Simplifying Finances with AI
Managing your budget can be a challenge
Between rent, groceries, and those little impulse buys, it’s easy to lose track of where your money is going. Thankfully, AI-powered tools are making budgeting and money management a lot simpler.
Whether you’re new to budgeting or just need help keeping track of your spending, there are apps that can help you manage your finances more efficiently. Here’s a look at two popular ones— Credit Karma and Cleo—along with the pros and cons of each.
Credit Karma: Your Budgeting Assistant
Credit Karma, previously known as Mint, is one of the most popular apps for budgeting. It connects to your bank accounts and credit cards, automatically sorting your expenses into categories like “groceries,” “entertainment,” and “transportation.” No more manually entering every expense—Credit Karma does it all for you.
How It Works: To start, simply link your bank accounts and credit cards to the Credit Karma app. It pulls all your data and displays it in one easy-to-read dashboard. From there, you can set up budgets for each category and track your spending. Credit Karma will even alert you when you’re getting close to going over your budget, so you can stay on track.
PRO's:
👍 Automatic tracking: Everything is automatically tracked, so you don’t have to manually input expenses.
👍 Budget alerts: Receive notifications if you’re about to exceed your budget in any category.
👍 Free version: Access to budgeting tools without needing to pay for premium features.
CON's:
👎 Disruptive ads: The free version includes ads promoting financial products, which can be distracting.
👎 Limited advanced features: Some advanced tools and insights are available only with a premium version, which may not be ideal for casual users.
Cleo: Your Smart Financial Assistant
Cleo takes things a step further. It doesn’t just track your spending—it learns from your habits and gives you personalized advice on how to save money. It’s like having a financial assistant in your pocket that helps you set aside small amounts of money for savings, often without you even noticing.
How It Works: To get started, simply connect your bank accounts to Cleo. It will monitor your spending and give you savings tips based on what it learns about your habits. Cleo can even automatically set aside small amounts of money for savings each month, helping you save without any effort.
PRO's:
👍 Personalized advice: Cleo learns your habits and offers tailored tips to help you save more.
👍 Simple and fun: The app’s chat-based interface is user-friendly and makes budgeting feel less like a chore.
👍 Automated savings: Cleo helps you save money automatically, so you don’t have to think about it.
CON's:
👎 Limited features in the free version: Some features, such as tailored savings plans, are only available with a paid version.
👎 Privacy concerns: Like any financial app, Cleo requires access to your banking data, which may be a concern for some users.
👎 No investment tracking: If you’re looking for a way to manage investments, Cleo might not be the best tool.
Why It’s Worth Trying AI for Budgeting
AI-powered apps like CreditKarma and Cleo make managing your finances easier and less stressful. These tools save you time, help you stay on track with your financial goals, and make it easier to see where your money is going.
Of course, there are some limitations — like limited free features — but the benefits far outweigh the drawbacks. Whether you’re just starting to budget or you want to get a better handle on your spending, these tools can make a real difference in how you manage your money.
Want to learn more about AI?
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