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Finguard: Personal Budget Planner - A Web-Based Solution for Financial Management and Literacy

Aditya Kaloji1 , Vaibhavi Girkar2 , Narendra Gurav3, Vishal Khanvilkar4

1B.E. Student, Dept. of Computer Science and Engineering (Artificial Intelligence and Machine Learning), S.S.P. M’s College of Engineering, Kankavli, Maharashtra, India

2B.E. Student, Dept. of Computer Science and Engineering (Artificial Intelligence and Machine Learning), S.S.P. M’s College of Engineering, Kankavli, Maharashtra, India

3B.E. Student, Dept. of Computer Science and Engineering (Artificial Intelligence and Machine Learning), S.S.P. M’s College of Engineering, Kankavli, Maharashtra, India

4B.E. Student, Dept. of Computer Science and Engineering (Artificial Intelligence and Machine Learning), S.S.P. M’s College of Engineering, Kankavli, Maharashtra, India ***

Abstract - Managingpersonal budgets effectively is crucial for financial stability, yet many of us struggle to keep track of their income, expenses, savings, goals, and awareness about investment and insurance. This paper introduces Finguard, a web-basedpersonal budget planner designedto provideusers with a simple and efficient tool for managing their budgets. Finguard enables users to record income sources, categorize expenses, categorize savings, and monitor their financial activities. Also, Finguardfacilitatestheawarenessofinsurance and investment. The platform offers an accessible and userfriendly interface, making budget planning straightforward even for individuals with minimal financial expertise. Additionally, the system provides insights into spending patterns, helping users make informed budget decisions and develop better money management habits. By promoting financial awareness and disciplined spending, Finguard is a valuable tool for personal budget planning. This paper discusses the Finguard design architecture, key features, implementation details, and potential benefits in enhancing budgeting efficiency.

Key Words: Budget Planning, Financial Management, Financial Literacy, Expense Tracking, Savings Goal Setting, 50/30/20 Budgeting Rule.

1.INTRODUCTION

Effectivepersonalbudgetmanagementiscrucialformaintainingbudgetstability.Manyindividualsfacechallengesin tracking their income, managing expenses, and setting budgets.Withoutastructuredapproach,itbecomesdifficult to monitor spending habits, leading to poor financial decisions,unplannedexpenses,anddifficultysavingmoney. Many people rely on manual tracking methods or lack awareness of their financial patterns, making it harder to controltheirbudgets.Toaddressthesechallenges,Finguard is designed as a personal budget planner that simplifies budget management by providing an intuitive and userfriendly platform. The name Finguard signifies financial protection.Thesystemallowsuserstorecordtheirincome, trackdailyexpenses,andtracksavingstoensurefinancial

discipline.Byofferingaclearandorganizedviewoffinancial transactions,Finguardhelpsindividualsgainbetterinsight into their spending behaviours, enabling them to make informed financial decisions. Finguard’s features focus on financialawarenessandgoal-setting,allowinguserstoplan andachievetheirfinancialobjectivesefficiently.Thesystem provides detailed expense tracking, budgeting tools, and visualsummariesthathelpusersunderstandtheirfinancial statusataglance.UseofFinguard,individualscancultivate better financial habits, reduce unnecessary expenses, and worktowardtheirlong-termfinancialstability.Thispaper discusses Finguard’s structure, functionality, and key benefits,highlightingitsroleinhelpingeveryusermanage theirpersonalfinances.Byprovidingasimpleandeffective budgeting solution, Finguard aims to promote financial awarenessandencourageresponsiblemoneymanagement practicesamong users.Financial literacy plays a vital role thatensures,theindividualscanmanagetheirmoneywisely andmakeinformedfinancialdecisions.However,alackof financialknowledgeoftenleadstopoorbudgeting,excessive debt, and financial instability. Many people struggle with understanding key financial concepts such as budgeting, saving,andexpensetracking,whichcanimpacttheirability to achieve financial security. Without proper financial literacy, individuals may find it difficult to differentiate betweenessentialandnon-essentialspending,resultingin financial stress and difficulties in meeting long-term financial goals. Since financial literacy is not widespread, personalbudgetplannerappslikeFinguardaredesignedto bridgethisgapbyproviding userswithessential financial tools in an easy-to-use format. These apps help users developresponsiblespendinghabitsbyofferinginsightsinto their financial behavior and encouraging better money management.Bysimplifyingthebudgetingprocess,personal finance apps empower individuals to take charge of their financialwell-being,improvetheirsavings,andworktoward financialindependence.Finguard,inparticular,servesasa practical solution to help users track their expenses, set realisticfinancialgoals,andgaingreatercontrolovertheir finances.

