For many of us, saving money feels like an uphill battle. Most consumers (57 percent) say they’re uncomfortable with how much emergency savings they have, according to Bankrate’s emergency fund report.
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Imagine having a savvy financial assistant in your pocket that not only reminds you to save, but also learns your spending habits and offers advice catered specifically to you. That’s essentially what AI-powered finance apps are — a fusion of innovative technology and the wisdom of a financial advisor to help us manage our money.
For those who’ve found saving to be a challenging endeavor, these AI-powered apps might be a game-changer. Using forecasting technology, they can anticipate monthly expenses, suggest when to save or even predict the best time to buy a plane ticket.
Wally is a completely automated personal finance app that tracks your spending, cash flow and bills to help simplify budgeting decisions. It automatically categorizes all of your expenses and income streams from connected checking, savings, credit card, loan and investment accounts.
Forecasting software is used to make personalized suggestions on how much and when to save through WallyGPT, a chatbot service built into the app.
Plus, Wally is compatible with accounts in over 70 countries, making it a helpful service for those whose finances are spread across multiple currencies.
How it can help you save: Through predictive analysis, users can anticipate monthly expenses and get a personalized savings plan.
Cost: Free
Cleo is an AI-powered savings app that’s primary selling point is its interactive chatbot. The chatbot can answer basic questions based on an analysis of your finances, such as “How much do I need to save for a vacation this year?” It can also provide more advanced insights, like a comparison of your spending categories.
With Cleo’s autosave feature, the app automatically determines how much you’re able to save and sets it aside for you on a weekly basis. You can even set up savings “fines,” so that any time you spend money on particular nonessentials, the app will move a set amount, say $5, into your savings.
How it can help you save: Cleo’s strength lies in its interactive approach. By offering real-time feedback and tailored advice, users are guided toward better spending decisions.
Cost: Free
Magnifi positions itself as an AI investing assistant. It offers personalized, conversational guidance to help users research and buy investments, manage and diversify their portfolios and learn about investing. When you sign up, you can link external investing accounts or invest directly through Magnifi.
How it can help you save: Leveraging AI’s predictive analysis, Magnifi can ensure optimal returns and save users from costly investment errors.
Cost: $13.99 per month or $133.99 annually
Through a combination of AI-driven analysis and user data, Rocket Money tracks all of your subscriptions and other recurring payments in a subscription control center. Then, you can identify which recurring payments are unnecessary expenses, and Rocket Money will cancel them for you.
Rocket Money also comes with autosave features, including a Smart Savings feature that predicts how much you can save every few days and automatically transfers that amount to your savings account.
How it can help you save: Rocket Money is designed to identify expenses you might have otherwise overlooked. It can help you save on unwanted subscription costs and automatically build savings.
Cost: Free; Premium is $3 to $12 per month
Known for its robust accounting tools, QuickBooks incorporates AI to automate a number of features useful to those who are self-employed and small business owners. Those features include cash flow forecasting, report generation and more.
One of the unique automated features offered by QuickBooks is mileage tracking. Its AI integration recognizes frequent trip routes and can help to track business versus personal trips, making it easier to maximize mileage tax deductions.
How it can help you save: By reducing manual data entry and the risk of human error, QuickBooks ensures accurate financial records for personal and business expenses. Having those precise records ensures you’re maximizing tax deductions, identifying areas of inefficiency and making better business decisions.
Cost: $15 to $100 per month, depending on the plan you choose
GridRewards is a unique app that merges sustainability with savings. It’s a product offered by Logical Buildings, a tech company with a focus on using AI-powered technology to combat climate change. With GridRewards, consumers can both lessen their carbon footprint and reap cash benefits by getting insights on when to reduce energy consumption during peak times — usually just for a few hours at a time.
By participating with energy companies, users receive direct cash payments for their contributions to saving energy. According to a press release from February , users in New York City received $80 in cash payments on average, with top savers earning up to $500.
In addition, the app provides various energy-saving actions users can take to save money on their energy bills year-long.
How it can help you save: Users can cut down on bills by getting recommendations on when and how to conserve electricity and earn direct cash payments for participating in energy-saving initiatives.
Cost: Free
Paypal’s Honey is an app with an embedded browser extension, silently but efficiently scouring the internet for discounts and automatically applying them whenever users shop online. It also offers cash-back rewards on certain purchases. According to Honey, the average user saves $126 per year with the app.
How it can help you save: Over time, the cumulative savings from the automatic discounts Honey finds can be significant.
Cost: Free
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Hopper is an AI-powered travel companion. Using forecasting software, it advises users on the ideal times to book flights or hotels and get the best prices. It also shows you historical prices for a particular booking, so you can see how what you pay compares to past price trends.
According to Hopper’s website, its machine learning algorithms can predict flight prices at over 200 airlines with 95 percent accuracy, meaning you can feel confident that you’re getting a good deal when you book a flight through the app.
How it can help you save: When it comes to travel pricing, timing is everything. Hopper helps ensure that users have reliable information to secure their booking when prices are at their lowest.
