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Tuesday, March 5, 2024

Best AI Budgeting Apps to Save You Money in 2023

We all lead busy lives, and often our finances come last when it comes to staying organized. But budgeting and understanding your financial situation should be a top priority.

Related: What are the Best Free Budgeting App?

Luckily, there are AI budgeting apps that make managing your finances much easier, but which one is right for you?

9 Best AI Budgeting Apps

Here are the best AI-powered apps that can help you keep your budget in order:

1. Cleo

  • Best overall
  • Cost: Free (upgrade option $5.99/month)

Cleo is an AI-powered financial assistant on a mission to help you save money. It has been around for six years and provides personal advice via text message about your finances. It aims to help you make smarter financial decisions.

Cleo is a ‘freemium’ app available on iOS and Android and has many free features, including AI-created budgets.

When you upgrade you also get access to:

  • Advances*
  • Cashback at your favorite stores
  • Credit coaching

*Eligibility requirements apply. Not all users are eligible. Deposit amounts range from $20 to $250. Express fees apply for same-day transfers. Visit meetcleo.com/terms For more information.

Positives

  • Fully customizable
  • Setup takes less than 2 minutes
  • Uses humor to help you learn more about your finances

Cons

  • Only available in the United States

Learn more at MeetCleo.com

2. Wallie

  • Best for goal planning
  • Cost: Free

Wally is the world’s first AI personal finance app. Once you link your accounts to Wally, your expenses and bills are automatically tracked. It helps you too budget and manage your cash flow.

You can talk to the WallyGPT assistant to get advice about your current finances or to set goals. You can even get an education and learn about investing or personal finance topics you don’t understand.

Positives

  • 100% automated
  • Uses predictive analytics to help you save more
  • It is available in 70 countries and is good for those with investments abroad

Cons

  • Does not use two-factor authentication

More information on Wally.me

3. Enlarge

  • Best for Investing
  • Cost: $11 per month

Investing can feel overwhelming, but with Magnifi, the AI ​​assistant for investing, you get immediate answers to all your questions.

With Magnifi you can find and research the best investments, ask specific questions about the market or even ask educational questions such as what is the difference between a mutual fund and an ETF?

With Magnifi you build an investment strategy that suits your personality and helps you achieve your financial goals. You’ll also have access to investment comparisons, guided goal planning, and as much as 5% APY on savings.

Positives

  • Access on-demand data in an easy-to-read format
  • Offers personal investment guidance 24 hours a day
  • Easy to learn new investment trends or get guidance when trying out new investment tactics

Learn more at Magnifi.com

4. Rocket money

  • Best for canceling subscriptions
  • Cost: Free (option to upgrade for $4 to $12 per month)

Rocket Money allows you to better manage your money by automating many processes so you can make smart money decisions.

Rocket Money tracks your subscriptions, provides personalized alerts on your spending, and sends balance alerts if you fall below a specific threshold.

Rocket Premium offers a few more features, including:

  • Cancellation of unwanted subscriptions
  • Ability to chat with a money expert
  • Possibility to open a Smart Savings Account
  • Possibility to apply for the Rocket Signature credit card
  • Keeping track of net worth
  • Unlimited budgets
  • Invoice negotiations (fee)

Positives

  • Free subscription available
  • Helps you eliminate unnecessary subscriptions
  • Provides customized alerts so you always stay on top of your finances

Cons

  • Limited features available in the free version

Learn more at RocketMoney.com

5. Quick books

  • The best for small business owners
  • Cost: $9 to $60 per month

QuickBooks is one of the best-known AI apps built for small business owners.

QuickBooks takes the heavy lifting of bookkeeping off the shoulders of a business owner, taking care of tasks such as:

  • Billing: Send invoices automatically and get paid faster
  • Track expenses: Know where your money is going at the click of a button
  • Report generation: Have robust reports at your fingertips so you can make important financial decisions
  • Mileage registration: Using your phone’s GPS, QuickBooks can automatically track your mileage, making it easy to get your tax deduction
  • Pay bills: Pay your bills automatically and forget about those annoying late fees

Positives

  • Makes it easier to get the right tax deductions
  • Helps you identify areas that need more attention
  • Ensures all information is entered accurately to avoid errors

Cons

  • This can be overwhelming for new entrepreneurs

Learn more at QuickBooks.com

6. GridRewards

GridRewards is for everyone who focuses on sustainability. With GridRewards you reduce your carbon footprint and get paid for it! GridRewards alerts you when energy consumption is high and encourages you to reduce your consumption. If you do, you’ll earn a monetary reward.

The events to stop your energy consumption only happen 5 – 10 times a year, and according to a recent press releaseNew York City residents who used the app earned $80 – $500.

