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March 29, 2023

How to Build a Personal Finance App: Essential Features and Development Steps

Do you think about building a personal finance app? This guide covers the most important aspects of the development process. Check it out!

Mitya Smusin

Chief Executive Officer

In today's digital age, the use of personal finance apps is rapidly increasing as more people seek effective ways to manage their finances. If you are a developer or entrepreneur looking to build a personal finance app, it is essential to understand the key features and development steps necessary to create a successful and user-friendly app. In this article, we will explore the essential features that a personal finance app should have, such as budgeting tools, expense tracking, and investment management. We will also discuss the development steps, including market research, prototyping, testing, and launching the app. By the end of this article, you will have a clear understanding of how to build a personal finance app that meets the needs of users while also standing out in a competitive market.

What is a personal finance app?

A personal finance application is a software application that helps individuals manage their finances. These applications can be used to track expenses, create budgets, monitor investments, and more. Personal finance apps are designed to simplify the process of managing money and provide users with an overview of their financial situation.

One of the key features of personal finance applications is the ability to link bank accounts and credit cards. This allows the app to automatically categorize transactions and provide users with a clear picture of where their money is going. Users can also manually input transactions that may not be automatically captured by the app.

In addition to tracking expenses, personal finance applications can also be used to create budgets. Users can set spending limits for different categories, such as groceries, entertainment, and transportation. The app will then track spending in each category and provide users with alerts if they are close to exceeding their budget.

Source: Mint

These applications can also provide users with insights into their spending habits. Many apps will provide reports on spending patterns, such as how much money is spent on dining out or transportation. This information can help users identify areas where they can cut back on spending and save money.

Another feature is the ability to monitor investments. Users can link their investment accounts to the app and track the performance of their portfolio. Some apps will also provide recommendations for new investments based on the user's risk tolerance and investment goals.

Overall, these fintech products  provide a convenient and accessible way for individuals to manage their finances. With the ability to track expenses, create budgets, and monitor investments, these products can help users make informed financial decisions and achieve their financial goals.

Types of personal finance apps

Each type serves a specific purpose and offers unique features to help users manage their finances. Some of the most popular types of personal finance apps include budgeting, expense tracking, investment, credit score, loan and debt management, tax preparation, and savings apps.


These are designed to help users create and manage budgets. These apps allow users to set spending limits for different categories and track their expenses to ensure they stay within their budget.

Finance App: Budgeting

Expense tracking

These allow users to monitor their spending and categorize their transactions. Users can set alerts to notify them when they approach or exceed their budget for a specific category.

Expense tracking 


These are created to help users manage their investment portfolios. These apps provide real-time updates on market trends and offer tools to help users make informed investment decisions.


Credit score

These help users to monitor their credit score and receive alerts when there are changes to their credit report. These applications also provide tips to help users improve their credit score.

Credit score

Loan and debt management

These help users manage their loans and debt, allow users to track their payments and monitor their interest rates to ensure they are making progress toward paying off their debt.

Loan and debt management

Tax preparation

These help users prepare and file their taxes, as well as offer step-by-step guidance to ensure users file their taxes correctly and maximize their tax deductions.

Tax preparation


Saving apps help users save money by setting up automatic transfers to a savings account. These apps can also provide insights into users' spending habits and offer suggestions for areas where they can cut back on expenses.

Each type of personal finance app offers unique features and benefits. When building a personal finance app, it's important to consider which type will best serve your target audience and provide the most value to users.


Creating a personal finance app: 7 steps

Creating a personal finance app can be a complex process, but by following a few key steps, you can ensure that your app is successful and meets the needs of your target audience. Here are 7 steps to consider when building a personal finance app:

Step 1. Define the purpose and goals of the app

The first step in building a personal finance app is to define the purpose and goals of the app. Consider what specific problem your app will solve for users, and what goals you want users to achieve by using your app.

