Our daily lives are being changed by the awareness and minimalism trend. Of course, managing money is no different.

And the need for a money management app like Fi Money is growing because more and more people know how important it is to plan their budgets well. There will be US$128.90tn in Assets under Management in the Wealth Management market around the world in 2024. With $481,9 million, this amount will be 19% more in 2028.

All of these facts make one thing clear: if you develop a money management app like Fi Money, it is a great business opportunity that you can’t pass up!

But how do you win over users and stand out from the other budget management apps that are out there?

Quick answer: find out what your target audience wants first. You can find a more in-depth description on this blog like features, costs, benefits that can help you create a robust money management app development solution.

So let’s begin!

 

What is a Fi Money App?

Fi Money is a mobile app that makes managing your money easier. It has a lot of useful features, like keeping track of your income and costs, making budgets, looking at spending trends, and even saving. Users can easily connect their credit cards and bank accounts to the good budget planner app, which gives them real-time information about their money.

Fi Money is among the best apps for money management that also gives people specific information and suggestions to help them make smart choices about their money. So, if you are planning to develop a money management app like Fi Money, you can consult with a fintech mobile app development company.

 

Future Prediction & Projections of Money Management Service

 

 

• In 2024, the Wealth Management market is expected to have US$128.90tn in Assets under Management around the world.
• The market for financial advice is expected to be worth US$126.10tn in 2024, making it the biggest player in the field.
• The Assets under Management are projected to grow at a rate of 5.34 percent per year from 2024 to 2028, which will make the market worth 158.70 trillion US dollars by 2028.
• A little over a third of Gen Z bank account holders in the U.S. said they were worried about their financial future in the second quarter of 2024. The global Personal Financial Management Tool market was worth USD 2.68 billion in 2023, and it’s expected to reach USD 7.80 billion by 2032, growing at a rate of 12.5% per year.

 

How Does a Money Management App Like Fi Money Work?

Knowing the working mechanism of any app before investing in it will be helpful for you. So, if you develop an app like Fi Money, you should first go through the working process explained by a fintech app development services provider.

 

 

1. Download and Sign Up

First, users go to the app stores and get the Fi Money app. Then, they give general information to make an account.

 

2. Link Your Bank Accounts

After making an account, users can connect their other bank accounts to the app. They’ll be able to see all of the purchases at once.

 

3. Set Goals

Users can set money goals with Fi Money, like saving for a trip or a new car. The app lets them keep track of progress toward these goals.

 

4. Track Your Spending

By putting their costs into groups, the money management programs help them see where the money is going. This can help users figure out how to save more money by cutting back.

 

5. Manage Bills and Payments

Fi Money lets users handle their money and pay their bills through payment gateway methods. The app will help them remember when things are due and avoid late fees.

 

 

Steps To Develop an App Like Fi Money

Make an app like Fi Money, and a lot of things happen. That’s why iterative progress is so important. Building in small steps will help you reduce the risk of development, focus on features that are important, and adapt to changes as they come up. Let’s look at the steps you need to take to develop an app like Fi Money for managing your money.

 

 

1. Understand Your Target Audience

Knowing your user well can make it easier to develop a money management app like Fi Money. It can help you make a good budget planner app, figure out what features it needs, and come up with a good way to promote it.

So, the first thing you should do to make a user persona is to study and list important demographic factors. But wait! Before you start contacting possible users, you need to know who they are, where they live, how old they are, what school they go to, whether they have kids, etc.

The answers to these questions will help you figure out what features your app should have. It will also help you figure out if people are willing to pay for your services.

 

2. Conduct Competitor Research

This step to develop a wealth management app is very important because it lets you know what your rivals are doing. Find out a lot about your competitors and the types of financial apps they offer. Make sure that the goal of this study is not to copy what your rivals are doing, but to find out what they’re doing right and what they could do better.

Before you can develop an app like Fi Money, you need to know what problem it will fix. Try to figure out what it is about the current personal finance tools that are stopping people from reaching their goals. Is there any new tech that would make things easier for the users? Is there a problem that your app can solve that other banking apps have missed?

 

3. Creating the UX/UI of An App

Designing a money management app like Fi Money is more than just making it look good, despite what most people think. To make sure that your app works really well, it needs to have a strong building design at its core.

With this goal in mind, your financial software development company makes a high-level model of the budget management application’s main parts, how they are organized, and how they connect to each other. Based on the architecture design, your team then makes a prototype of the money management app that shows how it will work and what features it will have.

 

4. Develop an MVP

Your MVP is a stripped-down version of your app that only has the most important features to solve the main problems your target audience is having. The MVP app development has many benefits, such as lowering the cost to build a money management app like Fi Money and lowering the risk. It also improves the app’s fit with the market and the user experience.

To make sure the budget management application is of high quality and gives customers more value, the development team breaks the MVP development process into small, doable steps. It’s important to think about speed, scalability, and security when making an MVP for a personal cash management app.

