between $10,000 and $20,000.
6. Features & Integrations
Unique features and third-party integrations are also huge cost-effecting factors that businesses should consider when developing an expense track app. For instance, if you have a low budget, keep the fintech app simple with basic features and functionalities.
On the other hand, adding third-party integrations helps to save a lot of development costs rather than creating your own integrations.
Useful Tips to Reduce Expense Tracking App Development Cost
Not every business owner has the desired budget to spend on expense tracking app development services, and they keep wondering, ‘How to reduce expense app development cost?’ To help all-scale businesses, we have highlighted some major points to consider, as discussed below.
1. Define Your Expense App Requirements Clearly
Define your mobile app’s requirements and goals before beginning expense application development. A detailed plan will help you avoid unnecessary mobile app development costs and help the app developers build the exact application you require. It is the initial yet very helpful tip to reduce the cost of the expense tracker app.
2. Choose A Suitable App Development Platform
Next, choosing the right development platform for your expense tracking application can significantly impact development costs. So, choose a platform that fits your budget and meets your personal tracker app requirements.
3. Hire Dedicated Developers
Look for an experienced and dedicated app development team specializing in developing expense tracking apps. A good team will help you cost-effectively build an app without compromising quality. It will require a little cost initially but will save huge costs in the future.
4. Develop An MVP First
Many businesses make the mistake of directly creating a fintech application, which is wrong and demands huge expense tracking app development costs. So, it is advisable to create an MVP first. It will help you launch an application quickly and cost-effectively while providing a valuable user experience.
5. Use Open-source Solutions
Consider using open-source solutions and libraries instead of developing everything from scratch. Otherwise, you will end up spending huge expense tracking app development costs. Incorporating open-source solutions will save significant development costs while providing the needed features.
If you follow all of these useful tips suggested by the fintech app development company professionals, you will definitely save a good amount of cost.
Tips to Develop A Profitable Expense Tracker App
Now that you are concerned about the cost of developing an expense tracking application, let’s look at the development steps. It will help you develop a profitable and best app for tracking expenses.
#Tip 1 – Focus on User Experience
An expense tracking application’s success depends on user experience and user interface. So, focus on creating a user-friendly interface and intuitive user experience that makes it easy for them to track their expenses.
#Tip 2 – Offer Appealing Features
To make your app more appealing, focus on adding attractive and useful features that meet the users’ needs. It may include categorizing expenses, creating budgets, tracking spending by category, setting alerts for overspending, and more.
#Tip 3 – Use Data Analytics
Analyze user data to gain insights into user behavior, preferences, and usage patterns. You can later utilize that data to improve your app’s features and functionality to meet the users’ needs.
#Tip 4 – Customize The App
Allow users to customize the app as per their needs and preferences. It includes custom categories, spending limits, alerts, and more.
#Tip 5 – Ensure Data Security
Security is essential when it comes to expense tracking app development. Ensure your app meets the highest security standards and protects user data from unauthorized access.
#Tip 6 – Monetize The App
Several ways to monetize an expense tracking app include premium features, charging a subscription fee, or generating revenue through ads.
What Are The Benefits of Expense Tracking App Development?
Developing an expense tracking application has a lot of benefits for both the users and the business professionals. So, before you wonder, ‘Why should I develop an expense tracker app?’ have a look at the benefits and get the answer to all your queries.
1. Financial Management
An expense tracking application allows users to seamlessly monitor and manage their finances. It also helps users track their expenses, create budgets, and identify areas where they can save money. On the other hand, businesses can ensure a streamlined financial management process while investing in an expense tracking application.
2. Time-saving
An expense tracking app can save users time by automatically categorizing and recording expenses. Businesses can save themselves from manual entry processes and quickly and easily generate reports.
3. Improved Accuracy
Offline finance management always leads to errors which result in data inaccuracy and impact the financial records. But, with the best apps to track finance, businesses can reduce the risk of errors and make informed financial decisions.
4. Increased Productivity
An expense tracking app makes businesses more productive and efficient by automating all financial tasks. It reduces the time spent on manual record-keeping and enables businesses to focus on other important tasks.
5. More Savings
An expense tracking app can increase savings by tracking expenses and identifying areas where money can be saved. It allows the users to identify unnecessary expenses, and hence they can make informed decisions about how to spend their money.
Final Thoughts!
So, this is all about the cost to develop an expense tracking app. After reading this blog, we hope you have an idea of the cost associated with fintech application development. It is time to implement everything you have learned in this blog. Start the expense-tracking app development process yourself or connect with a leading mobile app development company like Dev Technosys.
With over 12+ years of experience, we have developed the best fintech applications and have helped businesses reach the heights of success. Bring your project requirements to us, and we will convert them into a revenue-generating business opportunity.
