Many apps have emerged in recent years that make it easier for people track their expenses, cashflow, and budget goals directly from their mobile devices. Aspiring app developers would be wise to take note of the key features of these increasingly popular apps.
In today’s mobile-centric world, a variety of apps have emerged to help people to set budgets and track expenses directly from their phones. Those looking to make an app of their own to help users control their finances have plenty to learn from the success of their predecessors. For app developers interested in creating a budgeting app, here are a few critical functions/features to keep in mind:
Top finance apps like Mint, PocketGuard, and Mvelopes connect directly to your bank and credit card accounts, allowing users to keep track of transactions and balances and pay bills directly from their phones. The most effective budget apps amalgamate income, expenses, balances, bills, deposits, and budget info all into one clean, easy-to-navigate interface — Mint even displays your credit score.
Synchronization with banks and credit cards allows the apps to adapt to budgeting goals in real-time. Other apps like GoodBudget and HomeBudget can be synced between family members’ devices so that mom and dad can better keep track of their collective budget and how the kids are spending their allowance. Many apps are also compatible across iOS and Android devices and on Mac and Windows, enabling users to keep an eye on their budget from anywhere and sync their accounts between these different devices.
Given that such sensitive information is being exchanged between these budget apps and financial institutions, security is another priority for any aspiring developer of a budget app. Apps like PocketGuard feature an encrypted, read-only connection with banks. Mvelopes requires multiple e-mail communications in order to securely set up connections between the app and your outside accounts.
PocketGuard, HomeBudget and Spendee allow you to easily categorize your purchases and expenses according to type. HomeBudget and the popular Mint provide charts and infographics that give users a thorough breakdown of their spending by category. Other apps like Wally make it possible for people to set savings goals and keep track of their progress towards these goals. Synced with your bank and credit card accounts, Level Money lets you know how much money you can spend each day, week, and month. Spendbook similarly makes it possible for people to input and categorize purchases, and provides daily and monthly spending summaries along with charts and infographics.
Analytics are a key component of any effective budget app, enabling the users to get a more holistic picture of their financial state via charts and tracking. The best apps do more than just track expenses. Apps like Mint, HomeBudget, and Spendee analyze patterns in spending, making to easier for people to become better budgeters by seeing where all their money is really going.
Rather than stockpiling all those old receipts, apps like Spendee and Expensify allow you to quickly and easily enter expenses by taking a photo of a bill or receipt using your phone. Expensify’s Smartscan feature can read photos and automatically enter and record expense info based on the image.
It’s easy to lose track of your budget, spending, and saving goals in the hustle and bustle of workaday life. This is another area where budget apps can help keep you on track and on budget. The best apps let you determine your budget and then, like Mint, alert you when you start to exceed it. Wally keeps you posted when a bill is due or when you’ve achieved a savings goal.
Monetizing Your Budget App
While some popular budget apps do require users to pay or have “freemium” versions, many like Mint, GoodBudget, Expensify, Mvelopes, Spendee, and Wally are free for people to download, which is another added incentive when selecting an app for managing your finances.
Ultimately, the best budget apps available today offer synchronization, security, connectivity with bank and credit card accounts, and a simple interface that displays all of your pertinent financial details in one location. It’s critical to consider the above features when developing a budget app of your own. Take a look at AppMakr’s DIY platform to learn more about how you can get started creating an app that will help users achieve their finance goals.
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