 

5. Test And Launch

It’s time for your QA team to test your money management app once the development is done and the first MVP is ready. Since the app deals with people’s money, not trying it could have bad results. Tests for a finance management app are like tests for other apps, but they need to be more thorough.

You can start your app once everything has been fully checked and improved. Remember that releasing a good budget planner app is more than just putting it in an app shop. Make sure you give the marketing plan the care it needs because it’s important to the launch’s success.

 

Must-have Features To Build An App Like Fi Money

The features of a personal finance management app depend on the type of app it is and what the owner of the app wants it to do. On the other hand, there are some features that every great app in this area should have. So, it is vital to integrate the below feature when you develop an app like Fi Money.

 

 

1. Sign up / Sign in

Of course, you can’t skip the step where users sign up. It should be easy, safe, and effective for the whole process.

 

2. Account Access

Once a user has registered, he or she can log in to their account and change personal information. So, when you create a mobile app similar to Fi Money, it is best to provide free account access and login.

 

3. Security

We couldn’t really call this a benefit, but we had to bring it up anyway. Data protection is always important, but it’s especially important when you create the best personal budgeting apps. Do not forget this and use safety measures like multi-factor login, face (or fingerprint) recognition, and more.

 

4. Bills Management

Every day, we all have different bills that we need to pay. But sometimes we have so much to do that we forget when something is due. That’s why people will appreciate it if you make a budget management application that reminds people when it’s time to pay their bills.

 

5. Currency Converter

You must develop a currency converter app that really changes things if you’re trying to reach digital nomads or people who move a lot. You might also want to add some basic coins, which are becoming more and more popular all the time.

 

6. Cost Management

Obviously, being able to keep track of your spending is one of the most important benefits. This helps users keep track of their spending by letting them set spending limits, categorize costs, and more.

 

7. Data Sync

Managing costs will only work if all the info involved is kept up to date all the time. So when you develop personal finance apps like Fi Money, make sure to include the sync choice.

 

8. Notifications

Any finance manager app needs to have this feature, so add it to yours. Tell people about everything that could be useful and interesting to them.

 

9. Analytics

If you want to make your own budget planning app like Mint, you should also think about adding the ability to collect and analyze spending data and make detailed reports from it.

 

10. App Support

Although we hope that your apps like Fi Money works perfectly and that users don’t have any issues or questions, anything could happen, so having support available 24 hours a day, 7 days a week, would also be helpful.

 

11. Investment Analysis

Smart transfer and investment users are the ones this tool is meant for. Information from different sources can be analyzed by the budget management application, which can then be used to give good advice.

 

12. Gamification

An app for managing your money shouldn’t be fun, but why make it dull to use? You can always include something fun to keep people interested. What about the points a person gets when he meets certain goals, like saving money? You’re free to think of your own idea, though!

Note: Choose MVP for money management app development if you don’t have a lot of money to spend. With this method, you should only make the most important features. As for the others, you can add them when the answer starts making you money.

 

 

Best Money Management Apps Like Fi Money

So, before you build a money management app like Fi Money, it is crucial to go through the competitor apps. Knowing the best money management apps will help you know their USPs. so, let’s have a look at the best personal budgeting apps.

 

Top Fi Money Alternatives	Available Platform	Downloads	Ratings
Mint	Android | iOS	5M+	4.3
YNAB	Android | iOS	1M+	3.7
Goodbudget	Android | iOS	1M+	3.9
EveryDollar	Android | iOS	1M+	3.8
Cash App	Android | iOS	100M+	4.3

Cost To Develop a Money Management App Like Fi Money

The cost to develop a mobile app like Fi Money for managing money can change a lot based on a lot of factors. For instance, the complexity, features, and platform support of the app, as well as the location and level of experience of the team working on the wealth management app, and many other factors.

That being said, a rough estimate would be that to develop a money management app like Fi Money could cost anywhere from $8,000 to $15,000 for simple. This would include basic tasks like setting goals, keeping track of spending, and making a budget. Let’s look at the cost to develop an app like Fi Money table.

 

App Complexity	Cost Estimation
Simple Fi Money-like App	$8000-$15000
Medium Fi Money-like App	$15000-$20000
Complex Fi Money-like App	$25000+

 

Fi Money app development costs could go up to $15,000 to $25,000 if you add more advanced features like budgeting, paying bills, keeping track of investments, and connecting to other financial services.

See the following method to figure out the cost to develop an app like Fi Money:

 

Total development hours * Hourly rate of developers = Total Fi Money App Development Cost

 

So, it is critical to remember that Fi Money app development solution requires continuing upkeep and bug-fixing. So, it is best to consult with a mobile banking app development company about the actual cost estimation.

 

Why Is It Important To Fix A Budget For Your Project?

A project budget is like a road map for your trip. It keeps you on track, keeps you from taking unplanned turns, and makes sure you get to your goal safely. A clear budget has several important advantages when you develop an app like Fi Money.

