How to Use AI to Supercharge Your Savings with Automated Expense Tracking

Expense tracking may seem like it has nothing to do with saving, but with the help of artificial intelligence, these tools can provide detailed insights into your spending habits. If you don’t know how much money is going out the door every month, you don’t know how much you can save. Expense tracking does that for you.

Here are a couple of apps that can do this for you.

Benefits of Automated Expense Tracking

Automated expense tracking offers numerous benefits for individuals and businesses alike. By leveraging AI-powered tools, users can streamline their expense tracking processes, reducing the time and effort required to manage their finances. These tools not only simplify the tracking process but also provide valuable insights that can lead to significant cost savings.

Increased Accuracy and Efficiency

Automated expense tracking eliminates the need for manual data entry, reducing the likelihood of human error and increasing the accuracy of expense reports. AI-powered tools can quickly and accurately categorize expenses, making it easier to identify areas for cost savings. Additionally, automated expense tracking can help users stay on top of their finances, ensuring that they never miss a payment or lose track of an expense. By using AI-powered tools, users can enjoy a more efficient and accurate way to manage their expenses, ultimately leading to better financial health.

Improved Visibility and Control

Automated expense tracking provides users with real-time visibility into their spending habits, allowing them to make informed decisions about their finances. AI-powered tools can analyze customer data and provide insights into spending patterns, helping users identify areas where they can cut back and optimize their expenses. With automated expense tracking, users can take control of their finances, making it easier to stay within budget and achieve their financial goals. By leveraging these AI-powered tools, users can gain a deeper understanding of their financial behavior and make smarter choices to improve their financial well-being.

Quicken Simplifi: AI Powered

Quicken Simplifi lets you run reports based on your:

• spending
• income
• savings

Your personalized spending plan will adjust in real time. It provides you with a personalized spending plan so you always know where your expenses stand. Quicken Simplifi leverages various AI applications to enhance productivity and simplify financial management.

It links to your accounts and is offered on both iOS and Android. The cost is two dollars monthly.

PocketGuard: Track Spending Habits

PocketGuard takes into account your:

• estimated income
• upcoming expenses
• savings goals

It uses an algorithm to update you on how much you have available every day for spending. It ensures you don’t overspend and alerts you when you’re about to go over in various spending categories. If you’re not spending, you’re saving. PocketGuard also uses AI chatbots to provide instant updates and assistance, enhancing user experience.

It’s available on iOS and Android and the plus plan subscription is $12.99 per month. But it does have a free plan.

Leveraging AI Tools for Expense Tracking

AI-powered tools are revolutionizing the way we track expenses, making it easier and more efficient than ever before. By leveraging these tools, users can automate their expense tracking processes, reducing the time and effort required to manage their finances. These advanced tools offer a range of features that can significantly enhance the expense tracking experience.

AI-Powered Expense Categorization

AI-powered expense categorization is a game-changer for expense tracking. These tools use machine learning algorithms to quickly and accurately categorize expenses, eliminating the need for manual data entry. With AI-powered expense categorization, users can easily identify areas for cost savings and optimize their expenses. Additionally, these tools can provide insights into spending patterns, helping users make informed decisions about their finances.

By leveraging AI-powered expense categorization, users can:

• Reduce the time and effort required to manage their finances
• Increase the accuracy of expense reports
• Identify areas for cost savings and optimize their expenses
• Gain insights into spending patterns and make informed decisions about their finances

Overall, automated expense tracking and AI-powered expense categorization are powerful tools for managing finances. By leveraging these tools, users can streamline their expense tracking processes, reduce operational costs, and achieve their financial goals.

Smart Savings Recommendations

AI tools analyze your financial habits and market trends to make savings recommendations. They may suggest service cancellations or better deals on purchases.

For example, Rockey Money will see all subscriptions in one place and cancel unwanted or duplicate ones for you. It also stays on top of recurring bills and ensures that you pay them on time. This will save you late fees and overdrafts.

Automate Your Savings, Investments, and Income Streams

Some AI platforms offer automated savings features. These features let you set up customized savings goals by analyzing income streams and spending habits. Once the AI identifies these, it can automatically allocate funds into designated savings accounts. Generative AI can further enhance this by creating adaptive savings plans tailored to individual financial behaviors.

There are several apps that will do this.

Acorns

Acorns is an AI-powered app that focuses on saving and investing. It is linked to your bank accounts and credit cards.

When you make a purchase, Acorns rounds up the purchase price and invests the additional money for you. For example, if you purchase mourning coffee for $5.75, Acorns will round it up to six dollars and invest the difference ($.25). These pennies will add up fast.

The investment portfolio is AI-managed, so you don’t have to worry about it. The downside is that it can have high fees on small balances.

Acorns also gets you cash back at over 450 retailers. These dollars are also invested. The app leverages AI to enhance its development processes, simplifying complexities and automating tasks to improve functionality and user experience.

This is a good app for those who struggle to save and are hands-off investors.

Chime

Chime makes banking services easy and free. You won’t be charged:

• service fees
• overdraft fees
• foreign transaction fees
• other charges

It also has the roundup feature and will automatically transfer the rounded-up amount to a high-yield savings account.

If you want automated savings that earn high interest, Chime might be for you. By helping you save and earn more money, Chime can enhance your financial well-being.

Stash

Stash is an app that offers various types of online banking and investment accounts. It caters to both hands-on and hands-off investors and allows users to buy cryptocurrency.

If you’re hands-off, you can use the Smart Portfolio feature. This gives you a pre-built portfolio of:

• stocks
• bonds
• crypto

The app automatically rebalances and reinvests dividends for you.

Although it depends on your plan, Stash has the Stock-Back Card which rewards you for purchases with stock.

Use AI Tools and Smart Budgeting Apps to Save

Only by having a budget can you make a plan and save. AI-powered apps not only help you set a budget and stick with it but also excel in time management by intelligently organizing your schedule. Here are a few budget apps that are worth taking a look at.

Albert

Albert helps you create a personalized budget. It will also automate your savings and provide you with investment advice. Additionally, Albert can manage your to do list, alleviating the burden of maintaining tasks and allowing you to focus on more important aspects of your life.

It analyzes your income and spending. It then finds small amounts it thinks you can afford to set aside. Depending on your settings, money is moved to savings or investing.

It has an intuitive interface that simplifies financial planning and will help you save more efficiently.

SaverLife

SaverLife uses psychology and AI to motivate you to save. Link your existing bank account where you save. You’ll earn points as you build financial health. You’ll read articles or use their budgeting tools to save money.

When you earn points, you can redeem them for digital prizes or a chance to win cash. SaverLife helps you stay ahead of your financial goals by adapting in real-time to your saving habits and providing timely incentives.

Goodbudget

Goodbudget is about planning your finances. It is based on the envelope system, which involves distributing your monthly income toward specific spending categories called envelopes. Goodbudget also helps users manage their time effectively, ensuring they have enough hours to complete their tasks by optimizing schedules and balancing work and personal commitments.

You’ll know where your money is going and how much you have left over to save.

You can access the app on the phone or web.