A Webapp for expense and budget manager

Budgeting and Cost Calculation

Table of Contents

1. Introduction

2. Project Objectives

3. Scope

4. Functional Requirements

● 4.1 User Authentication and Authorization

● 4.2 Budget Creation and Management

● 4.3 Expense Tracking

● 4.4 Cost Calculation Tools

5. Non-Functional Requirements

● 5.1 Performance

● 5.2 Security

● 5.3 Usability

6. Database Requirements

7. Mathematical Calculations

8. User Interface (UI) Design Guidelines

9. Constraints

10. Assumptions

[login to view URL] and Mitigation Strategies

12. Approval

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1. Introduction

The "Budgeting and Cost Calculation" app is a dynamic tool for financial management, mathematical calculations, and real-time data access via APIs. It's designed to help users create budgets, track expenses, perform financial calculations (e.g., loan EMIs, investment projections). Through secure user authentication and intuitive features, it provides a comprehensive solution for efficient financial management and planning.

2. Project Objectives

The main objectives of this project are:

● Develop an intuitive for budget creation, expense tracking, and cost calculations.

● Integrate mathematical calculations for loans, investments, and financial planning.

● Utilize Spring Boot for backend services and API handling.

● Provide a secure, user-friendly interface for managing finances and accessing real-time data.

3. Scope

The project will include the development with the following features:

● User registration, authentication, and profile management.

● Budget creation, management, and tracking.

● Expense tracking and categorization.

● Mathematical calculations for loans, investments, and other financial activities.

● Integration of APIs for real-time data retrieval.

4. Functional Requirements

4.1 User Authentication and Authorization

● Users should be able to register, log in, reset passwords, and securely manage their profiles.

● Implement different user roles (e.g., regular user, administrator) with appropriate permissions.

4.2 Budget Creation and Management

● Enable users to create budgets based on income, categorizing expenses, and setting spending limits for each category.

4.3 Expense Tracking

● Provide tools for users to record and categorize their daily, weekly, and monthly expenses.

● Offer insights and analysis of spending patterns to help users make informed financial decisions.

4.4 Cost Calculation Tools

● Implement tools for users to calculate costs related to loans (e.g., EMI calculators), investments, and other financial activities.

● Offer scenarios and projections based on user input for informed decision-making.

5. Non-Functional Requirements

5.1 Performance

● Ensure the application is responsive, providing a seamless user experience.

5.2 Security

● Implement robust security measures to protect user data and ensure secure transactions.

● Use encryption for sensitive data transmission (Eg : passwords)

5.3 Usability

● Design an intuitive and user-friendly single-page interface that is easy to navigate.

6. Database Requirements:

1. User Data:

● Attributes:

● User ID (Primary Key)

● Username

● Password (encrypted)

● Email

● Profile information (e.g., name, contact details)

2. Portfolio Data:

● Attributes:

● Portfolio ID (Primary Key)

● User ID (Foreign Key)

● Portfolio Name

● Description

● Creation Date

● Relationships:

● One-to-Many relationship with Investment Data (one portfolio can have multiple investments)

3. Investment Data:

● Attributes:

● Investment ID (Primary Key)

● Portfolio ID (Foreign Key)

● Symbol/Ticker

● Quantity

● Purchase Price

● Purchase Date

● Investment Category or Sector

● Relationships:

● Many-to-One relationship with Portfolio (many investments belong to one portfolio)

4. Budget and Expense Data:

● Attributes for Budget Data:

● Budget ID (Primary Key)

● User ID (Foreign Key)

● Budget Category

● Allocated Amount

● Attributes for Expense Data:

● Expense ID (Primary Key)

● User ID (Foreign Key)

● Expense Category

● Amount

● Date

● Description

● Relationships:

● One-to-Many relationship with Expense Data (one budget category can have multiple expenses)

5. Financial Calculations Data:

● Attributes:

● Calculation ID (Primary Key)

● User ID (Foreign Key)

● Calculation Type (e.g., loan EMI calculation, investment projection)

● Input parameters specific to the calculation (e.g., loan amount, interest rate, tenure)

7. Mathematical Calculations

Specify the mathematical calculations required for the application, including loan EMI calculation, investment growth projection, and other relevant financial calculations.

1. Loan EMI Calculation:

The formula to calculate the Equated Monthly Installment (EMI) for a loan is given by:

EMI = P × r × (1+r)n/((1+r)n−1)

Where:

● P = P is the principal loan amount.

● r = r is the monthly interest rate (annual interest rate divided by 12 and then divided by 100).

● n =n is the total number of monthly installments.

2. Investment Growth Projection:

FV = PV × (1+ r/n)n * t

Where :

● FV is the future value of the investment.

● PV is the present value or initial investment amount.

● r is the annual interest rate (in decimal form).

● n is the number of times interest is compounded per year.

● t is the number of years the money is invested.

3. Budget Category Spending Percentage:

To calculate the spending percentage for a budget category, use the formula:

Spending Percentage = Actual Spending for Category / Budgeted Amount for Category ×100%

4. Expense Category Spending Percentage:

To calculate the spending percentage for an expense category, use the formula:

Spending Percentage = Total Expenses in Category / Total Expenses ×100%

5. Net Savings:

Net Savings can be calculated as the difference between the total income and the total expenses:

Net Savings = Total Income−Total Expense

8. User Interface (UI) Design Guidelines

Guidelines for the UI design, focusing on a modern, responsive, and user-friendly interface.

● Charts:

1. Portfolio Performance Overview:

● Line Chart:

● Data: Historical portfolio values over a selected time period.

● Usage: To visualize how the portfolio value has changed over time.

2. Expense Category Distribution:

● Pie Chart:

● Data: Percentage of the budget allocated to different expense categories (e.g., housing, food, entertainment).

● Usage: To visualize spending distribution across different expense categories.

3. Budget vs. Actual Spending:

● Bar Chart:

● Data: A double bar graph having budget categories on X axis and a comparison of budget spending vs actual spending depicted as double bars whose values will be shown on the Y axis.

● Usage: To show how actual spending compares to the budget for various categories.

4. Investment Returns Comparison:

● Bar Chart:

● Data: A bar chart showing returns (Y axis) for various investment categories (X-axis).

● Usage: To compare the performance of different investments and make informed investment decisions.

9. Constraints

Identify any limitations or constraints that may affect the project, such as budget, time constraints, or technological limitations.

10. Assumptions

List any assumptions made during the project planning, which may impact the requirements or development.

11. Risks and Mitigation Strategies

Identify potential risks associated with the project and outline strategies to mitigate or address them.

12. Approval

This section will include space for stakeholders to review and approve the contents of the BRD.

Spring Boot Website Design

Project ID: #37219503

About the project