Positives

  • Earns your money
  • Pays $10 per person you refer
  • Helps reduce your ecological footprint

Cons

  • You may need to limit your utility use if this is difficult for you

Learn more at GridRewards.com

7. Waze

You might not think of Waze as one of the AI ​​budgeting apps, but it helps you save money, making budgeting easier. Waze is a navigation app that helps you find the most efficient route to your destination.

When you choose the most efficient route, reduce your fuel consumption and increase fuel efficiency, leaving more money in your pocket.

As a bonus, Waze helps you keep cool by avoiding excessive traffic or accident-prone areas.

Positives

  • Helps you save money on gas
  • Provides real-time traffic reports
  • Helps you save time and avoid headaches

Cons

  • The routes can sometimes not be optimal, especially if you are not familiar with the area

Learn more at Waze.com

8. Funnel

  • Best for travel deals
  • Cost: Free

Traveling can get expensive and drain your wealth, but the Hopper app helps you get the best travel deals, leaving more money in your pocket.

Hopper provides price predictions for flights and other travel essentials, using 30 billion price points and trillions of data points to help you save the most money on travel.

Hopper has helped 100 million travelers save, allowing them to enjoy their lives while keeping more money in their pockets!

Positives

  • Totally free
  • Has 95% accuracy with price predictions
  • Offers Flash Deals to help you save even more money

Learn more at Hopper.com

9. PayPal Honey

  • Best for savings on online shopping
  • Cost: Free

Shopping online is fun, but looking for a deal can be a real waste of time. Fortunately, the Honey browser extension makes saving money when shopping easy.

The Honey extension, owned by PayPal, finds the best deals and promo codes for you and automatically applies them when you shop online.

The extension has 17 million users and counting and it only takes a few seconds to add it to your browser so you can start saving money. They work with 30,000 stores and also offer a droplist that lets you write down what you want to buy and alerts you if the price drops. The average Honey user saves $126 per year.

Positives

  • Free and easy way to save money
  • Can put items on your ‘list’ to view for lower prices
  • Get automatic savings without taking the time to search for a coupon

Cons

  • Collects personal information

More information can be found at JoinHoney.com

What are AI budgeting apps?

AI budgeting apps are automated apps that help you manage and organize your finances. Think of them as a financial assistant in your pocket!

They can categorize expenses, automatically transfer money to savings and track your expenses, to name a few examples.

How do AI budgeting apps work?

Most AI budgeting apps require you to link your bank and investment accounts to them, usually through a secure third party like Plaid.

They use the information provided to monitor your expenses, transfer money to savings and help you achieve your financial goals.

Some AI budgeting apps require input or work from you, and others are completely hands-off, but to get the most out of them, check them often, review your progress, and determine where you need to make changes if necessary. .

Can AI Budgeting Apps Really Help Save Money?

AI budgeting apps make it much easier to save money, but of course you should follow the suggestions.

Some ways it helps you save money are:

  • Round up purchases to the nearest dollar and transfer the difference to your savings account
  • Regularly analyze your bank accounts, looking for ‘free money’ that can be transferred based on upcoming bills and normal expenses
  • Provide customized notifications about your budget and spending so you can make better decisions when you overspend

Are AI budgeting apps safe to use?

Most AI budgeting apps are safe to use, but always check how they use your information. Keep in mind that most AI apps require you to ask for personal information or link to your personal accounts.

Make sure the app you’re considering has a solid privacy policy, uses two-factor authentication where appropriate, and doesn’t sell your data to third parties.

AI budgeting apps vs. regular budgeting apps

AI budgeting apps process data at lightning speed and are much faster than budgeting apps. AI apps can predict trends, sort data, and give you a much larger amount of information faster.

Additionally, not all traditional budgeting apps tie into your bank or investment accounts to give you personalized recommendations.

Frequently Asked Questions – FAQs

What are AI budgeting apps?

AI budgeting apps automate financial management, categorize expenses, and help achieve financial goals.

How do AI budgeting apps work?

Most apps require linking accounts to monitor expenses, transfer money, and provide personalized financial guidance.

Can AI budgeting apps really help save money?

Yes, they facilitate savings through rounding up purchases, analyzing accounts, and offering customized spending notifications.

Are AI budgeting apps safe to use?

Most are safe, but users should check privacy policies, two-factor authentication, and data protection measures.

Conclusion

AI budgeting apps eliminate any excuse for not managing your personal finances. It’s like having a personal assistant 24/7, wherever you are.

Find the app that suits you best and keep your money in your pocket at the same time.

Sources & Idea Inspirations:

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