How Much Does It Cost to Build a Budgeting App Like EMMA In the UK

Thinking of creating a budgeting app like EMMA in the UK? You are not alone! These apps are super popular, helping people track their spending and save money.

Budgeting apps have become essential tools for those who want to gain better control over their finances. These apps help track your finances and help users make smarter money decisions.

However, businesses and entrepreneurs who want to achieve the same success as EMMA will have to understand the costs they will have to invest in building such an app. So, how much does it actually cost to build one?

This article will help you learn and understand what it takes to create a budgeting app like EMMA, the process of building a budgeting app, break down its features, development steps, cost factors, and more.

What is the EMMA App?

The EMMA is a budgeting app that helps users take control of their finances. It allows you to connect all your bank accounts in one place, set budgets, categorise expenses, and track bills and subscriptions easily and conveniently.

This app also offers features like investment tracking, rent reporting to boost your credit score, and instant payments to friends.

With various plans available, including a free option, EMMA aims to make budgeting and saving more convenient for everyone. It is available on both iOS and Android platforms, allowing wide users to access the app.

It features tools for managing subscriptions, identifying wasteful spending, and assisting with financial goal-setting.

Why Are Budgeting Apps Popular in the UK?

According to a comprehensive report, the global budget apps market size is projected to reach SD 359.01 million by 2032 with a CAGR of 5.4%. This shows that budgeting apps are gaining popularity, and many people are using it. However, here are some other reasons for its increasing popularity in the UK.

Open Banking Framework

The Open Banking framework allows the secure sharing of data between banks and third-party apps, which means the budgeting apps offer smooth bank account integrations.

Economic Pressures

With the increasing living costs and economic uncertainties, the demand for apps like EMMA has increased because it helps individuals manage their finances effectively and meet their need for an app that allows them to track expenses, save money, and avoid debt.

Digital Adoption

With more people using smartphones and growing trust in fintech business ideas and solutions, more UK consumers are using digital apps for financial management.

Ease of Use

With the help of interactive graphs, automated transaction categorisation, and customised financial advice, budgeting apps make it easy for many to manage their finances.

Subscription Tracking

Sometimes, it happens that we overspend or pay for unused services. So, budgeting apps like EMMA help users manage recurring payments as subscription-based services are growing in popularity.

What are the Features of a Budgeting App Like EMMA?

A budgeting app like EMMA has many features to help people manage their money more efficiently. These features make it easier to track spending and save more money. Here are the key features of a budgeting app.

Bank Account Integration

One of the primary features of a budgeting app like EMMA is it allows users to link their bank accounts and credit cards to the app. This makes it easy to track all live transactions without entering data manually.

They connect your bank accounts through secure technology (Open Banking APIs), which allows users to view their total balance, monitor where they are spending, and receive instant updates on their financial activity like the user receiving the message whenever they transfer or withdraw the money.

Expense Categorisation

A key feature of budgeting apps is the automatic categorisation of transactions. It organises your spending into categories like groceries, bills, and entertainment.

This helps you see where your money is going and make adjustments if needed. It allows users to learn where they can cut back or save more.

Subscription Management

As many use subscription-based services for everything from streaming platforms to software tools, budgeting apps help you manage subscriptions like Netflix or gym memberships.

The app automatically identifies subscriptions and reminds you about renewals. This way, you can also cancel any subscriptions you no longer need.

Financial Insights and Advice

Budgeting apps like EMMA provide personalised tips to users based on their spending habits. It helps you understand where you can save money or where you may be overspending. The app also gives you helpful advice on how to improve your financial habits.

Goal Setting and Tracking

Another essential feature of budgeting apps is that they allow users to set financial goals, such as saving for a holiday, buying a home, or paying off debt.

The app tracks your progress and sends reminders to keep you motivated and on track. When users check their progress, they feel more motivated and stick to their budgeting plans.

Custom Notifications and Alerts

The budgeting apps send helpful and customised notifications. For example, it alerts you when you are close to overspending or when a subscription is about to renew. These reminders ensure that users know about their financial status, which helps them avoid surprises or late fees.

Security and Privacy

A budgeting app like EMMA deals with sensitive financial information and ensures that users stay safe with strong security measures. It uses encryption to protect personal information and follows privacy rules to keep everything secure.

These apps comply with GDPR to ensure users’ privacy is maintained. The app also uses multi-factor authentication to offer more security.

