How much does personal finance management app development cost? This is the foremost question that strikes every business owner’s mind when they think of developing a personal finance app like Mint. Knowing the cost is the most basic yet very crucial component of personal fintech app development and others. Hence, businesses keep wondering about the cost to build a personal finance app.

Over the last decade, personal finance app development has grown tremendously, and the maximum growth accelerated during the pandemic. From that time, investment in fintech app development took a leap, and almost every business owner is moving towards it.

So, if you are planning for personal finance management app development and want to get an idea of cost estimation, read this blog. Let’s begin!

 

What Is Personal Finance Management App Development?

 

 

As the name implies, a personal finance management app refers to the process of creating a mobile application that helps individuals manage their personal finances. Personal finance management apps allow users to track their monthly expenses, create budgets, and set financial goals.

They may also offer features such as bill payment reminders, investment tracking, and credit score monitoring. The goal of personal finance management app development is to provide users with a convenient and effective way to take control of their finances and achieve their financial objectives.

 

Personal Finance Management App Market Overview

 

 

As per Statista – The global revenue from personal finance applications is expected to reach $1.5 billion by 2023. The personal finance app market is growing at a CAGR of 5.7% and will reach $1.49 billion by 2026. The report cites factors such as the increasing need for financial management tools, the rise in digital payments, and the growing adoption of mobile devices as drivers of market growth.

The increasing popularity of mobile banking, budgeting, and investment apps coupled with the growth of fintech startups. It has contributed the growth of the personal finance app market.

 

 

List of Top 6 Personal Finance Management Apps in 2023

Planning to build a personal finance app? Looking for the right references to get started? Here is the list of the 5 most popular personal finance management apps.

 

1. Mint

Finance and money budgeting app like Mint enable users to track their spending, budget, and financial goals in a go.

 

2. AWSM Bank 

It is a Neobank app for kids that help parents track and control their kids’ transactions remotely.

 

3. Mvelopes 

This personal finance management app will help users monitor their household and personal budget.

 

4. YNAB 

You Need A Budget (YNAB) is a personal finance management app that helps users create a budget, track spending, and achieve their financial goals.

 

5. PocketGuard

With PocketGuard, a personal finance management app, users can link their bank accounts, credit cards, and investments all in one place.

 

6. Wally 

Wally app enables users to manage their money by tracking expenses, monitoring financial goals, and setting budgets.

 

How to Develop A Personal Finance Management App Within Your Budget?

Developing a robust and budget-friendly personal finance management app requires careful planning and plotting. Also, you must consider the major key factors during personal finance management app development to create an app within your budget.

 

 

Here is what you should follow to ensure reasonable personal finance app development costs.

1. Define the Project Scope Well

Before beginning the fintech app development process, define your project scope well. It will help you decide on your personal finance app features and functionalities while giving you a rough cost estimation.

2. Choose Dedicated Developers

Hiring skilled and dedicated developers for mobile app development will greatly impact your personal finance app development process. So, connect with a leading bank app development company or hire experts.

It will save a lot of your personal finance app development costs and help you get the right assistance within your budget.

 

Read More: How To Build Mobile Payment Apps Like Cash App?

 

3. Include Open-source Technologies

Open-source technologies can save a lot of money on development costs. So, consider using open-source tools and frameworks for personal finance mobile app development. It will result in affordable banking app development costs and ensure seamless finance app performance.

 

4. Select the Right Platforms

Different businesses have different target audiences and use different platforms to access the applications. Right? So, choose the right platforms to build a personal finance management app. Decide which platform you want to build your app for, i.e., iOS, Android, or both. Going for a single platform is advisable if you have a low budget, as it can save you development costs.

5. Use Pre-built Modules

Every business owner wants to speed up the mobile app development process without spending much cost. Isn’t it? In that case, you should use pre-built modules. It will increase your fintech app development speed 2x times more while cutting down the cost to develop a personal finance management app greatly.

 

6. Conduct In-depth Testing

Extensive testing is a must to ensure that the application works correctly and is free of all bugs and errors. So, conduct thorough testing to avoid all the mistakes that might cost you later. It is advisable to seek assistance from a well-known personal finance app development company for better assistance.