International Research Journal of Engineering and

(IRJET) e-ISSN: 2395-0056

Volume: 12 Issue: 04 | Apr 2025 www.irjet.net p-ISSN: 2395-0072

2.EASE OF USE

OneofthekeyaspectsofFinguardisitsuser-friendlydesign, ensuringthatuserscaneasilynavigateandutilizeitsfeatures. Managingpersonalfinancescanbeoverwhelming,especially for those unfamiliar with budgeting tools. To address this challenge,Finguardprovidesasimpleandintuitiveinterface. Itallowsuserstorecordtheirincome,track expenses,add savings,setfinancialgoals,andinformationaboutinvestment andinsurancewithminimaleffort.TheFinguardisdesigned with a clean layout, enabling users to input transactions quickly without unnecessary complexity. Features such as categorizedexpenseandsavingtracking,visualsummaries, and goal-setting tools are structured in an easy-tounderstandmanner,makingfinancialmanagementaccessible toallusers.

3.BACKGROUND AND RELATED WORK

Asmentionedintheintroductionofthispaper,ourobjective istoidentifyexistingresearchgapsandconductadistinctive analysisofrelevantliteraturereviews.Thisapproachallows ustoexploreareasthathavenotbeenextensivelystudied.It helpsuslearnnewthingsandprovidesnewinsightsintothe developmentandeffectivenessofpersonalbudgetplanner applications.

3.1 Literature Review

Theproposedinnovativeproject“FinGuard”isbasedon detailed background research, supported by a literature reviewthatcitesawiderangeofsources.Itincludesbooks, journals, research papers, and articles. Authorship, publicationyear,methodology,results,andfuturedirections highlightedinTable1toprovideacomprehensiveoverview andunderstandingofexistingresearchandidentifygapsin financialmanagementsolutions.

Table -1: LiteratureReview

Year and Author

2021, Goyal, et.al[1]

2022, Wong, Ashley and Singh,

Biblometric analysis Financial literacy influences financial behavior.

Behavioral Insights

The FCAC Budget Planner is valuable but requires

Need standardized measures

et.al[2]

Toimplement AIbots

2022, Cao, Longbing [3]

2022, Decan, et.al[4]

Datadriven, survey, analytical, comparativ e,review

Empirical analysis of GitHub Actions.

better usability, personalizatio n, engagement, andguidance

AI enhances financial services efficiency. Requires addressing ethical, regulatory challenges.

GitHub Actions improve CI/CD efficiency.

2023, Lusardi, et.al[5]

2023, RobertC. Higgins, et.al[6]

Objective and subjective financial literacy assessment s Financial literacy is crucial for effective personal financial management and wellbeing.

Practical, intuitive approachto financial manageme nt techniques

2023, Xuetao Li, et.al [7]

Investigate security implications and best practices for GitHub Actions.

Integrating financial education in school curricula to improve financial literacy

Emphasizes informed financial decisionmakingusing financial statements. Prepares readers for evolving financial challenges in professional careers.

Optimized Backpropag ation Neural Network (BPNN)

2023, Whitesid e, et.al [8] the 50/30/20 budgeting system

Effective in predicting financial distress with over 80 percent accuracy. Needs validation across industriesand economic conditions.

The50/30/20 rule balances finances, covering needs,wants, andsavingsin a simple approach.

The50/30/20 rule lacks flexibility for high debt, cost-of-living differences, and diverse financial needs.

International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056

Volume: 12 Issue: 04 | Apr 2025 www.irjet.net p-ISSN: 2395-0072

2024, Khurram Rehman, et.al[9]

2025, Archeet, et.al[10]

Developme nt of PHPbased financial application.

Financial literacy is influencedby seven key factors demographic, socioeconomic, psychological, financial, societal, Islamic, and technological.

