LINCOLN COLLEGE OF SCIENCE MANAGEMENT & TECHNOLOGY
AI FINANCE TRACKING SYSTEM
BY
[CHUKWUMA PROMIS AND OSAGIEDE ASSURANCE]
[LUC-NGA-001-ADM-1000124 LUC-NGA-001-ADM-100049]
A PROJECT SUBMITTED TO THE DEPARTMENT OF COMPUTER SOFTWARE ENGINEERING,
LINCOLN COLLEGE OF SCIENCE, MANAGEMENT AND TECHNOLOGY
IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF NATIONAL INNOVATION
DIPLOMA (NID) IN COMPUTER SOFTWARE ENGINEERING
[AUGUST 2024]
CERTIFICATION PAGE
This is to certify that the research work titled “AI Finance Tracking System”has been supervised,
read, and approved by the Department of Computer Software Engineering, Lincoln College of
Science Management and Technology in partial fulfillment of the requirements for the award of
National Innovation Diploma (NID) in Computer Software Engineering.
MR IBRAHIM
Supervisor
Sign/Date
MR ABUBAKAR
Head of Department
Sign/Date
External Examiner
Sign/Date
DEDICATION
We dedicate this work to our family, friends, and mentors who provided constant support and
motivation throughout the development of this project. Their encouragement and guidance
were instrumental in completing this work.
ACKNOWLEDGEMENT
We would like to express my sincere gratitude to our supervisor, [Mr Ibrahim], whose patience,
knowledge, and expertise guided me throughout the project. I would also like to thank the staff
of Lincoln College of Science Management and Technology for their valuable feedback and
resources. Finally, I would like to thank my peers for their support and collaboration.
ABSTRACT
This project aims to develop an AI-driven finance tracking system that allows users to manage
their personal finances, including income, expenses, and budget planning. The system is built
using Next.js, TypeScript, and OpenAI API to provide personalized financial advice based on user
data. The goal is to assist users in making informed financial decisions by providing real-time,
data-driven suggestions. This documentation details the system's design, development process,
testing, and evaluation.
TABLE OF CONTENTS
1. CHAPTER ONE: INTRODUCTION
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Aim and Objectives
1.4 Significance of the Study
1.5 Scope and Delimitation
1.6 Definition of Terms
2. CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction
2.2 Theory
2.3 Review of Related Works
3. CHAPTER THREE: SYSTEM ANALYSIS AND DESIGN
3.1 Analysis of the Existing System
3.2 Weakness of the Existing System
3.3 Data Collection Techniques
3.4 Analysis of the Proposed System
3.5 System Algorithm
3.6 System Flowchart
3.7 Entity Relationship Diagram
3.8 Data Dictionary
4. CHAPTER FOUR: IMPLEMENTATION AND EVALUATION
4.1 Program Development
4.2 System Requirements
4.2.1 Software Requirements
4.2.2 Hardware Requirements
4.3 System Interface
4.3.1 Input Interface
4.3.2 Output Interface
4.4 System Testing
4.5 System Training
4.6 Conversion to the Proposed System
4.7 System Documentation
4.7.1 User Manual
4.7.2 Operational Manual
4.8 System Maintenance
5. CHAPTER FIVE: SUMMARY, RECOMMENDATIONS, AND CONCLUSION
5.1 Summary
5.2 Recommendations
5.3 Conclusion
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study
Personal finance management is becoming increasingly complex, requiring a comprehensive
system to track spending, income, and overall financial well-being. AI technologies have proven
to be instrumental in optimizing data management in finance. Traditional finance management
tools, while effective, often require extensive user input and lack personalized guidance. The
**AI Finance Tracking System** bridges the gap by providing users with an automated and
intelligent way to manage finances through the integration of AI-driven insights.
1.2 Statement of the Problem
The majority of financial tracking tools do not offer personalized, data-driven financial advice.
