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Chapter One Deborah

This document outlines a proposal for the design and development of a comprehensive personal finance management web application aimed at helping individuals manage their finances effectively. It identifies the challenges of existing financial tools, such as fragmentation and complexity, and proposes a user-friendly platform that integrates budgeting, expense tracking, and financial planning features. The study emphasizes the significance of improving financial literacy and behavior through accessible and intuitive digital solutions.

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10 views4 pages

Chapter One Deborah

This document outlines a proposal for the design and development of a comprehensive personal finance management web application aimed at helping individuals manage their finances effectively. It identifies the challenges of existing financial tools, such as fragmentation and complexity, and proposes a user-friendly platform that integrates budgeting, expense tracking, and financial planning features. The study emphasizes the significance of improving financial literacy and behavior through accessible and intuitive digital solutions.

Uploaded by

muherezachris3
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Design and Development of a comprehensive Personal Finance

Management Web Application

Final project proposal

By

Icula Deborah

2200101327

2022/AUG/BIST/B231272/DAY

Supervised by

Mr. Kawuma Richard

Nkumba University

School of Computing and Informatics.

CHAPTER ONE
INTRODUCTION

1.1 Background of the study

In today’s fast-paced digital world, personal financial management has


become increasingly complex and challenging for individuals since it involves
planning and controlling financial resources such as income, expenditures,
and investments to achieve specific life goals.

However, the widespread use of the smartphones and computers has


provided an opportunity to develop digital solutions that help individuals to
manage their finances in an organized and efficient manner. Personal finance
management applications have gained significant popularity, offering users
the ability to track income, expenses and investments, set budgets, and plan
financial needs According to Financial Literacy Studies by Lusardi and
Mitchell (2014),

But despite the increasing number of financial apps available, many do not
address the unique needs of every user, often lacking intuitive interfaces,
customization options, and comprehensive futures that encompass all
aspects of personal finance according to “Financial Diet by Chelsea
Fagan and Lauren Ver Hage” and according to a PwC (Price water
house Coopers) 2017 report on consumer financial services, many users
are dissatisfied with current offerings due to limited integrations between
different financial aspects such as budgeting, debt management and
investment planning.

Therefore, individuals may find difficulties in choosing among the many


applications available as each offers different tools functionalities that may
or may not align with their personal financial goals.
1.2 Statement of the problem

In today’s digital world, effective personal finance management is essential.


Ideally, individuals should have access to integrated and user-friendly tools
that allow them to manage their savings, investments, debts and expenses
seamlessly. However, the status quo reveals that many personal finance
management tools are fragmented across multiple platforms, making them
overly complex for non-expert users. As a result, many individuals face
difficulties in accessing and utilizing these tools, leading to lack of clarity in
managing their finances holistically.

To address these challenges, this research proposed the development of a


comprehensive web-based platform that enables users to efficiently manage
their personal finances. The platform includes features such as budgeting,
expense tracking, savings and investment monitoring, debt management,
and financial reporting aiming to simplify and integrate personal finance
management for individuals.

1.3 Objectives

1.3.1 Main objective

To design and develop a user-friendly, secure, and comprehensive web


application that enables individuals to effectively manage their personal
finances by offering tools for budgeting, expense tracking, goal setting and
financial planning.

1.3.2 Specific objectives.

To conduct a comprehensive Literature Review on Personal Finance


Management Systems.
To analyze the key features and requirements for Personal Finance
Management.

To evaluate the effectiveness and User experience of the Application.

To analyze the impact of the Web Application on Users’ financial Literacy and
behavior.

To propose the recommendations for future enhancements and development.

To design a User-Centered Interface for the Web Application.

1.4 Significance of the study

This study will help users improve their personal finances by providing them
with financial management knowledge, tools and resources in an integrated
manner so as to understand and manage their finances more effectively by
offering features like budgeting, goal-setting and financial tracking hence
users can gain a clear understanding of their financial habits, make informed
decisions and take proactive steps towards achieving their financial goals.

1.5 Scope of the study and limitations

The scope of the study focuses on the design and development of a personal
finance management web application intended to help individuals manage
their finances more effectively including web-based application which will be
accessible across various devices with internet connectivity such as
smartphones, desktops, laptops, and tablets to provide an intuitive and user-
friendly interface. The application will also include features and
functionalities such as budgeting tools, expense tracking and categorization,
financial goal-setting and progress tracking and so on.

However, the study is limited by the constraints such as resource limitations,


device compatibility issues, integration challenges, and generalization of the
findings to global user base.

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