Simplifies financial management forusers.

Further research on digital financial literacy is recommended .

Lacks empirical evaluation, userfeedback.

The analysis of 10 literature publications from diverse sources serves as the foundation for our research on Finguard: The Personal Budget Planner. Through a methodical examination of authors, study periods, methodologies, results, and real-world applications, we identified significant research gaps that highlight the distinctivenessofourwork.Itprovidesfreshperspectivesfor personalbudgetmanagementandfinancemanagementusing digitalsolutions.Tosumup,ourresearchisanoteworthyand uniqueadditiontotheevolvingfieldsoffinancial planning andtechnology.

3.2 Research Gap

Ourprojectstudyisenhancedbythegapsinresearch identifiedbytheliteratureevaluation.Wecameacrossthat Financial Literacy is essential for every individual. With proper financial literacy every individual will be able to managetheirfinances[1].ImplementingAIbotsinFinance managementappsmaygiverisetogoodfinancemanagement platforms [3]. Security and privacy concerns in AI-based Financeappsaremandatory.50/30/20ruleimplementation can give birth to good finance managing applications [8]. There is Need of a User-Centric Finance Management Platform.PersonalizedBudgetingsolutionscanimprovethe performance of Finance managing platforms. Finally, we decidedtodesignforuserfriendlypersonalbudgetplanner webapplication.

4.METHODOLOGY

Inthissection,wehavementionedvariousmethodologies thatwelearnedandusedtobuildourproject.Theprojectis a software-based personal finance manager with a simple anduser-friendlyinterface.Itincludesasecureloginsystem and a dashboard. It provides an overview of income, expenses,savings,andgoals.Userscantracktheirincome,

track expenses with categories, and set goals. This web applicationalsooffersvisualreportslikechartsandgraphs tohelpusersanalyzespendingpatternsandmonitorsavings progress.

4.1 Finguard Flowchart

4.2 Process Analysis

1)User Registration and Login:

Input for User Registration: Username, Email, DOB, PasswordandConfirmPassword(hashedforsecurity).

InputforUserLogin:Email,Password(hashedforsecurity).

Process:Duringregistration,storetheusername,email, DOBandhashedpasswordinthedatabase.Duringlogin, validate credentials by comparing the entered password (afterhashing)withthestoredpassword.

Output:Loginsuccessorfailuremessage.

2) Dashboard:

Process:Displaysinvestmentandinsuranceplans,aswellas user data like total income, total expenses, savings, and remainingbudgets,andrecommendstheamounttospendas per the 50/30/20 budgeting rule. It shows insights, bar charts, and pie charts. It also shows the history of recent transactionsandsetsgoals.

Compute the Remaining Budget as:

RemainingBudget=Income−Expenses−Savings(1)

3) Income:

Input:Amount,IncomeSource,Note(Optional).

Process:Storetheamountinexistingincomeamount.

Fig. 1. FinguardFlowchart

International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056

Volume: 12 Issue: 04 | Apr 2025 www.irjet.net p-ISSN: 2395-0072

Compute the total income as:

TotalIncome=TotalIncome+Amount(2)

Output:Storetotalincomefortheuser.

4) Set Expense:

Input:Amount,ExpenseSource,note(Optional)

Process:Allowtheusertosetabudgetforeachcategory. Storeeachcategorywithitsrespectivebudgetamount.

Compute the total expense as:

TotalExpense=TotalExpense+Amount(3)

Output:Budgetplanfortheuser.

5) Track Expenses:

Process: Subtract the entered expense amount from the correspondingcategorybudget.Updatethetotalexpenses for that category. If the expense amount exceeds the categorybudget,triggeranalert.

Output: Updated expenses and remaining budget in each category.

6) Set Goals:

Input: Set goal description, Target amount, Target date (optional),ContributeAmount.

Process:Storethegoaldescription,targetamount,andtrack progressastheusersavesmoney.Updatetheprogressofthe goaleachtimemoneyisaddedtosavings.

Compute the Goal Completion as:

Goal Completion = (Targeted Amount / Contributed Amount)*100(4)

Output:Progresstowardthesavingsgoal.