Easy-to-Use Design

Both Android and iOS app design of budgeting app should be simple and easy-to-navigate like EMMA. It uses charts and graphs to display your financial information in a way that’s easy to understand, even if the user is new to budgeting. This helps the user easily understand information related to their finances.

How to Develop a Budgeting App Like EMMA: A Step-by-Step Guide

Developing a budgeting app like EMMA requires an approach that is proper and structured. This approach will take into account user needs, technology, security, and compliance.

Let’s get into details regarding the steps involved in building a successful budgeting app.

Research The Market

The main step that any developer or developing team starts with is the research to understand what people need in a budgeting app.

The target audience is identified, financial habits are understood, and the primary features are decided.

Look at other apps like EMMA and Parent Pay to see what works well and what could be improved. This helps you figure out what features your app should have.

Plan Your Features

After completing the market research, you will have to decide what features your app will offer. Basic features like tracking expenses, income categorisation, and linking bank accounts are a must.

You can also include unique features like goal setting, subscription management, and personal finance tips to stand out. Ensure that you use the features that meet the demands and expectations of your target audience.

Design the App (UI/UX)

The design you choose for your app plays an essential role in its success. The design should be user-friendly and easy to use. Create a basic outline (called a wireframe) of how the app will look.

Ensure the app is easy to navigate, with a clear button and sections, as it will help the user understand their financial data easily. Utilise the latest UI/UX design trends to ensure your app design is visually appealing.

Also Read: Top 10 Android App Dev Trends: Stay Ahead with Latest Innovations

Develop the Backend Infrastructure

The backend of your app is where all the data is processed and stored. You will need to choose a technology that can handle large amounts of data and work fast.

It’s also important to use cloud-based services to store data securely. It involves using the backend languages, such as you can build a mobile app using Python, Node.js, or other languages.

The backend should be able to handle live updates from bank accounts and provide fast data processing to ensure the app is mobile-friendly.

Integrate Open Banking APIs

Open Banking APIs are essential for securely linking users’ bank accounts to your budgeting app. These tools allow your app to safely connect with users’ bank accounts and get their transaction details.

You can choose reputable API providers like Plaid, TrueLayer, or Yodlee for secure integration with banks and financial institutions. Ensure this connection works smoothly to avoid any issues with data syncing.

Implement Security Measures

Your app must be secure since it handles sensitive financial data. Use encryption methods to protect user’s information. Follow the latest industry standards for data security.

You can offer security features like multiple-factor authentication (MFA) to keep accounts safe. Ensure compliance with data protection laws like GDPR.

Test the App Thoroughly

Testing is an essential phase in the development process. Make sure all features work as expected, and there are no bugs or issues.

Check that users can easily navigate the app and that it works on different devices like iOS and Android. Get feedback from users to improve your app.

Launch the App

After you have tested your app and fixed any issues, it is time to launch it. Submit it to the Apple App Store and Google Play Store while meeting the submission guidelines.

Create an effective marketing strategy to promote the app and attract new users. Focus on strategies in digital marketing like social media advertising and SEO to reach a wider audience.

Monitor and Maintain the App

The last step involves monitoring your app for any issues, such as bugs, crashes, etc. Pay attention to user feedback and update the app regularly with new features or bug fixes. Also, adjust your app’s features to improve the app, keep users happy, and attract new ones.

Overview of the Cost of Developing a Budgeting App Like EMMA in the UK

If you have any business idea related to the budgeting app, you will also want to get the app developed for it. The above steps show how such an app can be created.

However, when you want to get your app built, you should know and understand the cost of building a budgeting app. However, the cost of building a budgeting app like EMMA in the UK can vary, depending on many factors, such as the app’s features, complexity, development team, and project timeline.

On average, developing a budgeting app can cost anywhere from £50,000 to £200,000, but these app making charges can go higher or lower based on your needs and budget.

For example, suppose you are building an app with basic features such as tracking expenses, income categorisation, and linking bank accounts. In that case, it will cost less compared to fully-featured and complex apps.

The table below shows the complete breakdown of the costs associated with building a budgeting app like EMMA.

Cost Breakdown for Building a Budgeting App Like EMMA

We have learned the average cost range of developing a budgeting app and the steps you have to take to build a budgeting app. Here, we will explore the cost associated with the steps.