Step 2. Choose the features

When it comes to building a personal finance app, choosing the right features is a critical step in the development process. The features that you choose will determine the overall functionality and usefulness of your app, and will ultimately impact its success in the market. Therefore, it is essential to carefully consider the purpose and goals of your app before creating a list of features that it will include.

Step 3. Design the user interface

The user interface (UI) is the visual design of your app, including buttons, menus, and graphics. It's important to create a UI that is user-friendly and intuitive, allowing users to navigate through the app easily.

Finance App Illustration

Step 4. Develop the MVP

Once you have a clear understanding of your personal finance app's purpose, goals, features, and user interface, it's time to start developing the app. This is a crucial step in the development process, and it's essential to work with an experienced team of developers who can bring your app to life. They’ll write the code for your app, including all of its features and functionality. This can be a time-consuming process, and it's important to work with developers who have experience in developing personal finance apps and are familiar with the latest coding languages and technologies.

Step 5. Test and debug the app

Testing is a critical step in the development process as it ensures that the app is stable, functional, and ready for launch. Before launching your application, it's important to test it thoroughly to identify any bugs or issues that need to be fixed before the app goes live.

The testing process can be divided into two parts: manual testing and automated testing. Manual testing involves having a group of testers use the app and provide feedback on its functionality, ease of use, and overall experience. This testing is crucial as it provides valuable insights into how users interact with the app and helps identify any usability issues that need to be addressed.

Automated testing, on the other hand, involves using software tools to test the program's functionality and performance automatically. This type of testing is faster and more efficient than manual testing, and it can help you identify bugs and issues that might have been missed during manual testing.

Step 6. Launch the solution

When the product is ready, it's time to launch and promote it to your target audience. Consider using social media, content marketing, and other advertising methods to attract customers to your application.

Illustration Launch the solution

Step 7. Maintain and update it

This may include fixing bugs, adding new features, and improving the overall user experience. Building a personal finance application takes time, effort, and a lot of planning. By following these 7 steps, you can create an app that meets the needs of your target audience and helps them manage their finances more effectively.

Features to include in your personal finance app

In this section, we’re going to describe some more essential features to include in your finance management solution. 

Essential features 

When building a personal finance application, there are several essential features that you should include to make your app stand out and provide value to your users. Here are some of the most important features to consider:

  • Budgeting tools: These help users to create and manage budgets, set savings goals, and track their expenses. The product should provide users with an easy way to input their income and expenses, and automatically calculate how much money they have left to spend.

Budgeting tools
  • Expense tracking: This feature allows users to easily track their expenses, categorize them, and see where their money is going. Users should be able to add transactions manually or automatically, and view their spending history over time.

Expense tracking
  • Bill reminders: Bill reminders are a helpful feature that can help users stay on top of their financial obligations. Users should be able to set up reminders for upcoming bills, such as rent or utilities, and receive alerts when payments are due.

Bill reminders
  • Transaction categorization: Transaction categorization is a feature that automatically assigns categories to user transactions, making it easier to track and analyze expenses. Users should be able to customize categories and subcategories to fit their personal financial situation.

  • Security: The solution should have robust security measures in place to protect users' personal and financial data. This may include encryption, two-factor authentication, and other security measures to ensure the platform is secure.


By including these essential features in your personal finance app, you can provide value to your users and help them manage their finances more effectively. Remember to prioritize user experience and security, and constantly iterate and improve your app to meet the changing needs of your users.

Additional features

In addition to the essential features of a personal finance app, there are several additional features that can provide even more value to users. Here are some additional features to consider:

  • Investment tools: Investment tools allow users to manage their investments and monitor their portfolio performance. Users should be able to view real-time market data, research different investment options, and receive alerts when there are changes in the market.

  • Credit score tracking: Credit score tracking is an important feature that allows users to monitor their credit score and receive alerts when there are changes. Users should be able to view their credit score history over time and receive tips on how to improve their credit score.

  • Loan and debt management: Loan and debt management tools can help users keep track of their loans and debts, set up payment reminders, and create a debt repayment plan. This feature can help users manage their debt more effectively and save money on interest charges.