7) Goal Recommendation:

Process: We are going to recommend plan for achieving goalslikehowmanyamountsshouldcontributepermonth.

Compute the recommended amount as:

RecommendedAmount1= TargetedAmount/Time(monthly)(5)

RecommendedAmount2= (TargetedAmount-ContributedAmount) /Time(monthly) (6)

Output:Recommendationofplantoachievegoal

Thisprocessanalysisprovidesinsightsintowhatusersneed and expect from a budget planning application. It helps identify key features, functionalities, and security aspects that will enhance user experience and improve financial management. By analyzing these requirements, we can ensurethatFinguardisdesigneduser-friendly,efficient,and secure. Additionally, this analysis outlines the core componentsofFinguard,explaininghoweachelementwill functionandinteractwithintheapplication.Itensuresthat the development process remains aligned with user expectations,offeringawell-structuredsystemforincome tracking,expensemanagement,budgeting,andgoalsetting. Ultimately,thisanalysisservesasthefoundationforbuilding a reliable, intuitive, and effective personal finance managementtool.

4.3 Database Structure

4.4 Finguard Design

1) Architecture: Aspertheprocessanalysis,workflow,and Database structure, we have used an architecture for our project.ItincludesUI,backend,anddatabase.

2) Software Setup: We have used the following software toolsandtechnologiestobuildourproject:

1.DevelopmentEnvironment:VisualStudioCode(VSCode) astheprimarytexteditor.

2.ProjectDependencies:Node.jswithnpmasthepackage managerformanagingdependencies.

3.Front-endtechnologies:WehaveusedReact(typescript) and tailwind CSS for UI development. TypeScriptJSX for dynamicuserinterfaces.

4.Middleware:Forthefront-endandbackendintegration, wehaveusedNodeJS.

Fig. 1. DatabaseStructure

International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056

Volume: 12 Issue: 04 | Apr 2025 www.irjet.net p-ISSN: 2395-0072

5.Back-endTechnologies:Node.jswithExpress.jsforhandlingserver-sideoperations.

6.Database:MongoDBistheprimarydatabaseforstoring financialdata.

3) Hardware Setup: TheFinguardsystemisdevelopedand testedonthefollowinghardwarespecifications:

1.Processor:Multi-coreprocessor(Inteli5/i7orequivalent).

2.Memory(RAM):Minimum8GB(16GBrecommendedfor betterperformance).

3. Storage: SSD with at least 256 GB capacity for faster execution.

4. Operating System: Windows OS for compatibility and stability.

5.EXPERIMENTAL SETUP AND IMPLEMENTATION

5.1 Basic User Inputs

It provides a structured approach to personal budget management. It begins with the registration and login process. After login, the user can insert their income and income sources. It allows the system to calculate total earnings.Tofacilitateexpensemanagement,userscategorize theirexpendituresintosectionslikegroceries,housing,food, transportation, entertainment, etc. This structured categorization helps to organize financial data efficiently. Whenaddingexpenses,usersentertheirexpendituresalong with the expenditure category. It allows for real-time comparisontoensurethattheusercantracktheirfinancial habits effectively. The system also includes a savings goal feature,enablinguserstodefinefinancialobjectives.Users can specify a goal description, such as ”Vacation Fund” or ”EmergencySavings,”setatargetamount,andchooseadue dateforachievingthegoal.Thesystemcontinuouslytracks theprogressofeachsavingsgoalandprovidesinsightsand recommendationsonhowclosetheuseristoachievingtheir financialtargets.Thisfeatureencouragesfinancialdiscipline andhelpsusersallocatetheirresourceswisely.

5.2

Basic Features

The system includes a user-friendly dashboard that providesanoverviewoffinancialactivities,includingtotal income,totalexpenses,andtotalsavingswiththeremaining budget. It shows bar charts to compare income, expenses and savings, also provides pie charts for tracking expenditureofexpensesandsavings.Ithelpsusertotrack their financial progress effectively and understand their expenditure and saving state. Additionally, there is a transactionsectionwheretheusergetsoveralltransactions with options such as monthly, yearly, and overall income. Our project provides information about investment and insurance. In insurance we mainly focus on Health

Insurance,LifeInsurance,HomeInsurance,CarInsurance, Bike Insurance, and Travel Insurance. In investment we provideinformationabout10planssuchasBonds,Mutual Funds (SIP), Stocks, ETFs, PPF, Fixed Deposit (FD), Commodity, Savings Account, Sukanya Samruddhi Yojana, andRealEstate.Wealsoprovidelinksformoreinformation.

