The idea of saving money or even investing sounds interesting and advisable for everyone, yet many people struggle with it. Among many reasons, people often find it difficult to save or budget their money due to financial illiteracy – i.e., not knowing the right way to go about it.
How Can AI Help People Save Money?
However, many financial institutions are now finding ways to help people budget and save money more efficiently using artificial intelligence. Due to AI’s ability to analyse vast amounts of data much faster than a human, many finance apps are now integrating with the technology to learn and assist users manage their money better.
Using artificial intelligence, these apps are able to read users’ spending habits and provide accurate feedback based on that data. With such information, the apps can forecast users’ future expenses and suggest when and how to save money. In some cases, users need not to take actions to save money as the process can be automated.
Some of the Best AI Apps That Can Help You Save
Wally
Wally automated personal finance app simplifies budgeting decisions by tracking your spending, cash flow, and bills. It uses machine learning to categorize your expenses and identify trends, so you can see where your money is going and make changes to save more. Wally is free to use, but there is a premium subscription that offers additional features, such as bill reminders and budgeting templates.
Magnifi
More like an assistant, Magnif is another AI-powered investing app that helps users research and buy investments, manage your portfolio, and learn about investing. Magnifi uses machine learning to analyze your financial situation and goals, and then recommends investments that are right for you.
Cleo
Cleo is another important app on this list. It an essentially an AI-powered chatbot helps you save money by providing real-time feedback and tailored advice. Cleo can answer your questions about your finances, set savings goals, and even help you negotiate your bills.
Truebill
Truebill is a personal finance app that uses AI to help you save money. It can track your spending, identify unnecessary expenses, and cancel subscriptions for you. Truebill also offers bill negotiation services, which can help you get lower rates on your bills.
GridRewards
GridRewards is an app that helps you save money on your energy bills. It uses AI to track your energy usage and provide insights on how you can reduce your consumption.
Although the integration of AI technology in finance is a relatively new concept, many people are willing to let AI-powered tools and apps manage their personal finances in the future.
Four in ten American adults believe that AI can be a useful tool for managing their finances, according to a survey report by Intuit Credit Karma. About 57% of the respondents who previously used AI tools admitted they were willing to use the technology for financial purposes if it eliminates their money problems.