 

1. Helps You Know Your Actual Requirements

When the investment app development service provider makes a budget, you have to really think about what you need to finish the job. This helps you organize your jobs, make good use of your resources, and avoid spending money you don’t need to.

 

2. Aids in Market Research

Knowing your price lets you do in-depth study on the market. This helps you find possible rivals, learn what your customers want, and make smart choices about the features, prices, and marketing strategies for your money management programs.

 

3. You Need the MVP

As you work on your project, a budget helps you focus on making the most important features and functions. This keeps things simple and makes sure you can launch your app like EveryDollar quickly and easily.

 

4. Accounts For Post-Launch Expenses

A well-planned budget includes funds for ongoing expenses after your project is launched. This includes marketing, customer support, updates, and potential maintenance costs. By considering these future needs, you can ensure your project’s long-term sustainability.

 

 

How To Monetize Your Money Management App?

We know a lot about the market and what people want right now. But what about ways to make money with money apps? Let’s do some business.

 

 

● Ads

Not one of the easiest ways to make money for sure. That being said, a finance app development solution or some of its basic features free might be the best way to make sure that everyone can use them. The good budget planner app owners can start selling the ads inside their best personal money management app through a number of different sites.

 

● Premium Fee

If you want to make money, the easiest way is to charge people to use your best personal money management app or its extra functions. You have full control over the budget because you can set your own prices and change them as your costs change.

It is important to find the best ways to show people that the app is worth the money. In that case, brand marketing should be a big part of your advertising plan.

 

● Data Monetization

As your app gets more famous, it gets more users and more information about how people use it. This data can be made anonymous, checked, and then sold as “big data.”

Other groups can use it to make finance management apps and services or make them better. Remember that this is something you have to tell people in your Terms of Service, and the data has to be made anonymous.

 

● In-app Purchases

With a paid approach, you can buy things inside the expense management app development solution. This means that people can buy things through an app instead of going to a different website. It might be possible to buy other banking services with budgeting tools.

It’s important to remember that app stores like Google Play and Apple’s App Store take a cut of every in-app sale. This kind of model works well for many types of apps, like educational apps, simple utility apps, and banking apps.

 

Why Post-Launch Support Is Vital For Fi Money-like App’s Success?

If you want Fi Money-like apps to be successful in the long run, you need to make sure they have help after the launch. This ongoing effort makes sure that the finance management apps stays useful, safe, and easy to use in the digital world. So, let’s have a look at the post-launch support importance.

 

● User Retention and Satisfaction

After the launch, help is very important for keeping people and making sure they are happy. A good user experience and trust can be improved by quickly answering questions or fixing problems.

 

● Feature Improvements and Updates

Customer comments gathered through post-launch support can be very helpful for finding ways to make things better and coming up with new features. So, you should hire mobile app developers who can help you with the finance management apps maintenance. It helps you stay current and stand out in the market.

 

● Addressing Technical Issues

Bugs and glitches can arise even after a thorough testing phase. Effective post-launch support ensures that these issues are promptly addressed, preventing user frustration and potential churn.

 

● Building Trust and Reputation

A good help system after the money management programs’s release shows that the company cares about its users and builds trust. A good image can bring in new users and help your business succeed generally.

 

Ready For the Money Management App Development Solution!

With good reason, demand for money management applications is very strong. They help people make smart budgets and offer a one-stop answer for managing money. Because these apps use smart algorithms, users get tips and messages about bills that need to be paid and unexpected costs.

So, if you want to develop an app like Fi Money, it would be best to work with a mobile app development company. Dev Technosys can help you make your unique money idea come true. Together with you, our team will make an app with advanced money management apps  and an easy-to-use interface.

 

Frequently Asked Questions

 

1. How to Build a Money Management App like Fi Money?

To create an app like Fi Money, you need to follow the below steps:

• Conduct a market research
• Know competitors apps
• Create a feature list
• Design UI/UX
• Develop the app’s backend
• Test and launch

2. How Do Personal Finance Apps Make Money?

The personal finance apps make money from various sources. Let’s have a look at the main source:

• In-app advertisement
• Premium model
• Subscription model
• Freemium model

3. How Long Does It Take To Build An App Like Fi Money?

The time to develop a money management app like Fi Money can be between 2-8 months. It can be affected by different factors like money management programs complexity, features and so on.

4. What Are the Benefits of Money Management App Development?

The benefits to develop an app like Fi Money are mentioned below:

• Enhanced financial control.
• Improved budgeting and saving habits.
• Real-time tracking of expenses.
• Personalized financial insights.
• Increased financial literacy.

5. What Are the Best Personal Finance Apps?

Here are the top finance management apps that are popular in the market:

• Mint
• YNAB
• Goodbudget
• EveryDollar
• Cash App

6. How Much Does It Cost To Maintain an App?

The cost to maintain a mobile app will be around 15-20% of your total mobile app development cost. It can generally be between $1000-$5000 annually.