Cost: Free
While Waze is primarily known as a navigation app, its AI-driven real-time traffic analytics offer more than just route suggestions.
Uniquely, Waze blends AI technology with user-generated input. Its AI finds the most efficient route to get to your destination, factoring in traffic conditions, while user input can indicate things like where potholes are or when an accident occurs.
How it can help you save: By recommending fuel-efficient routes and minimizing idle time in traffic, Waze helps users save on fuel costs.
Cost: Free
At the heart of AI integration is the capacity to process vast amounts of data much faster than a human could ever do. Through advanced algorithms, AI-powered apps sift through data, identifying trends, anomalies and potential saving opportunities.
What especially makes these apps unique is their ability to learn continuously, improving their suggestions and predictions as consumers use them more and therefore more data flows in. If you try out one of these apps, you may notice that the recommendations it provides are ever-evolving, adapting to your changing life circumstances and needs.
A notable element of AI in finance is forecasting software. It refers to the way AI can process past financial data to make predictions about the future. This is used to predict monthly expenses and savings opportunities.
AI-driven personal finance tools are transforming how we go about our daily lives and, consequently, our financial well-being. These AI-driven apps are essentially financial coaches built into your , equipped with specialized skills and to guide users toward healthy financial choices and saving opportunities.
Users can benefit from real-time insights, proactive financial strategies and personalized guidance. If you’re looking into AI-powered apps, be sure to research any subscription fees the app may charge and check reviews to ensure that the app is worthwhile and reliable.
Saving money is a big undertaking. You may have to evaluate your budget, find ways to cut back and, in some cases, you may even need to retrain your brain. However, there's one way to make saving a lot easier: Automate it.
Whether you want to build your emergency fund or save up for a big purchase, read on to learn more about how automatic savings works and why you should start doing it today.
Automatic savings involves setting up a recurring deposit into a savings account. This way, you know that a fixed amount of money will land in your savings account on a regular basis.
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Ask just about any financial planner about the keys to building wealth and creating a plan for personal financial success, and automating your savings will be near the top of the list. Automating your savings is a route to help you consistently live below your means, says Elliot J. Pepper, CPA, CFP, financial planner and director of tax at Maryland-based Northbrook Financial. “Automate a monthly savings and investment plan so that you can force yourself to always spend less than you make,” Pepper said.
For example, let’s say you earn $4,000 each month. Instead of basing your budget on that $4,000, automating your savings helps you create a spending plan based on a smaller number. If you automatically deposit 10% of that -- in other words, $400 -- into a savings account each month, you’ll teach yourself to live on $3,600. Then, as your income grows, you can continue to put aside 10% of your pay. Later in your career when you’re earning $8,000 each month, you’ll be setting aside $800 on a regular basis.
Automatic savings can boost your finances in several ways.
This is perhaps the biggest benefit of savings automation: When you set it and forget it, you won’t ever actually forget to do it. With manual savings, if you get busy or decide that you want to go out for dinner one extra time this month, your savings balance may not grow. With automation, you don't even have to think about it.
At first, your automatic savings transfers may not seem like a lot. But all that money is building a bigger base for your long-term wealth, thanks to the magic of compound interest.
“There is a compounding effect to investing,” said Paul Deer, vice president, Wealth Private Client at Empower. “As your assets appreciate over time, all future gains are based on that larger base. The longer you can take advantage of that compounding effect, the better. In terms of savings, something like a high-yield cash bank account can help your money earn more money while it’s parked there.”
When you're automatically saving money, you automatically give yourself less to spend. This is a practice that will serve you well as you work to figure out how to develop a plan for bigger goals like sending children to college and retiring.
Saving is like building a house: It’s not going to happen in a day. Instead, it requires a brick-by-brick approach. With that in mind, it’s critical to carve out a strategy that keeps adding those bricks every month of every year. If you work hard, you’ll eventually have the equivalent of a skyscraper with a beautiful view of the future.
There are a few simple ways to automate your savings. If your employer pays you via direct deposit, divide your paycheck and deposit a portion to a dedicated savings account. Most financial experts recommend allocating between 10% and 15% of your monthly earnings to your savings when you’re just starting out in your career.
Most banks and credit unions also offer ways to automatically transfer money between your savings and checking accounts. You’ll need to log in to your online banking platform and set up a monthly automatic transfer from your checking account to a linked savings account.
Additionally, it’s important to note that every dollar counts when it comes to savings, and some institutions, such as Ally, offer programs that automatically round up spending amounts to the nearest dollar and put that extra change toward savings.
There aren’t any major downsides to automating your savings. However, a set-it-and-forget-it approach can make you feel complacent about your money management.
Even if you set up a recurring savings deposit, you still need to regularly review your finances to identify opportunities to save even more cash. Don’t let automation lull you into thinking you’re doing everything you can to save money. And be sure to leverage any big one-off cash infusions, such as a bonus or tax refund, when saving money.
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