How Much Does It Cost to Build Personal Finance App Like- EveryDollar App?

best fintech mobile app development services company in New York USA

December 16, 2022

Reading time about 7 minutes

The global pandemic made people even more observant about their spending. Managing and knowing how much money enters and exits your household on a regular basis to a monthly budget can be critical for people.
Developing a habit of managing finances is very difficult for the Gen Z generation. That’s why the demand for personal finance apps is on the rise.
Today’s generation leverage technology to manage and control their daily routine. The need for personal financial apps helps in dealing with economic instability and monitoring their savings and investment performance.
Here, we will explain how financial mobile application development companies in the USA help you in creating apps like- EveryDollar App and the various processes involved in executing the app building that can lead to overall success.

What is EveryDollar App and How Does It Works?

The EveryDollar app is a personal budgeting app created by Ramsey’s software. The EveryDollar budget is essentially a zero-based budget that helps you visualize your spending.
When going through the EveryDollar budget categories, you can see clear color codes and numbers indicating whether you’re over budget, under budget, or right on track.
You can connect your bank accounts and credit cards to automatically import transactions and the EveryDollar budget interface breaks down your spending habits by percentages and dollar amounts.
You need to categorize each transaction for planned spending, actual spending or the difference remaining between your planned spending and what you spent in your EveryDollar app.

Know More: Why Do Small & Medium Enterprises Need Businesses Banking Software Solutions?

Why You Should Create Personal Finance App in This Growing FinTech Market?

When the whole world outbreak with COVID-19, the uncertainties and other restrictions led to various financial issues for the people.
They were not able to manage their spending as the source of income was negligible or almost limited. Therefore, people started opting for budgeting apps to manage their spending.
Thus, personal finance has become a popular way for them to keep an eye on spending and saving habits.
Today, we are seeing continuous growth in digital banking and an increase in the adoption of Personal Financial Management apps.
There is a rapid increase in the adaptation of people toward FinTech apps to manage their money easier.
Thus, creating a personal financial app with the help of custom financial software development services in the USA focuses on users who struggle with money management as well as those aiming for financial freedom.

Growth and Statics of Personal Finance App

  • According to Forrester, in 2022 banks will achieve double-digit growth and accelerate their digital transformation.
    Thus, there is a vast scope for sustainable finance products, open and personal finance, and fintech companies.
  • The global personal finance market was $795 million in 2016 and is expected to be $1213 million in 2023.
  • According to Statista, the personal finance market is projected to total amount of $15,072 million by 2024 with an annual CAGR of 25%. This will result in bringing the growth of global personal finance management.

Key Features of Personal Financial App

1. Easy Account Integration

Easy account integration helps your users to manage their financial accounts. It helps them to create their profile and accumulate all financial accounts like- credit cards, debit cards, loans, mutual funds, etc.
Thus, creating your personal finance app should be a one-stop solution for managing all your money.

2. Security

Security is one the most important factors for FinTech companies to handle their customer’s data, confidential details, and credentials to keep them secure. Enhanced security adds more customers to your app.
Thus, implement security features like- Biometric security, multi-factor authentication, and real-time alerts to add more security to your app. Thus, it becomes impossible for attackers to access customers’ data and information.

3. Real-Time Spending and Tracking

Allowing your customers to track their expenditures in real time helps them in managing their app.
It helps them in managing their spending and they also put a limit on their spending. This feature will help your users to save time and money.
Therefore, customers can keep track of where they are spending or investing their money directly from your app.

4. User-Friendly UI And UX

User interface and a great design play an important role in deciding the overall success of your personal finance app.
Thus, keep your app interface and design simple and don’t overload it with design, and keep it easy to use and navigate.
The design of your financial planning apps must be extremely user-friendly to deliver better customer satisfaction.

5. Notification and Alerts

Push notifications and alerts help you to engage users. It keeps them notified about great deals for investment or savings to gain more loyal customers.
You can also send them notifications related to their account-related information and management.
Send them a notification when they make more expenditures, in case of a low balance in the account and upcoming bills to be paid.

6. Implement Loyalty Programs

Implementing a customer loyalty program is a great way to attract more users and build a customer base. Loyalty programs motivate your customers by offering them rewards and points.
You can also integrate gamification to engage your customers. Providing them with points and coins helps them to achieve their saving goals better through discounts, coupons, cashback, credits, and more.

Know More: How Custom Software Development is Shaping The Future of Financial Services?

7. 24*7 Customer Support

Customer support can make or break your business. Providing better support for the customers and being available to them 24*7 helps them to solve their problems easily.
Providing customer support in different languages can also enhance your personal finance app business.
You can also integrate AI chatbots to provide instant support to customers.

8. Monetization Strategies for Personal Finance Apps

Have you ever realized how you will generate revenue through your personal finance app? There are numerous ways to generate revenue from FinTech apps.

  1. Premium Subscription Fee

The most straightforward monetization strategy to generate revenue. In this model, you provide full access to your app’s premium features to the users.
You can set your own prices, or you can increase or decrease prices based on the response of the users.

  1. In-app purchases

In-app purchases allow users to purchase things through your finance app without the need to visit another website.
Thus, you can generate revenue through the commission by taking a percentage of each sales in-app sale.

  1. Advertisement

Advertising is the best way to generate revenue from your FinTech app. You can place advertising on your app and collect revenue when a customer clicks on the advertisement.
However, you can also collect subscriptions to provide an ad-free interface to the customers.

  1. Partnerships

You can partner with companies and businesses to sell their products and services. Recommend your customers their products and services in your app and earn a commission fee on every sale.
Your app allows users to create shopping lists and provide a link to a grocery shopping app where they can purchase the products.

How Much Does It Cost to Build Personal Finance App?

Creating a personal finance app for businesses and enterprises takes a lot of research and understanding of your market condition and target audience.
FinTech mobile app development services company in the USA helps you in building the best iOS or Android app for your business.
It is impossible to determine the cost of building a personal finance app for your business. However, you can determine the estimated cost of building your business finance app through project cost estimation to generate an average cost of your app.
Integrating features and various add-ons determine the cost of building your app.

How Clavax Can Help You in Building Personal Finance App?

The FinTech market is growing continuously, and people are loving apps like- EveryDollar to manage their budgets and track their spending.
Creating a personal finance app can deliver you huge market success and growth. If you have an idea and want to conquer the market with it, then you can reach out to a mobile financial application development company in the USA like- Clavax to put your ideas into the light.
We put our decade of experience and expertise through compliance, design, and programming to make your app a huge success.