  • Saving goals: Saving goals can help users set and track their savings goals, whether it's for a down payment on a house, a vacation, or an emergency fund. Users should be able to see their progress towards their savings goals and receive tips on how to save more effectively.

Saving goals
  • Tax preparation: Tax preparation tools can help users prepare for tax season by providing tax forms and calculators, and offering tips on how to maximize tax deductions. This feature can help users save time and money when it comes to filing their taxes.

  • Retirement planning: Retirement planning tools can help users plan for their financial future by providing retirement calculators and investment options. Users should be able to estimate how much they need to save for retirement and receive tips on how to reach their retirement goals.

By including these additional features in your personal finance app, you can provide even greater value to users and help them achieve their financial goals more effectively. In today’s market it’s important to prioritize user experience and security, and to constantly improve your app to always meet the changing needs of your users.

How Yellow can help you

Yellow is a comprehensive mobile app development company that can help you build a personal finance solution that meets your specific needs and requirements. Here are some ways that Yellow can help you:

  1. Custom development: We can provide custom app development services that are tailored to your specific business needs. This means that your app will be unique and stand out from other apps in the market.

  2. Expertise: We have a team of experienced engineers with expertise in developing personal finance applications. They can help you choose the right features and design elements for your app and ensure that it is user-friendly and secure.

  3. Quality assurance: Our company has a dedicated quality assurance team that can test your product and ensure that it is functioning as expected. This includes testing for bugs, errors, and security vulnerabilities.

  4. Project management: Yellow Systems has a project management team that can help you manage your product development project from start to finish. They can provide regular updates on the project status and ensure that the project is completed on time and within budget.

  5. Support and maintenance: Our team provides ongoing support, integration and maintenance services for your app after it is launched. This includes fixing any issues that arise and ensuring that it is updated to meet changing user needs and requirements.

Overall, Yellow can provide the technical expertise and support needed to build a successful personal finance solution. Contact us today to learn more about how Yellow can help you bring your app idea to life.


Building a personal finance app can be a great way to help users manage their finances more effectively and achieve their financial goals. However, developing a successful product requires careful planning, design, and execution.

In this article, we discussed the seven essential steps for building a personal finance application, including defining the purpose and goals, choosing the right features, designing the user interface, developing the product, testing and debugging, launching the solution, as well as maintaining and updating the application.

By following these steps and incorporating the right features, you can create a personal finance application that provides real value to users and helps them achieve their financial goals. With the right organization, execution, and support, your product can make a positive impact on people's lives and help them manage their finances more effectively.

Finally, we must mention that if you have an idea for your future solution, make sure to drop us a line.

📱 What are the benefits of using a personal finance app?

A personal finance app enables better control and organization of finances, making it easier to track income, expenses, and savings. The app also provides insights into spending patterns and habits, making it easier to budget and plan financially. Additionally, users can benefit from reminders for bill payments and upcoming expenses, as well as access to financial advice and resources. Moreover, using a personal finance app can enhance financial literacy and awareness, ultimately leading to better financial decision-making.

📱 Are personal finance apps safe to use?

Personal finance apps can be safe to use, but it's essential to choose a reputable app and take necessary precautions to protect your personal and financial information. Look for apps that use encryption and other security measures to protect data, and avoid apps that require unnecessary permissions or ask for sensitive information that is not related to the app's purpose. It's also a good idea to use strong, unique passwords and enable two-factor authentication whenever possible.

📱 What should I look for when choosing a personal finance application?

Firstly, the features offered by the app should align with your financial management needs. Secondly, it is essential to select an app with a user-friendly interface that is easy to navigate and comprehend, as well as to ensure that the app uses encryption and other security measures to protect your personal data. Then, checking reviews and ratings is important to ensure the app has a good reputation and is trustworthy, and verify that the app is compatible with your device and operating system. Lastly, consider the costs associated with the app, such as any fees or subscription costs, and evaluate whether it provides value for the money.

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