Home - Project-MRP/finance-tracker GitHub Wiki

Welcome to the expense-manager-app wiki!

PROBLEM STATEMENT: Help people around to study their spends.
SOLUTION: A mobile/web app that can record and provide insights into their spends.

Audience:
Age group: Any person spending 18-40. Problems faced currently:

  • Time to record a single trx is more (UX is bad)
  • It is complex
  • It does not reward and people often tend to forget!

Description:

An app which can provide users a smooth user interface and user experience, so that one can analyse their spends and become more financially disciplined.

Functionality:

Dashboard (gist of the week)

  • Manage cash flows (CRUD of expenses & incomes & a/c transfer)
  • Calendar view (bird’s view of per day trxs)
  • Graph based analysis
  • Check weekly, monthly, and annual statistics.
  • Stats breakdown - period, category
  • Trends chart
  • AI Prediction
  • Calculator functions (while adding trx)
  • Tags (Set up sub-categories and main categories as necessary)
  • Cash/Card (Manage all your accounts at once)
  • Feature:
  • Budgeting Tools: Set monthly or weekly budgets and track progress.
  • Use multiple currencies.
  • SMS based tracking which tracks financial SMS & alerts user to log it.
  • Import/Export data
  • Multi Indian Language
  • Copy transactions
  • Recurring transactions
  • investments
  • subscriptions

Revenue model:

Ads * (only on selected screens, keeping UX top notch)

  • Premium features (import/export data, reporting,)

How to make people come back again to the app?

Incentives (monetary)

  • A part of the revenue generated through ads or premium fees is donated for a cause
* Also show the over donated amount to the user
* And details about the receiver and impact of user’s contribution
  • A weekly progress bar for Streak maintainer and once the streak is completed 
* It will show a sign of achievement for the user and show unique facts about MONEY
* Streak bar resets on the first day of the week.
  • Free 1-3 month extension on referral to friends and family

If monetary reward...
NOW THE PROBLEM => FAKE TRX RECORDING/LOGGING.
SOLUTION => ADD PER DAY LIMITS FOR THE REWARDS.

  • Wallet Coins - coupon, cash to redeem
  • Credit - 100 coins
  • For every premium feature
  • It depends usage
  • Free trial - 1 month

What’s in what?

  1. Splash/Illustration page
  2. Sign in/ Sign up page [USER]
  • Email (Email + password)
  • Phone (OTP Based)
  • Google Auth (no password)
  • Facebook Auth
  • Apple Auth
  • Twitter Auth
  1. Dashboard page (OFTEN VISITED) [USER, TRANSACTION]
  • Profile button (it includes profile settings, app settings)
  • Title
  • Tiles/Cards
  • Recent trends chart
  1. Add transaction page (OFTEN VISITED) [TRANSACTION, CATEGORY, ACCOUNT]
  • CRUD for a transaction
  1. All transactions page (OFTEN VISITED) [TRANSACTION, CATEGORY, ACCOUNT]
  • Views
  • List
  • Calendar
  • Search button
  • Period drop down
  • Month, Year
  • Filter based on Category
  1. Stats (OFTEN VISITED) [TRANSACTION, CATEGORY, ACCOUNT]
  • Line Chart: Income VS Expense filtered using
  • Month
  • Year
  • Period
  • Pie chart: Having two tabs Income, Expense based on Category filtered using
  • Week
  • Monthly
  • Annual
  • Period
  • On selecting individual category => 
* Trends chart based on selected Category and selected period
  1. Account page (OFTEN VISITED) [ACCOUNT]
  • Income, Expense, Balance of each accounts maintained
  • Maintaining accounts (can be added here)
  1. Settings page (NOT OFTEN VISITED) [CATEGORY, ACCOUNT, USER]
  • Category (CRUD)
  • Accounts (CRUD)
  • Default option for: Type of transaction, Category, Account
  • User
  • Delete user
  • CRUD photo, name, email, phone (Can be provided in the Dashboard)
  • Log out user
  • Add security : PIN/face/fingerprint
  • Add a remainder (notifications)

Revenue?

  • Ads
  • Premium feature
  • No ads
  • Investment logger
  • Detailed Reporting
  • AI
  • Automated Expense Categorisation
  • Receipt Scanning and Data Extraction [USP]
  • Natural Language Processing (NLP) for Voice Commands
  • Expense Split and Reconciliation
  • Importing data from other apps, bank statements, CC statements [USP]

THEME:

LEAF* - Nature: Peace, Growth, Coolness, Eco-friendly, SDGs

  • COLOURFUL - Colour Indicator: for Income, Expense
  • Mix - Leaf + Colour Indicator

DESIGN

illu* strators

  • icons
  • category or tag icons
  • typography
  • buttons
  • screens
  • app logo

============

FEATURES

Freemium Features (Free Version)

  1. Basic Expense Tracking: Users can add and categorize expenses (e.g., food, transport, utilities).
  2. Budgeting Tools: Set monthly or weekly budgets and track progress.
  3. Reports and Insights: Simple charts and graphs showing spending patterns.
  4. Multiple Accounts: Ability to track expenses across different accounts (e.g., cash, credit card).
  5. Basic Income Tracking: Users can log income sources and view income versus expenses.
  6. Recurring Expenses: Set up recurring expenses like rent or subscriptions.
  7. Expense Reminders: Notifications for upcoming bills or recurring payments.
  8. Basic Search and Filter: Search through expenses by keyword or category.
  9. Cloud Sync: Sync data across multiple devices.
  10. Export Data: Ability to export data to CSV or Excel format.

Premium Features (Paid Version)

  1. Advanced Analytics: Detailed spending analytics, including custom reports, advanced filters, and projections.
  2. Custom Categories: Ability to create unlimited custom categories and sub-categories.
  3. Currency Conversion: Track expenses in multiple currencies with real-time exchange rates.
  4. Financial Goals: Set and track savings or spending goals, with personalized insights and progress tracking.
  5. Receipt Scanning: Use OCR to scan and automatically categorize receipts.
  6. Shared Accounts: Share expense tracking with family members or roommates, with permissions and roles.
  7. Advanced Budgeting: Create detailed budgets for specific categories or time periods, with rollover options.
  8. Investment Tracking: Track investments, including stocks, mutual funds, or cryptocurrency, with performance analysis.
  9. Premium Support: Access to priority customer support and a dedicated help desk.
  10. No Ads: Ad-free experience for premium users.
  11. Data Backup & Restore: Advanced backup options, including version history and restore points.
  12. Custom Dashboards: Personalized dashboard setup with widgets and custom views.

Optional Add-Ons for Premium Users

  1. Integrations: Integration with third-party apps like accounting software, tax prep tools, or CRM systems.
  2. Tax Calculation: Automated tax calculations based on entered expenses and income.
  3. Access to Financial Advisors: Connect with financial advisors for personalized advice.
  4. Personalized Insights: AI-driven insights and tips based on spending habits.
  5. Multi-Device Support: Access the app across a wider range of devices, like smartwatches or voice assistants.

These features cater to a wide range of user needs, from basic expense tracking to advanced financial management, providing clear incentives for users to upgrade to the premium version.