Budget Management System and Forecasting

Abstract

Budget management system (BMS) is a website named as Budget Book designed to assist individuals and groups in tracking expenses more easily while managing budgets more efficiently. The system features a split bill feature which enables users to divide purchases and expenses among multiple individuals in an effort to share expenses more evenly, reduce misunderstandings or conflicts, and keep track of individual expenses. Users have the flexibility of allocating costs amongst their group either equally or unequally and assign specific amounts to individuals as necessary. The dashboard serves as the heart of any budget management system, offering users a snapshot of their expenses, income and savings. They can also view past budget history to monitor progress towards meeting financial goals. This section of the system also provides alerts when users approach their budget limits, helping them avoid overspending and stay on course with their financial goals. The expense tracking feature enables users to input and categorize expenses easily, making it simpler to track where money is going and identify areas where adjustments could be made to spending habits. Users can set budget limits for different categories, like groceries or entertainment, and receive alerts when their expenses approach those limits. This feature helps users stay within their budget and prevent overspending, which is particularly useful for saving or paying off debts.This system also incorporates forecasting capabilities, allowing users to project future expenses enabling better financial planning. Additionally, users can generate reports and visualize their spending patterns over time to gain additional insights into their spending habits and make better financial decisions. Budget Planning Section The budget planning module in our system helps users set and manage budgets for various expenses such as rent, utilities, groceries, entertainment and more. Users can set budget goals and track their progress towards them, making it easier to stay on top of finances and achieve financial goals. This section also features tools for creating savings plans and setting financial goals, making this section an invaluable resource for anyone trying to save money or plan ahead. This system also contains features like reminders and generating financial report. Budget management systems can be invaluable tools for anyone needing to track expenses, create budgets, and organize finances more effectively. The system is ideal for individuals or groups who use digital payment methods and want to avoid manual calculations or transfers between multiple payment apps or platforms. This makes financial management simpler for users, helping them stay on track with their finances more easily while meeting financial goals more quickly.