How to Develop a Personal Budgeting Application That Can Save Money

How to Develop a Personal Budgeting Application That Can Save Money
Jan 22

Fintech is thriving around the world, with startups and the big banks that can transform financial services, and make everyone a lot of money.


According to research by Let's Talk Payments more than $5.5 billion of investments were made in the fintech industry between July 2015 and January 2016 alone.


In 2017 there are 1.191 million banking interactions made on mobile, compared to 278 million branch visits, according to some research. This is predicted to rise to 3.464 million in 2021, while branch visits will fall to 185 million.


The whole banking industry is resistant to change, due to regulatory and other issues. But customer requirements are changing. Customers want more personalized, easily accessible services and better products. Banks are not always able to cope with this task. What makes it even more rough for banks now is that consumers are not ready to give them second chance.


Customers want easier ways to save, and also tools to help them save in this digital era. So banking is more of a transactional business – banks focus on doing more transactions in a set time period and increasing the volume of transactions. While startups and fintech enterprises suggest better solutions for saving money.


As of now there are still just a few applications in the banking sector that help consumers try to save money and make the investment process easier. Secure savings have become more frequently used. A lot of FinTech startups are entering this industry to help their customers save money. US-based startups helped their customers save 500 million over the past three years.


Here is a list of the TOP applications that can save money



You Need A Budget is a personal finance software with various budgeting features that saves money. The software runs either on Windows or Mac computers and has a mobile version. The mobile application synchronizes transactions entered on your smartphone or tablet with the desktop software using Cloud Sync.


It costs $5 per month or $50 per year.


You Need A Budget states that you should have savings set aside in case unexpected expenses come up, and the software helps you build this financial cushion if you don't have it. YNAB also helps you move toward reducing bill payments and being free of all debt.


Here you can see amount of money that was not spent or was rolled forward from the previous month, the total overspent, incomes and the total budget. You will need to enter or download transactions every few days.



Mint is a free online personal finance application that offers a good mix of fund management tools and is very easy to use. Using financial reports and finding information in Mint is easy. The absence of account accomodation features or running account balances makes Mint unsuitable for some, but excellent personal finance tools make it ideal for many people. is easy to navigate, with top tabs for sections of the app: Overview, Transactions, Budgets, Goals, Trends (reports), Investments and Ways to Save.


If you have long-term financial goals, like paying off your debt, buying a house, or saving for retirement, Mint can offer tools to help. You set up an emergency fund that will automatically calculate how much you need to save to cover a few months of spending. It also creates a month-by-month plan to pay off your credit card debt. Mint’s goal tools are clear and help you choose from several budget plans for your financial future.


Credit Karma

Credit Karma is a free online service that offers a monthly credit score. The company has been providing its services since 2007. It also provides free credit monitoring, federal and state income tax preparation, and credit card and loan recommendations.


The main feature of the service - is how Credit Karma funds the operation. The service pairs your credit rates with credit cards that typically accept applicants with a similar score. If you apply through Credit Karma, they receive a small commission. This app shows to insurance companies your credit rate health to offer you a better insurance plan.



The Acorns application assists in commission-free micro investing in a diversified portfolio of index funds offered by the asset managers by purchasing fractional shares, saving and investing small amounts of money frequently. The app can also help identify and gather money you didn’t find, such as rebates and rewards, which can be swept into your investment account.


Acorns upgrades the experience of saving loose change, merging the robo-advisor model with an automated savings tool. The app rounds up your purchases on linked credit or debit cards, then sweeps the change into a computer-managed investment portfolio.


The app won’t help you fund your retirement, but it’s certainly a useful tool to save more. Acorns is free for four years for college students with a valid .edu email address. Others pay $1 a month until their account balance hits $5,000, then 0.25% of their account balance per year.



Digit is a budget tracking app, microsavings platform designed to help save small amounts of money. As with the Acorns app, you won’t get rich off the money you save with it, but it will help you to save for some unplanned expenses.


Digit calculates the amount of money to set aside every day based on your income and spending, and the app automatically saves it for you. Every day Digit tries to move some money from your checking account to your Digit account. Digit never transfers more than you can afford, so you don't have to worry about going overdraft on your account.


Digit charges $2.99 a month to use their service.



EARN is a national nonprofit that sparks financial capability and prosperity for low-income working Americans. The mission is to break the cycle of poverty for low-wage workers by helping them save and invest in their futures. As the nation's leading microsavings provider, EARN provides families with the tools to build wealth and achieve life-changing goals such as saving for emergencies, college, buying a first home, or starting a small business.


So EARN decided to make its own budgeting app. Clients apply online, link their own savings account to one of 18,000 banks, set a personal goal, make deposits, and earn rewards. EARN is currently partnering with over 25 organizations throughout the country to offer the EARN Starter Savings Program to their clients via our standard offering along with unique customized portals providing various incentive structures and program requirements based on partner specifications.


Archer Software helped to develop this new budgeting app. EARN’s Web applications are built using Python and the Pyramid framework, with additional support applications built using Shiny/R. The applications are hosted on Amazon Web Services. The application system is built using a (SOA) Services Oriented Architecture. As a FinTech application developed by Archer Software company, the EARN Starter Savings Program is entirely secure, using HTTPS, encrypted data and following the OSWAP standards. The project used an agile Scrum methodology. All project tools are accessible via the public internet. For planning, requirements and issue tracking, we are using Jira and Confluence OnDemand. Web site production, testing and development servers and systems are hosted on Amazon Web services.


If you need to build a budgeting app, Archer Software can give you a free consultation or be your outsourcing partner to develop the best app for your customers. Just contact us via and we will discuss the best way to budget your app development.

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