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personal finance

What Is A Personal Finance Management App?

Many are familiar with the situation when only a week has passed after the salary has been credited, and there is practically no money left. It seems that there were no serious expenses, only the necessary and inexpensive was purchased, but the wallet is empty, you have to save and borrow from friends. Most often this happens due to the lack of a systematic approach to the distribution of earned funds. To avoid such problems, try installing a personal finance application.

What modern applications for managing personal finances should be able to do

Everyone has heard that money loves an account, but few people understand what is behind these words. When expenses are carried out spontaneously, without planning and subsequent analysis, it is very difficult to control the movement of funds. Home bookkeeping helps to organize a reasonable distribution of income in the necessary areas of spending. Using convenient modern applications for managing personal finances, you can find places where money is “leaking”. Quickly answer the simple question “How much do you spend on food each month?” units can.

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Most people do not categorize their expenses and therefore do not know where they can save significantly. Personal finance applications created with the help of personal finance app development give you an opportunity to see where your family budget is going. Each dollar is accounted for in a certain group of goods or services, and convenient graphs and diagrams allow you to assess the feasibility of the spent spending and draw conclusions. Experienced housewives previously kept detailed records, collected receipts, and counted spending on food, household goods, and clothing.

In the past, when utility bills and store prices remained unchanged for decades, budget planning was easier. The amount of monthly spending was known in advance, so each family always had a savings book, on which money was saved for large purchases:

  • Furniture
  • a car
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· a summer cottage

Today, the situation in the economy is not stable, which means that the issue of competent distribution of earnings is more relevant than ever. Many have to immediately deduct mortgage payments or the cost of renting housing from the income received, pay for the communal apartment and kindergarten, and live on the remaining funds until the next salary. Financial app development for managing personal finances will help you calculate spending, find reserves for savings. Having installed a personal “assistant” for managing expenses on their smartphones, people start spending money wisely.

Set of Functions

As a rule, the set of functions of such applications is approximately the same and includes:

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1.  calculation of income and expenses;

2.  keeping statistics – a visual representation of the funds received and spent in the form of graphs and diagrams;

3.  distribution of income and expenses by category;

4.  planning the receipt and spending of money;

5.  creation of databases;

6.  calculation of interest on loans and loan accounting;

7.  the ability to import information from other applications;

8.  protection of personal data and synchronization with various platforms;

9.  reminders and other pleasant things.

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