Personal financial management is challenging and sometimes overwhelming, but with the help of AI, managing people’s budgets, savings, and investments for a better economic future has never been easier. Many new apps that use artificial intelligence in their operations allow users to actively manage their money, learn more, streamline specific tasks, and receive recommendations. Below is a glance at some of the best AI-based financial apps and how they make managing money easier.
1. Mint: Your Budgeting Assistant
Mint is very popular today for tracking and managing personal finance. Its AI capabilities can enhance the process of creating a budget. It links to your bank accounts, credit card accounts, and bills, all in one place, showing all your financial activities.
- How AI helps: Mint records your everyday expenditures and offers recommendations on how to reduce your spending. It also helps you categorize your transactions to see where you have been spending during the month.
- Why it’s great: Mint provides detailed budget reports and alerts for bills that are due, which saves a lot of time that would have been used tracking expenses manually.
2. Cleo: Your Friendly Financial Chatbot
Cleo is or represents a money chatbot that helps people solve issues related to monetary matters informally. It suits people searching for a less scary approach to dealing with finances.
- How AI helps: Cleo employs natural language processing by answering questions in real-time or the ability to crunch data and recognize questions. For example, you would query, “How much did I spend on coffee last month?” Cleo will then give you the details.
- Why it’s great: Cleo helps you budget, offers savings challenges, and offers witty reminders to curb impulsive spending, making money management enjoyable.
3. You Need a Budget (YNAB): AI for Serious Savers
Most people who use YNAB take their savings and budgeting seriously. It helps you come up with sub-plans for every dollar you make through the use of Artificial Intelligence.
- How AI helps: Using the data provided by the user, the app guides users on how to spend and save money more wisely. It connects to your accounts so you can monitor your savings and expenditures in real-time.
- Why it’s great: YNAB stands out because it can predict future costs and ensure that you do not end up broke at the end of the month.
4. Digit: Automating Your Savings
This is an intelligent app that creates a saving routine from your account depending on your spending pattern.
- How AI helps: Digit looks at your income, spending, and spending habits to determine how much money you can set aside for saving without influence. It then transfers this amount into a savings account, making it effortlessly easy to build a nest egg.
- Why it’s great: It removes the uncertainty of saving money, so you always put aside a certain amount of money for a certain agenda, such as a vacation, an emergency fund, or paying off a loan.
5. Personal Capital: AI Meets Investment Management
Personal Capital is the perfect app for those who aim to increase their net worth since it leverages machine learning to track and manage your money.
- How AI helps: It shows the performance of the holders’ portfolios, estimates net worth, and gives investment recommendations. The best AI provides diversification recommendations and retirement monitoring.
- Why it’s great: For those with both short-term and long-term goals, Personal Capital ensures that all aspects of one’s finances are properly aligned.
