Chapter 1.

0: Project Proposal

1.1 Background of the Study

In the contemporary world, financial management has become an essential component of individuals' lives.
With increasing expenses and growing financial obligations, managing personal finances efficiently is more
important than ever. However, many people struggle with budgeting, saving, tracking expenses, and achiev-
ing financial goals. A personal financial tracking system can help users take control of their financial health,
offering tools to track income, expenses, savings, and investments.

1.2 Introduction
This project focuses on designing and developing a Personal Financial Tracking System (PFTS) that allows in-
dividuals to manage their finances effectively. The system provides functionalities such as expense tracking,
budget setting, financial reporting, and goal planning. It aims to support users in making informed financial
decisions by providing real-time insights into their financial activities.

1.3 Problem Statement

Many individuals lack the tools and discipline necessary to track their financial transactions systematically.
Without effective financial tracking, users may face issues such as overspending, missed savings goals, and
insufficient funds for emergencies or investments. The absence of personalized financial analytics exacer-
bates poor financial decision-making.

1.4 Proposed Solution

The proposed solution is to develop a Personal Financial Tracking System that allows users to monitor and
manage their financial transactions easily. The system will feature income and expense tracking, budget
planning, goal setting, and visual analytics to help users gain insights into their financial habits and improve
financial discipline.

1.5 Project Objectives

1.5.1 General Objectives

To develop a comprehensive personal financial tracking system that helps individuals effectively manage
their finances through income tracking, expense monitoring, and financial goal management.

1.5.2 SMART Objectives

· Specific: To build a system that allows users to input, categorize, and analyze their financial transac-
tions.

· Measurable: To implement a dashboard that visualizes monthly income and expenses within three
months.
 · Achievable: To create a web-based solution accessible via desktop and mobile devices.

· Relevant: To address the issue of inefficient personal financial management.

· Time-bound: To complete the development and deployment within six months.

1.6 Project Scope

1.6.1 Inclusions

· Expense and income tracking

· Budget and goal setting

· Reports and analytics dashboards

· User authentication and data encryption

1.6.2 Exclusions

· Direct banking integration

· Tax calculation and filing features

· Investment advisory services

1.6.3 Constraints

· Limited development timeframe

· Budget limitations

· Dependence on user input accuracy

1.7 Project Justification

A personal financial tracking system offers immense benefits, including improved financial awareness, re-
duced debt, and enhanced saving habits. With growing financial complexities, there is a clear need for tools
that simplify financial management for individuals.

1.8 Assumption and Dependencies

· Users will consistently update their financial data.

· The system will rely on a stable internet connection.

· Users will follow security practices to protect login credentials.

1.9 Key Deliverables

 · Requirement specification document

· System design and architecture documentation

· Functional personal finance tracking web application

· User guide and training manual

Chapter 2.0: Literature Review

2.1 Introduction
This chapter reviews existing personal finance systems, their functionalities, and their impact on users. It
also identifies gaps that the proposed system aims to address.

2.2 Related Work

Several financial tracking applications exist, such as Mint, YNAB (You Need A Budget), and PocketGuard.
These tools offer budget planning, expense categorization, and report generation.

2.3 Research Gaps

Most existing applications do not offer a personalized or customizable experience. Users often find them
overwhelming or too complex. Furthermore, many lack local currency support, which limits their usability in
specific regions.

2.4 Summary and Conclusions

The review shows a need for a customizable, user-friendly financial tracking system that adapts to different
users' financial literacy levels and preferences. The proposed system aims to address these limitations.

Chapter 3: Feasibility Study

3.1 Technical Feasibility

3.1.1 Hardware and Software Requirements

· Web server (Apache/Nginx)

· PHP, MySQL, HTML, CSS, JavaScript

· Browsers: Chrome, Firefox, Safari

 · Devices: PC, tablets, smartphones

3.1.2 Technical Expertise

The development team consists of web developers, a UI/UX designer, and a database administrator with
prior experience in similar projects.

3.1.3 Technical Risks

· Browser compatibility issues

· Data security and backup concerns

3.2 Economic Feasibility

3.2.1 Development Costs

· Hosting and domain registration

· Developer salaries

· Software licenses (if any)

3.2.2 Maintenance Costs

 · Server costs

· Bug fixing and system updates

3.2.3 Benefits

· Improved user financial awareness

· Potential monetization through premium features

3.3 Schedule Feasibility

3.3.1 Project Complexity

Moderate complexity due to multiple modules and integration of analytics.

3.3.2 Team Size and Experience

A team of 4–6 developers with intermediate to advanced skills.

3.3.3 Resource Availability

All required resources are available, including development tools and hosting services.

3.3.4 External Factors

Economic instability or inflation may affect development costs.

3.4 Organizational Feasibility

3.4.1 Organizational Culture

The project aligns with modern trends in digital financial services.

3.4.2 Organizational Resources

Necessary resources (human and technical) are available.
3.4.3 Organizational Commitment
Stakeholders are committed to supporting the project throughout its lifecycle.

