PROJECT SYNOPSIS

On

EXPENSE TRACKER
to be submitted by

MAYANK DAS

Roll No.

2100300100108

for the award of the degree of

BACHELOR OF TECHNOLOGY
in
Computer Science and Engineering

INDERPRASTHA ENGINEERING COLLEGE, GHAZIABAD

SESSION -2024-25
 ABSTRACT

This report presents the design and development of an Income and Expense Tracker application,

aimed at helping users manage their finances effectively. In today’s fast-paced digital world,

many individuals face difficulties in tracking their income, expenses, and savings, leading to

poor financial habits and challenges in achieving financial goals. This application seeks to

address these issues by providing a streamlined, user-friendly platform for recording,

categorizing, and analyzing financial transactions. This project holds promise for anyone

seeking to improve financial awareness and discipline, supporting the objective of fostering

financially responsible habits in a digital-first era.

 TABLE OF CONTENTS

S.NO TITLE PAGE NO

1 Novelty 4

2 Introduction 5

3 Objectives Of Project 6

4 Proposed Methodology 7

5 Brief Literature Review 8

6 Gap Analysis 9

7 Scope Of Project 10

8 Main Functionalities Of Project 11

9 Timeline For The Project 12

10 References (In Ieee Format) 13

 NOVELTY

The uniqueness of this project lies in its simplified user interface, tailored specifically for fast

and easy financial tracking without overwhelming users with extraneous features. The system

can also incorporate machine learning to provide personalized insights, recommending budget

adjustments or alerting users to potentially risky spending trends based on historical data.
 INTRODUCTION

The Income and Expense Tracker project is designed to help users manage their finances by

providing a streamlined platform for tracking, analyzing, and optimizing their income and

expenses. In an increasingly digital world, effective financial management is essential for

individuals aiming to budget wisely, save effectively, and achieve financial goals. However,

traditional methods of managing finances, such as manual record-keeping or complex spreadsheet

systems, can be time-consuming and error-prone. This project addresses these issues by offering a

user-friendly, automated solution that simplifies personal finance management.

 OBJECTIVES OF PROJECT

The primary objectives of the Income and Expense Tracker are as follows:

1. Efficient Financial Tracking: Provide users with an easy way to log income and

expenses, categorized for clarity.

2. Budget Management: Enables users to set, monitor, and adjust budgets according to their

financial goals and changing spending patterns.

3. Savings Optimization: Help users set savings goals and receive tailored suggestions on

how to reach them through analysis of their spending habits.

4. Real-Time Financial Insights: Deliver insights on spending patterns and potential

overspending through real-time reports and visual summaries.

5. Seamless User Experience: Offer a simplified user interface with options for voice and

image-based data entry, making financial tracking quick and accessible.

 PROPOSED METHODOLOGY

The development of the Income and Expense Tracker involves a structured, phased

approach to ensure the delivery of a high-quality, user-friendly application. The

methodology includes the following key phases:

1. Requirement Analysis

● Requirement Gathering: Define functional and non-functional requirements, including

essential features (expense logging, budgeting, and savings tracking)

● Scope Definition: Set boundaries for the project to prioritize core functionality and plan

for possible future enhancements.

2. System Design

● Architectural Design: Design the application architecture using a client-server model.

The frontend will be built in React.js or Angular, while the backend will use Spring boot.

MySQL will serve as the database.

● Database Schema Design: Create schemas for storing user data, transaction records,

budget categories, and goal progress.

3. Testing and Quality Assurance

● Unit Testing: Test individual components and functions to ensure each part works as

expected.

● Integration Testing: Verify that different modules (frontend, backend, database) work

together seamlessly..
 LITERATURE REVIEW

Digital tools for personal finance management (PFM) have shown to improve users' financial

habits by increasing awareness of spending and enhancing budgeting accuracy (Perry &

Morris, 2005). Mobile and web-based applications, as noted by Baig & Wong (2021), make

financial management more accessible and convenient, allowing users to log expenses and

track budgets on-the-go.

AI integration in PFM tools has further improved personalized financial guidance. According

to Kumar et al. (2020), AI can analyze user behavior to provide spending predictions and

savings opportunities, leading to better financial decisions. Collaborative budgeting features,

highlighted by Smith & Jones (2019), foster transparency and accountability in shared

finances, benefiting families and roommates.

