2023-05-25
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Grow Your Wealth

3 Tips For Improving Your Budgeting Game (That Actually Work) | Cleo AI

Want to know how to budget better? Here’s how AI can help you.

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IN THIS ARTICLE:

Here’s the problem. When money’s tight, and you’re working super long hours, chances are you:

A) Are the least excited to look at your finances

B) Have the least time and energy to track your finances, create a budget, and motivate yourself to stick to it.

But you still want to learn how to budget better.

Here’s the solution: A super smart AI budgeting app that will do a lot of the labor for you.

Because it’s 2023, and we need to culturally move away from making budgets in our heads/ Excel spreadsheets.

And, on a real, artificial intelligence is a really useful tool for taking mind-numbing tasks off our hands, so you have more time and energy for improving your financial health.

In this blog, we’ve got three tips for how to budget better:

  1. Set SMART goals for your savings
  2. Make your budget do the work using AI
  3. Get help sticking to your budget

If you’re super tech-adverse or you don’t have access to a smartphone, you don’t have to use AI to implement these tips. But they can be made more efficient using a free money app. (Such as Cleo 🙃)

Let’s jump in.

How to Budget Better | Tip #1: Set SMART Goals for Your Savings

One of the key elements of successful budgeting is setting specific, measurable, achievable, relevant, and time-bound (SMART) goals. When it comes to saving money, having a clear objective in mind can provide you with the motivation to stick to your budget. Then Cleo can help you make these goals. More on that a little further down.

Here’s a bit more info on what SMART goals are:

- Specific: Define your savings goal with precision. Whether it's saving for a down payment on a house, planning a dream vacation, or building an emergency fund, be clear about what you want to achieve.

- Measurable: Set a target amount that you want to save. Having a specific figure in mind will allow you to track your progress and determine how close you are to reaching your goal.

- Achievable: Ensure that your savings goal is realistic. That doesn’t mean you can’t dream big. Just make sure it’s something that feels connected to your life, so you can practically work towards it.

- Relevant: Align your savings goal with your overall financial goals. Think about how achieving this goal will contribute to your long-term financial well-being and prioritize accordingly.

- Time-bound: Set a deadline for achieving your savings goal. Having a specific timeframe creates a sense of urgency and helps you stay on track. Break down your savings goal into smaller milestones to track your progress and stay motivated along the way.

By setting SMART goals for savings, you can create a clear roadmap for your financial success and stay focused on achieving your objectives.

Once you have your smart goals, you can use your Cleo budget to figure out how much you can put toward them per week. Then Cleo will automate putting these savings aside for you.

This is the important part. Want to know how to budget better? Remove the option of spending.

Based on your spending patterns and income, Cleo intelligently identifies opportunities to save and transfers the designated amount into your Cleo wallet.

Cleo will always ask to move money into your Cleo wallet, and once you consent, your brain will see this money as being in a separate pot from the money you regularly spend in a month - curbing the urge to splurge.

Then, all you have to do is sit back and watch your savings build. Consistently. With no guesswork involved.

Type “autosave” into the chat with Cleo to find out more.

How to Budget Better | Tip #2: Make Your Budget Do the Work Using AI

As well as automating your savings, Cleo has a ton of other tools that make sure your budget is working for you - rather than you working for your budget.

Budgeting can become so much more efficient and personalized with the help of artificial intelligence.

Here are a couple of AI-powered functions that make your budget work for you:

Expense Tracking: Cleo automatically tracks your expenses by analyzing your transactions, giving you a comprehensive overview of where your money is going each month. She then categorizes your spending for you, and you can go back and make amendments so that it’s super accurate. This real-time look at your finances allows you to see areas where you can cut back and save more. Saving you from having to trawl through your bank statements with a highlighter pen.

Spend Limits: Cleo lets you set spend limits for different categories, such as groceries, entertainment, or transportation. When you’re getting close to these limits, Cleo sends you notifications, reminding you to stay on track. Again cutting out any guesswork or grocery-checkout-mental-maths on your part.

How to Budget Better | Tip #3: Get help sticking to your budget

To stick to your budget, you've gotta do a little bit of rewiring in your brain. And this is a whole lot easier when you have someone - other than yourself - reminding you to stay on track. This is where Cleo really shines.

Unlike other money apps, Cleo will roast you when you need calling out for your questionable spending choices. Look, she won’t entirely shatter your self-esteem, but she will tell you exactly how much you spent on Uber last month.

If you think you need a little tough love, type “roast me” into the chat with Cleo. We dare you.

On the flip side, it is super important to celebrate your financial victories. If you type “hype me” into the chat, Cleo will show you all the good you’re doing.

How to Budget Better | The Summary

Set SMART goals for savings, use AI-powered features to optimize your budget, and stay motivated with Roast Mode and Hype Mode. Remember, budgeting doesn't have to be boring or daunting; with the right tools and mindset, it can be a super rewarding experience. Start implementing these tips today, and you’ll be on the path to financial freedom.

Now you know how to budget better. There’s only one thing left to do…

Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference. Big love. Cleo 💙

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