diff --git a/.bump_version.cfg b/.bump_version.cfg
new file mode 100644
index 0000000..ef4a6a9
--- /dev/null
+++ b/.bump_version.cfg
@@ -0,0 +1,6 @@
+[bumpversion]
+__version__ = '0.0.4'
+commit = True
+tag = False
+
+[bumpversion:file:version.py]
\ No newline at end of file
diff --git a/bump_version.py b/bump_version.py
new file mode 100644
index 0000000..4fbb2db
--- /dev/null
+++ b/bump_version.py
@@ -0,0 +1,87 @@
+"""
+Tool which bumps the version based on the following commandline args:
+--dev
+--patch
+--minor
+--major
+
+For more information on the versioning scheme, please refer to: semver.org
+"""
+import argparse
+
+
+def bump_version(version, bump_type):
+    if "dev" in version:
+        main_version, dev_str = version.split('.dev')
+        dev = int(dev_str)
+    else:
+        main_version = version
+        dev = None
+        major, minor, patch = [int(x) for x in version.split('.', 2)] # gets "[patch].[dev]" for last str
+
+    major, minor, patch = map(int, main_version.split('.'))
+
+    if bump_type == 'dev':
+        if dev is not None:
+            dev = dev + 1
+        else:
+            dev = 0
+    elif bump_type == 'patch':
+        patch += 1
+        dev = None
+    elif bump_type == 'minor':
+        minor += 1
+        patch = 0
+        dev = None
+    elif bump_type == 'major':
+        major += 1
+        minor = 0
+        patch = 0
+        dev = None
+
+    new_version = f"{major}.{minor}.{patch}"
+    if dev is not None:
+        new_version += f".dev{dev}"
+
+    print(f"Bumping a {bump_type} release from {version} to {new_version}")
+
+    return new_version
+
+def process_file(filename, bump_type):
+    with open(filename, 'r') as f:
+        lines = f.readlines()
+
+    with open(filename, 'w') as f:
+        for line in lines:
+            if '__version__' in line or 'current_version' in line:
+                version = line.split(' = ')[1].strip().strip("'")
+                new_version = bump_version(version, bump_type)
+                f.write(f"__version__ = '{new_version}'\n")
+            else:
+                f.write(line)
+
+if __name__ == '__main__':
+    parser = argparse.ArgumentParser(description="Bump version script.")
+    parser.add_argument("--dev", action="store_true", help="Bump development version.")
+    parser.add_argument("--patch", action="store_true", help="Bump patch version.")
+    parser.add_argument("--minor", action="store_true", help="Bump minor version.")
+    parser.add_argument("--major", action="store_true", help="Bump major version.")
+    args = parser.parse_args()
+
+    bump_type = None
+    if args.dev:
+        bump_type = 'dev'
+    elif args.patch:
+        bump_type = 'patch'
+    elif args.minor:
+        bump_type = 'minor'
+    elif args.major:
+        bump_type = 'major'
+
+    if bump_type:
+        # Example files to be processed
+        files = [".bump_version.cfg", "version.py"]
+        for file in files:
+            process_file(file, bump_type)
+    else:
+        print("Error: Please specify a bump type. Use -h for help.")
\ No newline at end of file
diff --git a/version.py b/version.py
index 392c239..44133c9 100644
--- a/version.py
+++ b/version.py
@@ -1,3 +1,3 @@
-__version__='0.0.2'
+__version__ = '0.0.4'