3.5 Operational Feasibility

3.5.1 User Acceptance

Pilot testing will ensure user feedback is incorporated to drive acceptance.

3.5.2 Organizational Change

Minimal change required since the system is individual-user oriented.

3.5.3 Operational Risks

Data breach, system downtime, and low user engagement.

3.6 Legal Feasibility

3.6.1 Data Privacy Laws

Compliance with GDPR and other data protection regulations.

3.6.2 Intellectual Property Laws

Open-source libraries will be properly attributed.

3.6.3 Other Applicable Laws and Regulations

Terms of service will include disclaimers to comply with financial regulation boundaries.

3.7 Conclusion
The project is technically, economically, and operationally feasible, with manageable risks and strong orga-
nizational support.

Chapter 4.0: System Development Methodology

4.1 Introduction
This chapter outlines the methodology used to develop the personal financial tracking system.

4.2 Overview of System Development Methodologies

Common methodologies include Waterfall, Agile, Spiral, and Rapid Application Development (RAD).

4.3 Chosen System Development Methodology

The Agile methodology was selected for its flexibility and iterative development approach.

4.4 Rationale for Chosen System Development Methodology

Agile facilitates continuous feedback and quick adaptations based on user input, making it suitable for user-
centric systems like PFTS.

4.5 Agile Development Lifecycle Stages

4.5.1 Requirements Gathering
Involves collecting detailed functional and non-functional requirements from potential users.

4.5.2 System Design

Develop wireframes, database schema, and architecture diagrams.

4.5.3 System Implementation

Development of modules in iterations/sprints, with each sprint lasting 2–4 weeks.

4.5.4 System Testing

Includes unit testing, integration testing, and user acceptance testing for each iteration.

4.5.5 System Deployment

Final product is deployed on a production server, followed by training and support.

Chapter 5.0: System Requirements Specification

5.1 Introduction
This chapter details the functional and non-functional requirements of the PFTS.

5.2 Functional Requirements

5.2.1 Use Cases

· User Login

· Record Income/Expense

· Set Budget

· Generate Report

5.2.2 User Stories

 · As a user, I want to track daily expenses so that I can manage my spending.

· As a user, I want to set monthly budgets so I don’t overspend.

5.2.3 Functional Requirements Specifications (FRSs)

· FR001: The system must allow users to add, edit, and delete financial transactions.

· FR002: The system must categorize transactions based on user input.

5.2.4 Functional Decomposition Diagrams (FDDs)

[Diagram Placeholder: Functional decomposition of income tracking, expense tracking, budget setting]

5.3 Acceptance Criteria

· System records and categorizes financial entries accurately.

· Reports match transaction data and display trends.

5.4 Non-functional Requirements

5.4.1 Performance Requirements

System must respond to user queries within 2 seconds.
5.4.2 Security Requirements

· All data must be encrypted.

· Users must authenticate before accessing data.

5.4.3 Scalability Requirements

System should support up to 10,000 users concurrently.

5.4.4 Usability Requirements

· Interface must be intuitive.

· Provide tooltips and onboarding walkthroughs.

5.5 External Interface Requirements

· Web browser compatibility

· Export to PDF and Excel formats

5.6 Assumptions and Dependencies

· Users have stable internet access.

· System is hosted on a reliable cloud platform.

5.7 Glossary

· PFTS: Personal Financial Tracking System

· FRS: Functional Requirement Specification

· UAT: User Acceptance Testing

Chapter 6.0: System Design and Development

6.1 Introduction
Describes how the system architecture and components were designed and developed.

6.2 System Architecture

6.2.1 System Components

 · Frontend: HTML, CSS, JavaScript

· Backend: PHP, MySQL

6.2.2 System Interfaces

· User interface

· Database interface

6.3 System Design

6.3.1 System Modules

· Authentication

· Transaction Management

· Budget and Goal Management

· Reporting and Analytics

6.3.2 Data Model
[ER Diagram Placeholder: Users, Transactions, Categories, Budgets]

6.3.3 Database Design

· Tables: Users, Transactions, Categories, Budgets

6.4 System Implementation

6.4.1 Programming Languages and Tools

· PHP, HTML, JavaScript, CSS

· MySQL for database

6.4.2 Coding Standards

· Follow PSR-12 for PHP

· Use consistent naming conventions

6.4.3 Unit Testing
Test each module individually using mock data.

Chapter 7.0: System Testing and Deployment

7.1 System Testing

7.1.1 Integration Testing

Ensure modules interact correctly.

7.1.2 System Testing

Test the complete system to ensure all requirements are met.

7.1.3 Acceptance Testing

Users validate that the system meets their needs.

7.2 System Deployment

7.2.1 Deployment Plan

· Deploy to live server

· Monitor for issues during initial launch

7.2.2 User Training

· Provide user manual

· Offer video tutorials

7.2.3 Post-deployment Support

· Bug fixes

· Feature enhancements based on feedback

7.3 System Maintenance and Support

· Routine database backup

· Regular updates for performance and security

· Helpdesk support for users