Planning and Research

Cost in this phase involves hiring experts such as business analysts and researchers who will help you understand user needs and identify the app’s features.

Key Tasks

🔘 Defining the app’s goals and features

🔘 Analysing competitors

🔘 Conducting market research

App Design

The costs of building a budgeting app depend on how complex or unique you want the design to be and the mobile app development trends you are using. If you prefer a high-quality design to offer the best user experience, the cost can be high.

Key Tasks

🔘 Designing wireframes and prototypes

🔘 Creating UI/UX designs

🔘 Conducting user testing to optimise the design

Backend Development

Backend development focuses on creating the app's server-side systems that handle all the data and transactions. The backend development needs to be solid and secure, which can increase the cost.

Key Tasks

🔘 Creating secure databases

🔘 Building APIs for data exchange

🔘 Implementing financial transaction processing

🔘 Ensuring scalability for future updates

Frontend Development

Frontend development involves building the part of the app that users interact with, such as the layout, buttons, and features like expense tracking.

Since budgeting apps need to be both visually appealing and functional, frontend development can be costly because it is the major part of the development process along with backend development.

Key Tasks

🔘 Developing user-facing features

🔘 Implementing visual elements

🔘 Optimising for different devices (iOS, Android)

Integration of APIs

Budgeting apps like EMMA integrate with bank accounts through Open Banking APIs. These APIs allow users to link their bank accounts to the app and automatically sync transaction data.

Key Tasks

🔘 Integrating Open Banking APIs for bank account syncing

🔘 Connecting to third-party services for financial data

🔘 Testing and ensuring smooth data exchange

Security Features

You will be implementing encryption to protect user information, secure payment gateways, and comply with privacy laws like GDPR. So, the security features like multi-factor authentication (MFA) and secure data storage you will be adding to your app can increase the development costs.

Key Tasks

🔘 Implementing encryption and secure data storage

🔘 Adding multi-factor authentication

🔘 Ensuring compliance with GDPR and other privacy regulations

Testing and Quality Assurance

Testing and QA are performed after the app is built to ensure there are no issues with it. The cost for this phase depends on the app’s complexity and the amount of testing required.

Key Tasks

Functional testing (checking if all features work correctly)

Performance testing (ensuring the app performs well under load)

Security testing (making sure the app is secure)

Launch and Marketing

After development, we know from the steps above that the app is launched after development on platforms like the Apple App Store and Google Play Store. The cost of marketing can vary, depending on the paid ads, SEO prices, and social media campaigns.

Key Tasks

🔘 Submitting the app to app stores

🔘 Implementing an app marketing strategy

🔘 Running paid ads and promotions

What are the Factors That Influence Development Costs?

The cost of building a budgeting app like EMMA is influenced by many factors. Understanding these factors can help you plan your budget more effectively and learn where you spend your money. Below is the list of factors impacting the development costs.

App Complexity

App complexity is one of the essential factors that affect the cost of developing a budgeting app. The more complex your app is, the higher the cost.

A simple app that only tracks spending will cost less, while an app with advanced features, such as AI-based financial data, goal tracking, or predictive budgeting tools, can cost more.

More features and complexity require more time and effort from the development team, leading to increased development costs.

Number of Platforms

The app is built on either one platform, such as iOS or Android, or both platforms, which makes a number of platforms an important factor when it comes to budgeting app development costs.

If you are developing an app for both platforms at once, the cost can increase because you need to build a separate codebase for both platforms.

However, if you are building a budgeting app for both platforms and want to reduce the cost, you can consider cross-platform app development as it uses a single codebase.

Development Team Location

The cost of hiring app developers depends on where they are based. Developers in the UK can be more costly than those in other countries or regions.

However, UK-based developers are more familiar with local regulations and user preferences, which can be beneficial for building an app that meets your user requirements.

Third-Party Integrations

Many budgeting apps, like EMMA, use third-party integrations to add functionality. For example, connecting to users’ bank accounts via Open Banking APIs requires more resources and subscription fees to third-party services.

If you plan to use multiple third-party services, it can add to the development costs.

Security and Compliance

Another essential factor that impacts the cost of developing a budgeting app is security and compliance. It is very important to comply with strict security regulations like the GDPR when it comes to budgeting apps.

The development costs can increase when you implement security features such as encryption, secure data storage, and multi-factor authentication.

