LP 1

 Project Plan for Web-Based Salary Manager Using React, Spring Boot, and Microservices

1. Project Pitch

Objec ve: To develop a web-based Salary Manager applica on that allows users to manage their

monthly earnings, allocate funds to various categories (SIP, EMIs, extra expenses, and high-growth

investments), and calculate returns over a period of 10 years.

According to a survey conducted by the Na onal Centre for Financial Educa on (NCFE), only 24% of

the Indian populademographic, indica on is financially literate. This includes a significant por on of the youth

 ng a lack of understanding of financial planning and investment.

A report by the Na onal Ins tute of Securi es Markets (NISM) found that 70% of young

professionals (ages 18-30) do not invest their savings, leading to missed opportuni es for wealth

accumula on.

According to a survey by the Reserve Bank of India (RBI), 60% of young earners do not have a

structured budget, leading to unplanned expenses and financial stress.

A study by the Financial Planning Standards Board (FPSB) indicated that individuals with a financial

plan save 2.5 mes more than those without a plan.

Target Audience: Individuals looking to manage their finances effecin investment and savings.

 vely, especially those interested

Key Features:

 User authen ca on and profile management.

 Input monthly salary and investment preferences.

 Automa c calcula on of fund alloca ons:

 20% for SIP

 40% for EMIs

 30% for extra expenses

 10% for high-growth funds

 Calcula on of returns a er 10 years for SIP and high-growth funds.

 RESTful API for data handling.

 Microservices architecture for scalability and maintainability.

2. Technology Stack

 Frontend: React.js, HTML, CSS

 Backend: Spring Boot (Java)

 Database: PostgreSQL or MySQL

 Microservices: Node.js for specific services (e.g., user management, investment calcula ons)

 API: RESTful APIs for communica on between frontend and backend

 Deployment: Docker for containeriza on, Kubernetes for orchestra on (op onal)

3. Development Phases

Phase 1: Requirements Gathering

 Iden fy user needs and expecta ons.

 Define the scope of the project.

Phase 2: Design

 Create wireframes for the user interface.

 Design the layout and user experience using Figma or similar tools.

Phase 3: Implementa on

 Frontend Development:

 Set up a React applica on using Create React App.

 Build components for user input, results display, and naviga on.

 Implement state management (e.g., using Context API or Redux).

 Backend Development:

 Set up a Spring Boot applica on.

 Create RESTful APIs for user management, salary input, and investment calcula ons.

 Implement database models and repositories for data persistence.

 Microservices Development:

 Develop Node.js microservices for specific func onali es (e.g., investment

calcula ons).

 Use Express.js to create RESTful endpoints.

Phase 4: Tes ng

 Conduct unit tes ng for individual components (Jest for React, JUnit for Spring Boot).

 Perform integra on tes ng to ensure all parts work together.

 Gather feedback from poten al users for improvements.

Phase 5: Deployment

 Containerize the applica ons using Docker.

 Deploy the applica ons on a cloud pla orm (e.g., AWS, Azure, or Google Cloud).

 Set up CI/CD pipelines for automated deployment.

4. Implementa on Steps

1. Frontend Development:

 Create a React applica on.

 Build components for salary input, SIP return percentage, high-growth fund return

percentage, and results display.

 Use CSS frameworks (e.g., Bootstrap or Material-UI) for styling.

2. Backend Development:

 Set up a Spring Boot project with necessary dependencies (Spring Web, Spring Data

JPA, etc.).

 Create RESTful APIs for handling user data and investment calcula ons.

 Implement security features (e.g., Spring Security for user authen ca on).

3. Microservices Development:

 Set up a Node.js project for investment calcula ons.

 Create endpoints to handle calcula ons and return results to the frontend.

4. Database Setup:

 Design the database schema for user profiles, salary data, and investment records.

 Use PostgreSQL or MySQL for data storage.

5. Tes ng:

 Write unit tests for frontend components and backend services.

 Perform integra on tes ng to ensure smooth communica on between frontend and

backend.

6. Deployment:

 Use Docker to containerize the frontend, backend, and microservices.

 Deploy the containers on a cloud pla orm.

 Set up monitoring and logging for the deployed services.

5. Expected Results

 A fully func onal web-based Salary Manager that allows users to:

 Input their monthly salary and investment preferences.

 View calculated alloca ons for SIP, EMIs, extra expenses, and high-growth funds.

 See projected returns a er 10 years for SIP and high-growth investments.

 User feedback indica ng ease of use and sa sfac on with the applica on.

6. Future Enhancements

 User authen ca on to save personal data.

 Historical data tracking for be er financial management.

 Integra on with financial APIs for real- me investment data.

 Mobile applica on version for on-the-go access.

Conclusion

This project will empower users to take control of their finances by providing a clear and interacway to manage their salary and investments. By following this plan, we can ensure a structured

approach to development and deliver a valuable tool for financial management using modern

technologies.

 ve

#2

The proposed financial management projects can bring about significant posi ve changes in the lives

of young earners in India. Here are some key impacts and changes that these projects can facilitate:

1. Enhanced Financial Literacy

 Understanding Financial Concepts: By providing educa onal resources and interac ve

content, the projects will help users understand essen al financial concepts such as

budge ng, saving, inves ng, and the importance of financial planning.

 Informed Decision-Making: Increased financial literacy will empower young earners to make

informed decisions regarding their finances, leading to be er investment choices and

reduced financial stress.

2. Improved Financial Planning

 Structured Budge ng: The tools will encourage users to create and adhere to budgets,

helping them allocate their income effec vely across various needs and goals.

 Goal-Oriented Savings: Users will learn to set financial goals (short-term and long-term) and

develop ac onable plans to achieve them, fostering a culture of saving and investment.

3. Increased Savings and Investment

 Encouraging Investment: By demonstra ng the benefits of inves ng early, the projects can

mo vate young earners to start inves ng their savings, poten ally leading to wealth

accumula on over me.

 Reduc on in Wasted Spending: With be er budge ng and financial awareness, users can

iden fy and eliminate unnecessary expenses, leading to increased savings.

4. Long-Term Financial Security

 Re rement Planning: By ins lling the importance of saving for re rement from a young age,

the projects can help users build a secure financial future, reducing reliance on family or

government support in later years.

 Emergency Funds: Users will be encouraged to create emergency funds, providing a financial

safety net for unexpected expenses and reducing financial anxiety.

5. Behavioral Change

 Mindful Spending: The projects will promote a culture of mindful spending, encouraging

users to think cri cally about their purchases and priori ze needs over wants.

 Accountability: Features such as reminders and alerts can help users stay accountable to

their financial goals, fostering discipline in financial management.

6. Community and Support

 Peer Learning: Community forums and support groups will allow users to share experiences,

ps, and strategies, crea ng a suppor ve environment for financial growth.

 Access to Expert Advice: Users can benefit from personalized financial advice and insights,

helping them navigate complex financial decisions.

7. Economic Impact

 Boos ng the Economy: As young earners become more financially literate and responsible,

their increased savings and investments can contribute to overall economic growth, leading

to a more stable financial environment.

 Reduc on in Financial Stress: Improved financial management can lead to reduced stress

and anxiety related to money, contribu ng to be er mental health and overall well-being.

Conclusion

Overall, the proposed financial management projects have the poten al to transform the financial

habits of young earners in India. By equipping them with the knowledge and tools necessary for

effec ve financial management, we can foster a genera on that is financially savvy, secure, and

capable of making informed decisions that posi vely impact their lives and the economy as a whole.