Users have difficulty analyzing their spending habits or making strategic decisions regarding
their finances. Existing systems often require tedious manual inputs and provide limited user
feedback. Therefore, there is a need for an intelligent system that automates financial tracking
and offers personalized recommendations.
1.3 Aim and Objectives
The primary aim of this project is to develop an AI-based system that tracks income, expenses,
and budgets while providing personalized financial advice to users. The specific objectives
include:
- To develop a user-friendly finance management interface.
- To utilize AI for real-time, personalized financial recommendations.
- To automate the tracking of expenses and income.
- To provide visual representations of financial data such as charts and graphs.
1.4 Significance of the Study
This study is significant because it introduces a system that simplifies personal finance
management through automation and AI. It will benefit users by offering data-driven insights
that can improve financial habits and help them make informed decisions. The system provides
the potential for improved budgeting, expense tracking, and overall financial literacy.
1.5 Scope and Delimitation
The project will focus on individual users rather than businesses or corporate finance. The
system tracks personal income and expenses but does not include tax computation,
investments, or loan management features.
1.6 Definition of Terms
AI (Artificial Intelligence):Technology that simulates human intelligence for automated decision-
making.
-Budget:A plan of income and expenditures.
- Next.js: A React-based web development framework.
- TypeScript: A superset of JavaScript used for building scalable applications.
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction
The rapid adoption of AI in various sectors has opened the door for its application in personal
finance. This chapter reviews existing financial tracking systems and explores the role AI plays in
improving financial management.
2.2 Theory
Artificial Intelligence is increasingly used in finance for predictive analytics, automation, and risk
management. In personal finance, AI systems can analyze user behavior to provide personalized
recommendations. Modern financial tools are adopting machine learning models to predict
future expenses, manage budgets, and provide real-time updates.
2.3 Review of Related Works
Several finance applications, such as Mint and YNAB, offer expense tracking and budget
management. However, these systems lack the advanced AI integration that provides users with
real-time, personalized financial advice. The integration of AI through OpenAI in this project
offers a new paradigm in finance management.
CHAPTER THREE: SYSTEM ANALYSIS AND DESIGN
3.1 Analysis of the Existing System
Current finance management systems like Mint require substantial manual input and often do
not provide real-time feedback. They lack personalized insights based on individual user
behavior, limiting their potential in financial advisory roles.
3.2 Weakness of the Existing System
- Requires frequent manual data entry.
- No real-time financial advice.
- Limited visual representation of financial health.
3.3 Data Collection Techniques
Data for the system was collected through surveys and interviews with users, focusing on their
financial management challenges and preferred features in a finance tracking system.
3.4 Analysis of the Proposed System
The proposed AI Finance Tracking system automates financial data collection, provides AI-driven
insights, and offers personalized recommendations to users. The system is designed to be user-
friendly and scalable.
3.5 System Algorithm
The system uses machine learning algorithms to predict future financial trends and offer
suggestions based on user spending patterns. The OpenAI API helps generate advice based on
user input.
3.6 System Flowchart
3.7 Entity Relationship Diagram
3.8 Data Dictionary
Open AI shadcn uli was also useful in making this project
CHAPTER FOUR: IMPLEMENTATION AND EVALUATION
4.1 Program Development
The AI Finance Tracking System was developed using modern web development frameworks
such as Next.js and TypeScript. The OpenAI API was integrated to offer AI-driven insights.
4.2 System Requirements
4.2.1 Software Requirements
- Next.js
- TypeScript
- OpenAI API
- Database (e.g., PostgreSQL or MongoDB)
4.2.2 Hardware Requirements
- Processor: 2 GHz or faster
- RAM: Minimum 4 GB
- Disk Space: 10 GB
4.3 System Interface
4.3.1 Input Interface
The user enters income, expenses, and budgetary data via the system’s web form.
4.3.2 Output Interface
The system displays personalized financial insights and charts, providing users with a clear
overview of their financial standing.