These security features and measures are necessary for building digital trust with users, but they can also raise the cost of building the app.

Design Quality

The design you choose for your app can affect the development costs. A simple design can cost less, while a high-quality and complex design can be more expensive.

Apps that focus on an enhanced user experience, such as smooth transitions, personalised features, and interactive elements, require more design work.

The more effort and customisation you put into the app’s design, the higher the development cost will be.

Maintenance and Updates

After launching your app, you will need to keep it updated, fix bugs, and make improvements based on the gathered user feedback.

However, app maintenance costs can add to the overall development cost, so it is important to consider this factor. Regular updates, new features, and bug fixes help keep users engaged and ensure the app remains functional and stands out.

Uncovering the Hidden Costs of Budgeting App Development

Building a budgeting app like EMMA involves more than what you see upfront, such as the costs of coding, designing, and testing.

There are many hidden costs you might not think of at first, but they are important for a smooth and successful app launch. Here is a breakdown of the hidden costs.

Marketing and User Acquisition

In the UK, marketing your app effectively is essential to gaining users. Getting people to download your app requires a strong marketing plan.

This could include running ads, creating social media content, and working with influencers.

These campaigns need ongoing funding to attract users and keep them engaged. If you want to get noticed, you will need to invest in advertising campaigns through Google Ads and social media platforms like Facebook and Instagram.

Without a solid marketing strategy, your app can struggle to attract users, even if it offers excellent features. Content marketing and social media can cost you around £500 - £2,500 per month.

Scaling Infrastructure

When your app starts to gain users and become popular, you will need to handle more traffic. This means upgrading servers and improving the app’s design to avoid crashes or slowdowns.

Planning for this from the start can help you prevent costly fixes later. In the UK, cloud services like AWS (Amazon Web Services), Google Cloud, or Microsoft Azure are commonly used for scalable app hosting.

App Store Fees

Another hidden cost that you should know about is that listing your app on popular app stores like Google Play or the Apple App Store comes with fees.

For example, Apple charges a £79.99/year developer account fee if you want to put an app on the App Store, while Google charges a one-time fee of £25 to list your app on the Play Store.

These fees may not seem much, but they can add up over time, especially when you have to renew them annually.

Also, both app stores take a percentage of any revenue generated from in-app purchases or subscriptions, usually around 15-30%. So, it is important to consider when planning your app’s pricing model.

Design and User Experience

You may feel tempted to cut costs on the app’s design, but investing in the best quality and professional design is essential for app success. Users are more likely to engage with an app that is visually appealing and easy to navigate.

For such reasons, you will need to hire an experienced UI/UX designer, which can be costly, but it can help attract users and lead to increased positive reviews.

Customer Support

You will need a customer support team to address user issues, solve problems, and respond to feedback. It is essential for maintaining good user relationships and building trust.

However, providing customer service will involve staffing costs, software for managing support tickets, and training support staff to handle app-related issues effectively. As your user base grows, so will the need for customer support, which can add ongoing costs to your budget.

Ways to Optimise Development Costs for the Budgeting App

You can build a quality app while controlling costs by using many approaches. Here are detailed methods to manage development costs effectively.

Focus on a Minimum Viable Product (MVP)

The MVP approach is usually used to test the market or your new business idea. You can start with the basic features your app needs, like transaction tracking or account integration. This allows you to launch your app quickly and see how the users respond before investing in more advanced features.

Must Read: Top 10 MVP Development Companies In UK

Use Pre-Built Tools

Instead of building your budgeting app like EMMA from scratch, you use tools like APIs for banking connections or frameworks like Flutter for cross-platform development.

This approach will speed up the development and reduce the costs associated with maintaining separate teams for each platform.

Outsource Smartly

Another approach to reducing development costs is outsourcing specific components of your project, such as UI/UX design or backend development, to experienced and skilled developers or iOS and Android app development companies from regions with lower costs, which can help you save.

Ensure that experienced teams with good reviews are chosen for better-quality work.

Adopt Agile Development

An effective way to optimise development costs for budgeting apps is by using agile development.

You can work on your app in small phases, testing and improving as you go. This will help you give priority to important features and avoid wasting money on unnecessary elements.

Plan for Scalability Early

Design your app to handle future growth from the start. Using cloud-based solutions like AWS can help you expand easily without major expenses later. Planning for scalability earlier can help avoid the risk of service interruptions and the potential costs of fixing infrastructure later.

