Daily Expense Tracker

Daily Expense Tracker is the proposed project which will help us to track our daily expenses and help to achieve our future financial goals. Following is the proposed proposal project.

Introduction and Background of the Project

Expense tracker is a refined system which allows user to efficiently manage his/her expenses with ease. Tracking expenses daily can really help to us save lot of money. Once we start off by tracking our expenses each day, we will be able to get a better idea where you are spending your money, so you stay in control and achieve your goal. It will be able to generate your expense and saving report as time duration you selected. There will be a reminder that will help to save money for your pre-defined expenses.

 

          Problem Statement

Every earning people are mostly obsessed at the end of the month as the they cannot remember where all of their money have gone when they have spent and ultimately have to sustain in little money minimizing their essential needs. There is no as such complete solution present easily or we should say free of cost which enables a person to keep a track of its daily expenditure easily and notify them if they are going to have money shortage. To do so a person has to keep a log in a diary or in a computer, also all the calculations needs to be done by the user which may sometimes results in errors leading to losses. Due to lack of a complete tracking system, there is a constant overload to rely on the daily entry of the expenditure and total estimation till the end of the month.

The Proposed Project and its objectives

Now a days for young adults especially, keeping track of spending is something nearly everyone can benefit from. To so do a person has to keep a log in a dairy or in a computer and also all the calculation should be done by person himself/herself which may sometimes results in error leading to losses. Due to lack of a complete tracking system there is a constant to rely or depend on the daily entry of expenditure and total estimation till the end of the month. So in an effort to fix the problem we tried to design a system that would make the task of keeping the expenses in check, efficient and delight task. DET is a personal finance tool on your mobile phone. By using this tool, we hope you can better manage your wealth. With DET managing personal finance is as easy as pie! Backup and restore your data. Tracking your daily expenses daily can save you money, but it can also help you set financial goals for the future. If you know exactly where your money is going every month, you can easily see where some cutbacks and compromises can be made. It will also give you good outlook on your spending habits and those impulse buys will stick out little red flags.

The objective of this system is

a)      To know where the money is going

b)      To reveal bad spending habits

c)      To spend only on priorities

d)     To keep awareness of fraud of unknown charges

e)      To save money for pre-defined expenses

f)       To plan on your future investments

          Scope in Market and Limitations

This application can take a good market as it is usable by anyone who are willing to manage their expenses and aiming to save for the future investments and many more. There is not any range criteria or any kind of profession or gender are focused it will used hugely.

Limitations:

·         User have to entry every record manually.

·         The category divided may be blunder or messy.

Methodology

Requirement identification

1.      Study of existing system

At an instant, there are no such complete solution present easily or for free of cost which enables a person to keep track of its daily expenditure easily. To do so a person has to keep a log in a diary or in a computer, also all the calculations needs to be done by the user which may sometimes results in errors leading to losses. Few applications are present these days but they are not able to give the complete solution to the user. Due to lack of a complete tracking system, there is a constant overload to rely on the daily entry of the expenditure and total estimation till the end of the month manually. There is lack of payment gateway, data analysis, shared expense group and also the automation. If one application has one feature then the other features are missing.

2.      Requirement collection

In an effort to fix the above addressed problems, we tried to design an application that would make the task of keeping the expenses in check, efficient and delight task and under a single application.

Requirement overview:

a.       Report generation: each and every entry is logged into the database and the user can view the weekly, monthly or weekly report as per the requirement.

b.      Adding or deleting an entry: a user can easily modify each and every bill entry along with an option of attaching an image of the entry.

c.       Graphical representation: a lucrative statistical of the budget expenditure and savings is shown to the user for the easy understanding.

d.      Email notification: an email will be sent to the user at the end of the month and year for giving a brief summary of the monthly and yearly expenditure.

e.       Payment notification: whenever a card transaction will be made a notification will be sent to the user and automatically will be added to the expenditure of the user.

3.      Functional requirement:

a.       Dashboard panel

b.      Add bill

c.       Back

d.      Add group

e.       Exit group

f.       Expense planner

g.      Expense tracker

h.      Lent/owe

i.        Download pdf

4.      Non-functional requirement:

a.       Usability

b.      Reliability

c.       Supportability

d.      Performance

e.       Availability

5.      Interface requirement:

a.       User interface: The user logs on to the system by inserting username and password, and can edit details inside the database such as adding or deleting the entry.

b.      Performance requirements: Database interaction should not take more than 2 seconds. New frame should not take more than 3 seconds to open. The response time for menu changes will be not more than 3 seconds. All these above approximations are inculcated into the system by keeping the database non redundant and as optimized as possible.

c.       Design constraints: Back and exit buttons are provided on each page for sake of convenience. Error messages will be displayed appropriately. Widgets like calculator and date picker is there to help the user.

Feasibility study:

a.       Technical: this assessment focuses on the technical resources available. It helps to determine whether the technical team is capable of converting the ideas into working systems. It also involves evaluation of the hardware, software and other technology requirements of the proposed system. Our application is technically feasible to the android users with android version 4.0 (Ice cream sandwich).

b.      Operational: this assessment involves undertaking a study to analyze and determine whether and how well the organizations needs can be met by completing the project. It also analyze how a project plan satisfies the requirements identified in the requirement analysis phase of application development. The user can track their expenses on regular basis and will be able to manage their unnecessary expenditure. 

c.       Economical: this assessment typically involves benefit analysis of the project, helping organizations determine the viability, cost and benefit associated with a project before financial resources are allocated. It also helps decision makers determine the positive economic benefits to the organization that the proposed project will provide.   

Tools

a.       Analysis and design tools:

                                      i.      Use-case diagram

                                    ii.      Domain model-class diagram

                                  iii.      Activity diagram

                                  iv.      Design class diagram

                                    v.      Component diagram

                                  vi.      Sequence diagram

                                vii.      Package diagram

                              viii.      Deployment diagram

b.      Implementation Tools (front end, back end):

Android studio

a.       Front end: we will use XML and Java for the front end whereby we will use XML to layout the UI components and Java to provide their functionality.

b.      Back end: as the application does not use internet connectivity, we will use SQLite as our local database.

      

Expected Outcome

It will make easy to track our expenses and keep us away being in sort of money. Better track of our valuable income. Manages our expenses and help us to fulfill our essential needs.