 

7. Add Monetization Strategies

Decide the right monetization strategies to ensure you can recoup your development costs. For increased profit and growth from your personal finance management app, include options including in-app purchases, subscription models, and advertising.

 

Major Factors Affecting Personal Finance Management App Development Cost

 

 

Do you need personal finance management a Must Have Features of Grocery App Development for your business and want to know how much it costs? Here are some of the major factors affecting the cost to develop a mobile app for the fintech industry.

 

• App Complexity

The complexity of your fintech application will greatly impact its development cost. Comparatively, a basic application with simple features and functionalities requires less development cost. So, when you create a personal finance management app, decide on the app’s features and functionalities accordingly.

 

• Development Platform

The development platform on which the finance app will be developed, such as iOS or Android, will also affect the development cost. Developing multiple platforms will increase the cost greatly. So, choose the platform to build a personal finance app accordingly.

 

• Application’s Design

The design of your personal finance management app will also impact the cost. A tailor-made application with unique features and graphics will cost more than a template-based fintech application.

 

• Finance Development Team

Your development team’s size and location will impact the cost to create a personal finance management app. So, rather than adding an in-house team of experts for a project, it is advisable to hire finance developers from a reputed firm. It will definitely cut costs and help you get professional assistance within your budget.

 

• App Maintenance & Support

The cost of personal finance management app development isn’t restricted to its development process. There is a lot more that needs to be taken care of. For instance, mobile app support and management will also define the cost of any mobile application or software. So, if you keep timely maintenance, you will have to spend less cost.

 

• App Security & Integrations

Every business owner needs a completely safe and secure application. For that, integrations and SSL certificates are required, which will add some cost to your personal finance application. So, to manage the cost, you can go for third-party integrations as it requires lest cost compared to creating your own integrations.

While carefully considering all the factors mentioned above, you can ensure outstanding business outcomes within reasonable finance mobile app development costs.

 

How to Create eWallet App and Know the Cost!

 

Tips for Monetizing A Personal Finance Management App

 

 

Managing finance management app cost isn’t only about cutting down things during app development. You can also add features or strategies to generate profit from your fintech application. Yes, you read it right! While incorporating the best monetization strategies, you can generate enormous profit from your personal finance management app. They are –

 

• In-app Purchases

A common method to generate revenue from a personal finance app is offering additional features or tools such as in-app purchases. You can offer users free access to the basic features of the personal finance app while keeping the premium features in a paid version.

Premium features may consist of advanced versions of the basic features. So, adding in-app purchases into fintech app development will help you boost your business profit in less time.

 

• Affiliate Marketing

One of the outstanding monetization tips for a personal finance app is to explore affiliate marketing opportunities. It involves partnering with the best fintech app development company to offer their products or services in exchange for a commission on each successful referral.

 

• Subscription Model

Another viable monetization technique to generate revenue from a personal finance app is through a subscription model. Here, users can pay a periodic fee to access exclusive features or tools. This approach is particularly effective if your app provides continual financial guidance or customized investment suggestions.

 

• Data Monetization

Unlike any other strategy, it is possible to monetize user data. But, it is essential to be transparent about data collection and protect user privacy. Some potential strategies for monetizing data include selling aggregated user data to financial institutions. However, it is crucial to obtain explicit user consent before using their data for any purpose.

 

Begin Your Personal Finance Management App Development Journey!

Now that you know ‘How much personal finance management app development costs?’ use this blog as a guide to kickstart your business journey. Creating a successful finance app is a daunting task due to the high competition, and undoubtedly the process requires huge costs.

But, if you are well-versed with the major factors affecting the personal finance management app development cost, you will smoothly build a personal finance management app without burning a hole in your pocket.

Dev Technosys is a reliable and experienced personal finance app development company that can make your process easier and cost-effective. Bring your project requirements to us and leave the rest to our professionals. We can help you craft an outstanding application leveraging all the latest features, functionalities, and technologies that will add to its worth greatly.

 

Frequently Asked Questions