Personal Finance Manager

Author: Giorgi Poghosiani
Keywords: finances, budget, personal manager, web application
Annotation:

PFM is a common acronym you will find in the world of financial services, and it stands for Personal Finance Management. It usually refers to apps (or software) that help people manage their finances. PFM apps can come with a bunch of different features, bringing different benefits for both consumers and businesses. It can provide very simple expense tracking and budgeting features to help people keep tabs on how much they are spending, and on what. It can also have more advanced features, like giving personalized financial coaching based on an automatic analysis of someone’s bank transactions. Many banks nowadays offer some form of PFM service for their customers as a part of their mobile banking apps. However, they do not provide all the features one need. Each application is tied to a certain account and it is impossible to manage multiple cards in one place simultiniously. Besides, you can only track your credit card transactions and there is no way sorting money you spend in cash. Luckily, PFM apps can be created by anyone. Despite the fact that there are different solutions for managing person’s own budget, we decided to create a better application, which will be more user-friendly and provide missing features. To achieve high accessibility, a better solution would be creating a web application. In order to use it, user needs only a web browser. This makes the application platform-free and helps it be accessible from any device. Overall, PFM is a helpful tool we need to use more frequently to analyse our financial position and make future savings.