Monetising a Budgeting App

Making money from your app is as important as building it. You should know how you can monetise your budgeting app and earn revenue from it. Here is how you can do that.

Subscription-Based Model

The subscription model is used by many budgeting apps like EMMA. They also provide different plans, from free to ultimate pricing plans. Below, you can see the plans that EMMA offers to manage finances.

However, usually, many budgeting apps charge users a monthly or yearly fee for premium features like detailed spending information or customised advice and offer a free basic version to attract more users.

Freemium Model

A freemium approach lets users access basic features for free and charge for extras like advanced budget tools or investment tracking. This way, you can attract many users and earn from those who want more.

The freemium model works well when paired with appealing and must-have features that users are willing to pay for.

Affiliate Partnerships

Partnering with banks or financial companies to promote their services through your app is what affiliate partnerships are. You can earn a commission for every user who signs up through your app.

This strategy generates revenue and provides more value to users by offering relevant financial solutions.

In-App Advertising

In-app advertising involves showing ads within your app to earn revenue. However, keep the ads relevant, such as ads for credit cards or savings accounts. Many budgeting apps also offer an ad-free experience for paid users.

Bring Your EMMA-Inspired App to Life with Arramton

Developing a budgeting app like EMMA requires expertise, creativity, and an understanding of financial tools, which can be complex, but partnering with the ideal app development agency can make all the difference.

At Arramton, they know the ins and outs of creating budgeting apps that comply with UK regulations and meet user expectations. Their team ensures that every aspect of development, from design to deployment, meets your needs and builds the app based on your vision.

Whether you’re starting with a simple MVP or want a feature-rich app, they will guide you every step of the way.

With Arramton, you’re not just building an app—you’re creating a solution that helps users manage their spending and finances more effectively.

Let us help you bring your EMMA-inspired app to life. Contact Arramton today to start building your budgeting app.

The Final Thoughts

To conclude, we have learned that building a budgeting app like EMMA in the UK can be an exciting business idea, but it is important to be prepared for the various costs involved.

These apps have many features, such as bank account integration, expense categorisation, subscription management, etc, to help individuals manage their money more effectively.

There are many steps involved in creating a budgeting app, and each incurs a separate cost. However, the cost of building a budgeting app can vary depending on various factors, such as app complexity, number of platforms, development team location, and maintenance.

You can plan your budget and avoid surprises by understanding the hidden costs, such as marketing, scaling infrastructure, and app store fees.

Remember, creating a successful app doesn’t end at launch. You will need to maintain, scale, and market it effectively to keep users engaged. With the right strategy, a budgeting app like EMMA can also grow into a profitable business.

If you are ready to build a budgeting app like EMMA, don’t hesitate to get in touch with our experts, as they can help turn your app idea into reality!

Frequently Asked Questions

Q1 How much does it cost to develop a budgeting app like EMMA?

Ans: The cost of building a budgeting app like EMMA can cost between £50,000 and £200,000, depending on various factors, such as the development team’s expertise, location, and the technologies used. A basic app with essential features like expense tracking and bank integration will cost around £50,000–£70,000. However, a feature-rich app can cost £150,000 or more.

Q2 How long does it take to build a budgeting app like EMMA?

Ans: The developing of a budgeting app can take 6 to 12 months for a basic version, while a fully-featured app with advanced functionalities may require 12 to 18 months.

Q3 What is the minimum budget required for developing a budgeting app?

Ans: The minimum budget required for developing a budgeting app with core features like expense tracking, bank integration, and basic analytics ranges from £50,000 to £70,000. However, you can optimise the cost by using strategies such as MVP, open-source tools, and planning ahead.

Q4 How can startups monetise budgeting apps?

Ans: The startups can monetise budgeting apps, including:

✔️ Freemium Model: Offering basic features for free while charging for premium features.

✔️ In-App Advertisements: Displaying targeted ads to users.

✔️ Subscription Plans: Charging a monthly or yearly fee for enhanced features.

✔️ Partnerships: Collaborating with financial institutions to offer affiliate products like loans or insurance.

Q5 Can I develop a budgeting app without a technical background?

Ans: Yes, you can hire experienced developers or partner with a reputable app development company like Arramton. Consider starting with a Minimum Viable Product (MVP) to test the market before expanding to a full-featured app.