5.3 User Experience Considerations

The application must be designed with an intuitive interface.Itshouldensureaclean,user-friendly,andeasy-tonavigateexperience,makingfinancialmanagementseamless forusers.Alongwithusability,datasecurityshouldbeatop priority.

6. CONCLUSIONS

Inconclusion,afterresearchingtheneedforpersonalbudget planning in India, we realize there is a lack of awareness aboutinsuranceandinvestment,aswellasfinancialliteracy and finance management tools accessible for effective budgeting.Duetothelackoffinancialliteracy,itgetsdifficult forindividualtomanagetheirexpenses.Itismandatoryto findasolutiontothisissue.Makefinancemanagementeasy.

Financial literacy is needed to make informed decisions about earnings, savings, and expenses. Due to a lack of financial literacy and tools, people often struggle with overspendingandunsatisfactorysavings.Thisgapledusto develop Finguard, a personal budget planner designed to empower individuals by providing them with an intuitive and efficient way to manage their finances. To build Finguard,wecarefullyselectedtechnologiesthat ensure a smooth and scalable user experience. In the front-end we chooseReactJSwithTypescriptandTailwindCSStocreatea dynamicandresponsiveuserinterface.ReactJSallowsfor reusablecomponents,improvingdevelopmentefficiencyand maintainingamodularstructure.Fortheback-end,weopted for Express JS and Node JS, which provide a robust and scalable environment for handling server-side operations, ensuring seamless communication between the front-end and the database. MongoDB is selected as the database to storeuserdatasecurely,allowingforefficientmanagement andretrievaloffinancialrecords.Westartedtheprojectby planningtheflowanddesigningflowchartstooutlinehow the website would function. It helped us visualize user interactionsandensureastreamlinedexperience.Following this,wemappedoutthewebsite’slayout,defininghoweach pagewouldlookandfunction.Basedonthis structure,we builtthewebpagesusing ReactJS, ensuring aninteractive anduser-friendlyinterface.Simultaneously,wedevelopeda well-structureddatabaseschematomanagefinancial data effectively.Wealsoinstalledallnecessarydependenciesand tools to support the development process. For decisionmaking regarding our finance management, Financial Literacyismandatory.50/30/20budgetingruleforbudget management is well efficient for budget management. AI technology can also lead to efficient budget planning

International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056

Volume: 12 Issue: 04 | Apr 2025 www.irjet.net p-ISSN: 2395-0072

platform implementation. We can use AI Bots in such applications for a better experience. Beyond the technical aspects,Finguardaimstopromotebetterfinancialdecisionmaking.

Providingreal-timeinsightsintotheirincome,expenses,and savings helps them develop better spending habits and financial discipline. The integration of React JS and Node JSensuresafast,responsive,andscalableplatform.Itmakes finance management more accessible and more effective. Thisstructured,step-by-stepdevelopmentapproachenabled us to bring Finguard to life, bridging the gap in financial literacy and empowering users to take control of their financialfuture.

ACKNOWLEDGEMENT

Wewanttoacknowledgethesupportandcontributionsthat made this research work on Personal Budget Planner possible. We are grateful to our project guide, Prof. S. M. Melasagare, for providing consistent guidance, technical advice, and valuable feedback during all stages of the research.Hissuggestionshelpedimprovethestructureand clarity of the paper. We thank the faculty and staff of the DepartmentofComputerScienceandEngineering(Artificial Intelligence and Machine Learning), SSPM’s College of Engineering, Kankavli, for creating a supportive academic environmentandsharingknowledgethatcontributedtoour understandingoftheresearchtopic.Wealsoacknowledge the resources made available by our institution, including access to research materials, computing facilities, and technical tools necessary for data analysis, design, and implementation. Finally,weacknowledgetheeffortsofall ourteammembersinvolvedinplanning,developing,testing, andpreparingthefinalmanuscriptofthisresearchpaper.

REFERENCES

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