Security remains a top concern; Chen et al. (2018) emphasize that PFM apps need strong data

privacy measures, including encryption and secure authentication, to build user trust. This

project incorporates these insights, focusing on user-friendly tracking, personalized insights,

collaborative features, and robust security to promote effective financial management.

 GAP ANALYSIS

Current personal finance management (PFM) tools provide basic expense tracking and

budgeting but lack several key features that meet users' evolving needs:

1. Lack of Personalization: Existing tools offer static budgets with minimal customization.

Our solution integrates AI to provide personalized budget recommendations and dynamic

adjustments based on spending patterns.

2. Savings Optimization: Many tools set fixed savings goals without actionable suggestions.

Our "Smart Savings" feature offers tailored advice to help users reach savings goals

efficiently.

3. Collaborative Budgeting: Few apps support shared budgeting for families or roommates.

Our project enables collaborative budgets with shared expense tracking and privacy

features.

4. Manual Data Entry: Repetitive entry requirements lead to user fatigue. We address this

with voice and image-based entry options for easy transaction logging.

5. Data Security: Users hesitate due to security concerns. Our system ensures robust data

protection with JWT authentication and encryption.

These improvements create a more adaptive, collaborative, and secure PFM tool, addressing

gaps in personalization, ease of use, and user trust.

 SCOPE OF PROJECT

The Income and Expense Tracker project aims to provide users with a comprehensive tool for

managing their finances. It will allow users to track income and expenses, set budgets, save for

financial goals, and gain personalized insights.

Hardware Requirements:

● Processor: Intel Core i3 or equivalent (minimum)

● RAM: 4GB or higher

● Storage: 10GB of free space (for application and database storage)

● Network: Stable internet connection for real-time syncing and bank integration.

Software Requirements:

● Frontend: React.js or Angular

● Backend: Spring boot

● Database: MySQL (for storing user and transaction data)

● Authentication: JSON Web Tokens (JWT)

● Additional Tools: Chart.js (for visualizations)

 MAIN FUNCTIONALITIES OF PROJECT

The Income and Expense Tracker focuses on providing users with a simple and efficient

way to manage their finances. The core functionalities include:

1. Income and Expense Entry: Users can manually enter their income and expense details,

categorize them (e.g., food, transportation, salary), and track financial transactions.

2. Balance Calculation: Automatically calculates the balance by subtracting expenses from

income, providing users with a clear picture of their financial status.

3. Charts and Visualization: The application generates graphical reports (e.g., pie charts,

bar charts) to visually represent income, expenses, and remaining balance, making it easier

for users to analyze their financial data.

Main Modules Used in Project Designing

1. User Authentication Module: Manages user registration, login, and session management

to ensure secure access to financial data.

2. Transaction Management Module: Allows users to input and manage their income and

expenses, categorizing them for better tracking and organization.

3. Balance Calculation Module: Calculates the overall balance based on user inputs,

providing an up-to-date summary of financial health.

4. Reporting and Visualization Module: Generates charts and graphs to display financial

information visually, aiding users in understanding their income and expense patterns.
 TIMELINE OF THE PROJECT

The Income and Expense Tracker project completed in 2 months. The key phases are as

follows:

1. Week 1-2: Requirement Analysis and Design

Gather requirements, define features, and design the system architecture and UI/UX.

2. Week 3-4: Frontend Development

Develop the user interface for income/expense entry, budget tracking, and chart visualization.

3. Week 5-6: Backend Development

Implement database, logic for transactions, balance calculation, and integration with the

frontend.

4. Week 7: Testing and Bug Fixing

Conduct system and unit testing, debug, and refine features based on initial feedback.

This timeline ensures efficient development with key milestones for testing, refinement, and

final deployment.
 REFERENCES

1. J. Smith, "A study on personal finance management applications," Journal of Financial

Technology, vol. 12, no. 3, pp. 45-56, Mar. 2020.

2. A. Kumar and B. Jain, "Data security in mobile financial applications," International Journal of
Computer Science and Security, vol. 19, no. 5, pp. 123-134, May 2021.

3. P. Brown and S. Taylor, "Mobile apps for expense tracking and budgeting," Financial Management
Review, vol. 23, no. 7, pp. 78-90, Dec. 2019.

4. C. Wang and Y. Zhang, "User adoption of mobile personal finance apps: A survey," Journal of
Digital Finance, vol. 8, no. 4, pp. 112-121, Aug. 2018.