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How to Use AI for Budgeting and Saving Money

Artificial intelligence has influenced every industry. The way it saves manual labor and time has increased its demand in every field. Apart from its commercial use, AI can also be leveraged for personal use as well. From Siri to Alexa, AI is here to make daily routine easier for us. They help you manage calendars, schedule appointments, make automated task lists as well manage finances. Yes, AI can help you save money and manage your budget if you seek efficient financial management. 

Can AI save you money?

With the emergence of AI powered financial assistants, the landscape of budgeting has totally changed. The use of AI in managing personal finances and budgeting has become accessible to the public, proven to be very beneficial. AI tools integrated with your bank accounts and debit cards can collect data by analyzing income and spending habits. By automating tasks, it can provide tailored recommendations on how you can manage your budget. These AI tools can prove to be very useful financial assistants, utilizing the algorithms, and providing valuable insights into your expenses, savings, and areas of improvement. Here, we will guide you on how to use AI to save money and use AI for personal financing.

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1. Connect accounts to AI:

To use AI personal finance, you should connect your accounts and credit cards to your trusted AI tools, allowing them to collect data on your income, expenses, spending, and savings. This can help you get real-time insights into your financial status without putting in any manual effort. By linking your accounts, the AI can provide personalized advice and insights based on your specific financial situation, thereby improving the efficacy of your savings and budgeting efforts. 

2. Automated tracking of expenses:

AI in personal financing can help you save money by tracking your expenses. Automated expense tracking provides you with insights into what proportion of your money is going where each month or whatever period you specify. AI tools can automatically analyze your transaction details to categorize your expenses. This will help you make informed decisions on where to cut back. If done manually, this process could take days or even weeks to complete, and efficiency is not ensured. But with AI-powered tools, you could manage these finances easily, and improve your spending patterns.

3. Personalized budgeting:

Customized budgets can be generated by AI personal finance algorithms using your spending patterns and financial goals as input. These smart budgets adjust over time to maximize your potential to save money. AI tools provide you with short- and long-term financial goals by defining clear objectives such as saving for a vacation or paying off debt. These goals are benchmarks for monitoring progress and determining appropriate places where the savings must go and spending priorities. Users can ensure that these financial objectives are attainable, quantifiable, and consistent with their overall financial well-being by using AI algorithms to guide them.

4. Pop up alerts and notifications:

AI personal financing provides you with tools like alerts and notifications. These alerts can go off when you are about to exceed your budget limit or due date of an unpaid bill is approaching soon. these apps can also notify you when you have met a goal or reached a milestone in your budgeting progress. These alerts and notifications might seem minute but they can contribute a lot in the overall budgeting progress. with these alerts, you don’t have to check how much money you saved, your remaining budget, or what expenses are still left every time you spend your money.

5. Predictive analysis:

The utilization of predictive analysis provided by advanced artificial intelligence budgeting technologies is part of AI personal finance. These programs use algorithms and financial data to anticipate future financial situations based on current saving and spending habits. Users can predict possible financial outcomes and make well-informed decisions regarding their budgeting strategy by utilizing predictive analysis. 
With these tools, people can proactively modify their investment strategies, savings plans, and budgets to better suit their long-term financial objectives. Users can improve their financial health and raise their chances of becoming financially successful in the future by keeping ahead of any financial opportunities and obstacles. Better financial planning and increased overall financial stability can result from routinely evaluating and making adjustments based on predictive insights.

6. AI tools for couponing:

AI for personal budgeting can also utilize tools that find good coupons for you. AI can maximize savings on essential purchases by recommending appropriate coupons for products that customers frequently buy based on their unique purchasing behavior. Additionally, AI algorithms are able to foresee future sales and promotions, carefully timing the automated use of coupons to optimize savings. By reducing the time and effort required for traditional coupon hunting techniques, users of AI-driven couponing can effectively save money on regular expenses, which will ultimately lead to improved money management and higher savings. EMUCoupons is one of the best platforms to get online coupons on essential and non-essential buying.

7. Education and training sources:

Apart from managing and saving finances, AI for budgeting can also help you save money by providing education and training. Depending on your preferences and needs, AI may suggest courses, podcasts, movies, or articles that are pertinent to you. Artificial intelligence has the ability to assess your knowledge, skills, and motivate you to acquire new ideas. AI may also expound on your queries, dispel your doubts, and define technical jargon. It will not only provide you with insights and recommendations based on your spending habits, but also make you able to manage finances on your own.

8. Social interactions:

Through social involvement, AI may harness group purchasing tips and help people save money. Certain AI-powered platforms enable users with comparable interests or requirements to organize for group or bulk purchases. Recommendations by AI are able to examine social interactions and preferences and make recommendations for promotions or less expensive options based on feedback from peers. Furthermore, social media platform-integrated AI chatbots or virtual assistants can offer customized coupons, discounts, or money-saving advice based on each user's purchasing preferences and behaviors. In this way, AI contributes to creating a supportive community focused on achieving financial goals while maximizing savings opportunities. As AI technology enters the world of personal attachments, AI-based gifts have also been introduced.

AI apps that help save money:

Now that you are familiar with the role of AI personal finance management, we will share with you a list of AI apps that you can use for personal finance budgeting:

  • Pocket guard: 

Pocket guard is an AI powered app that once connected to your bank accounts can detect fraud ensuring the security of your data. It keeps track of your recurring bill payments and create personalized plans for paying off your debts. The basic version is free but premium features cost $7.99 a month.

  • Wally GPT:

Another AI personal finance app is Wally GPT which is gives one platform to manage all your finances. It is fully automated to pay bills and tracking expenses. It is available worldwide, with all its features free to use.

  • Rocket money:

Rocket money is another well know app that provides AI personal financing and budgeting. It is automated to identify and manage your subscriptions. It negotiates your bills to ensure you are getting best rates possible. It also has smart saving feature that helps you avoid over draft fee. Basic plan is free to use but premium plans can cost from $3-$12 monthly.

  • YNAB:

You Need A Budget, or abbreviated as YNAB is a powerful AI financing tool which develops personal budgeting plans. It provides bank-grade security for your personal data, with real time sync of spending behavior. It is totally ad free, no pop ups or third party involved. It features a loan calculator that makes paying off debts a little easier. The monthly plan of this tool costs $14.99 while annual plan costs $99.

  • Cleo:

Another user-friendly and humanoid AI financing tool is Cleo. It has Roast and Hype mode for progress feedback. In ‘roast’ mode it provides humorous feedback to your progress while in ‘Hype’ mode it gives motivation to do better. It also sends timer alerts to pay due bills, and provides 24/7 access to financial insights. 

  • Trim:

Trim is an AI-powered personal finance assistant that specializes in reducing unnecessary expenditures. Trim finds possible areas for savings through subscriptions and spending patterns analysis. Bills are negotiated, unwanted subscriptions are canceled, and savings are automatically transferred to high-yield accounts.

In this fast-paced world, the use of AI has become very common. The use of AI personal finance offers a transformative approach to manage budgets and save money. AI tools allow you to automate tasks, identify your spending pattern, and provide recommendations to streamline your budgeting process. What makes AI personal budgeting special is its ability to predict future financial situations which allows you to take important steps beforehand. As AI continues to advance, it holds the potential to revolutionize the way people approach budgeting and saving, empowering them to achieve their financial goals more effectively and efficiently.

Published on: April 01, 2024

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