4.4 System Testing
The system was tested using unit testing for individual
4.4 System Testing
The system was tested using various testing methodologies, including:
- Unit Testing:Each module of the system was tested individually to ensure that it
functions correctly. For instance, the budget calculation module was isolated and tested
to ensure that inputs from different users generate accurate financial summaries.
- Integration Testing: After successful unit testing, the components were tested together
to ensure that the modules interact as intended. For example, integration tests between
the input interface (where users input income/expense) and the output interface (where
financial summaries and suggestions are displayed) were performed.
- System Testing: This involved testing the entire system to ensure that it met the
functional requirements. The AI-driven financial advice feature was also evaluated for
performance and accuracy in providing budget tips.
- User Acceptance Testing (UAT): Real users tested the system to determine whether it
met their needs. This included usability testing to ensure the interface was easy to
navigate and input/output interfaces were intuitive.
4.5 System Training
The system was designed to be easy to use. Users were provided with detailed training
materials, including a **User Manual** and video tutorials that cover:
- How to input income, expenses, and other financial details.
- How to view AI-generated financial advice and insights.
- How to interpret graphs, charts, and budget summaries provided by the system.
4.6 Conversion to the Proposed System
Conversion to the AI Finance Tracking System involved a seamless migration of test users from
traditional financial tracking methods (spreadsheets, manual tools) to the automated system.
Data migration techniques were utilized to ensure that existing data (from other finance tools)
could be imported easily.
4.7 System Documentation
4.7.1 User Manual
The User Manual is structured to assist users in understanding the features of the AI Finance
Tracking System. It provides step-by-step instructions on how to:
- Set up an account.
- Input financial data.
- Generate and view personalized financial insights.
- Use the budgeting and expense tracking features effectively.
4.7.2 Operational Manual
The Operational Manual is intended for the system administrators and provides details on:
- System installation procedures.
- Backup and restore processes.
- System update procedures.
- Troubleshooting common system errors.
4.8 System Maintenance
The system includes regular maintenance protocols to ensure optimal performance. This
involves:
- Scheduled Backups: Automated backups of the database and user financial data are set up to
prevent data loss.
- System Updates: The AI algorithms are updated periodically to improve the quality of financial
insights provided to users.
- User Support: A dedicated user support system is in place to assist users with any challenges
they may face.
CHAPTER FIVE: SUMMARY, RECOMMENDATIONS, AND CONCLUSION
5.1 Summary
This project introduced an AI-based finance tracking system that allows users to efficiently track
their income, expenses, and budgets while receiving personalized financial insights. The system
utilizes modern web technologies such as Next.js and TypeScript, and leverages the OpenAI API
to generate advice tailored to individual financial behaviors. Comprehensive system testing,
user feedback, and evaluation demonstrate that the AI Finance Tracking System effectively
meets the needs of users seeking automated personal finance solutions.
5.2 Recommendations
Several improvements and features are recommended for future development:
- Investment Tracking: The system could include features to track investments and provide
advice on managing them alongside daily expenses and income.
- Mobile Application: Developing a mobile app version of the system will increase accessibility
and usability for users on the go.
- Multi-Currency Support:To appeal to a global user base, the system should support multiple
currencies, enabling users to track finances in different currencies with automatic exchange rate
conversion.
5.3 Conclusion
The AI Finance Tracking System represents a significant leap forward in the field of personal
finance management. By incorporating AI-driven insights, users can make more informed
decisions, improve their financial habits, and manage their budgets more effectively. The project
achieved its goals of simplifying financial tracking through automation and personalization, and
it has potential for future enhancements.
REFERENCE
Next js templates and YouTube
APPENDICES
Appendix A: Flowchart of the System
Appendix B: System Screenshots
[Include screenshots of the system’s user interface, including the input forms, output charts,
and personalized advice sections.]
Appendix C: User Survey Results
