How Much Does It Cost To Build The Best Personal Finance App?

By Maryna Cherednychenko

PSD2 and open banking have given the green light to fintech. While earlier, non-banking firms had to go through time-consuming procedures to get to users’ data, now this scheme is greatly simplified. With the consent of the user, the bank provides financial records for public use through API. Due to this, fintech apps are mushrooming the shelves of app stores offering options to fit every taste. If you want to join their ranks, you are in the right place. In this post, we will consider how to make a personal finance app and define the cost of development.

What Is Personal Finance App?

The Liftoff report says that more and more people install and deploy financial apps on their smartphones. As of 2019, users’ activity increased by 354% compared to 2014. Such popularity is not without reason. It is explained by the benefits that the app brings to users. Here are just some pros the customers get:

An efficient way to organize finances. You can see how much money you spend on certain purchases, analyze income and expenses, and make smart decisions. Besides, you can evaluate your financial behavior and, if necessary, make adjustments.

Sense of security. With the personal app, you can be more confident in the future. The service helps distribute money between the “must-buys” and purchases for the soul. Also, you can put some money aside.

Smarter decisions. The best money management app prevents you from impulse buys. Thanks to the planning and distribution of funds, you reduce the risk of spending money in the wrong place. Thus, you can save for a thing you really need.

Benefits of personal finance app

Core Features Of The Best Personal Finance App

Registration And Onboarding

Usually, finance apps require a lot of data to verify. Except for the name, password, email, it is necessary to enter the bank details. At Softensy, we split the registration form into several steps. At each step, we ask no more than three questions. To enhance security, we use biometric authentication. The overall time for implementing registration and onboarding features depends on the app complexity and selected technologies.

Estimated time — 300–400 hours.

Managing Wallets

Estimated time — 150–200 hours.

Tracking Spendings

In most cases, people look for the best expense tracking app because they want to reduce their costs. The app helps choose particular commodity groups and set money limits for them. If the user exceeds the limit, the app sends a notification. Thus, the user can control costs and a budget.

Estimated time — 500–700 hours.

Defining Tax Expenses

The time for implementation depends on the tax laws of a particular country. Here, we give an approximate estimation for one country.

Estimated time — 250–300 hours.

Smart Prediction

Estimated time — 300–400 hours.

Savings Purposes

It provides a handy visualization of spendings with charts and diagrams. Based on the data, the user can make adjustments in their financial behavior and set goals. He or she may choose to put money towards a future trip, important event, or a big purchase, such as a car or house.

Estimated time — 200–300 hours.


Estimated time — 1200–1500 hours.

Credit Utilization

Estimated time — 350–400 hours.

Core features of personal finance app

Cost Of Personal Finance App Development

  • Project manager
  • Business analyst
  • UI/UX designer
  • Software architect
  • Frontend developer
  • Backend developer
  • QA engineer
  • DevOps engineer

Their average salary is $35 per hour in Ukraine. With this in mind, the total sum will be: total hours * number of team members * average hour salary.

You can find a rough estimate of a personal finance app in the table below, including development and non-development works.

Finance app cost

Best Money-Saving Apps. Examples Of Monetization Models


  • credit control and cost planning
  • ability to work in an offline mode
  • geotags on the places of purchases

Monetization model. Mint is a free program. It raises money through in-app advertising.


  • monitoring costs tied to particular events
  • hints and tips based on user preferences
  • reminders of upcoming payments

Monetization model. Wally is a free app that offers some features for an extra cost. The paid options include a currency converter and advanced filtering.


  • one-time and periodical investments
  • “found money” — an analog of cashback option
  • ability to use change for micro-investments

Monetization model. Acorns can be used for free until the user starts investing. For the investment opportunity, the app charges $1 per month.


  • detailed transactions reports
  • easy way to set saving goals
  • accounts synchronization

Monetization model. YNAB is a paid app. It charges $50 annually. You can try it for free during the first month of usage.

Finance app monetization models

Bottom Line

This article was originally published at Softensy.

Softensy specializes in fintech development and enterprise-level apps. Our team helps companies automate business processes by developing software solutions.