2023-06-22
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Grow Your Wealth

Master Your Budget: Smart Tips for Effective Financial Planning

Budgeting tips, made even easier with AI

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IN THIS ARTICLE:

Looking to finally get a handle on your financial situation? We’ve got you covered.

By incorporating the power of AI, money apps (like, ahem, Cleo) make financial planning easier than ever. 

Crying over an excel spreadsheet is finally a thing of the past. Having your AI money assistant automate, analyze, and advise on your financial situation is in, baby. 

Throughout the whole budgeting process, you can ask Cleo questions about your money, and she’ll break it down into simple chat. 

Even easier? You don’t have to pay a cent to download Cleo. Obv. 

Here are some smart budgeting tips you can easily implement today. 

Smart Budgeting Tip | Understand Your Money 

When money is a huge source of stress in your life, it can feel easier to do the whole “la la la I’m pretending you’re not real” thing when it comes to your financial situation. Why would you want to spend time combing through bank statements when you already know you’re broke? 

We get it. But, taking a look at your financial situation as a whole is the diving board toward improving your financial situation. 

Here’s the good news: Cleo, or any AI money assistant, can do the number crunching for you. 

After you’ve downloaded Cleo for free, you’ll be asked to connect your main bank account. 

You won’t be charged here (Cleo never moves money without your permission) - our super smart AI just analyzes the information this gives her to help you make the best money decisions.

She’ll categorize your expenses automatically, so you can see where your money is escaping to each month. From here, she’ll help you create a personalized budget, and you can begin to alter your money chemistry for good. 

Smart Budgeting Tip | Create a Personalized Budget 

You can follow all the budget tips in the world, but if your budget is gonna work, it’s got to be tailored for you. 

Cleo will pre-make a budget for you, complete with spend limits for tailored spending categories, and on-the-go reminders when you’re about to hit them. 

Getting reminders on the go are super important, as they keep you mindful with your spending, without you having to do any stress-fuelled mental math in the checkout line queue. 

Person on phone with bike

All Cleo needs from you is a few clicks: 

💬 Head to the Budget tab (or type “budget” into the chat) and click Next Steps 

💸 Select your income, so Cleo knows when you get paid

👀 Check Cleo’s got all your bills and subscriptions, so they can be tracked correctly

🙅♀️ Set a spend limit. You can choose this yourself, or have Cleo suggest one based on your recent spending

🔓 Customizing all these steps will unlock your "left to spend" and "left per day" amount, so you know where you’re at with your money

Importantly, by customizing your budget, you can leave space for treating yourself. Because budgeting doesn’t have to be about total self-deprivation - just making your spending more mindful. 

Smart Budgeting Tip | Set SMART goals 

With a personalized budget, Cleo can show you how much you’ve got to put aside. 

Whatever your savings goals - an emergency fund, a down payment for a house, or just to simply avoid overdrafting for the month - make them SMART. 

Specific: Define your savings goal down to the detail. Be really clear about what you want to achieve, not just “save some money.” A specific goal helps you stay motivated. 

Measurable: Set an amount that you want to save. Having a specific figure in mind for your goal allows you to track your progress towards reaching it. 

Achievable: Make sure your savings goal is realistic. It can still be a big goal. Just make sure it’s something that feels connected to your life. 

Relevant: Align your savings goal with your overall financial goals. Something that’s relevant to your life situation rn. 

Time-bound: Set a deadline for achieving your goal. “I want to buy a new car by the end of the year.” Having a specific timeframe creates a sense of urgency and helps you stay on track.

And that’s enough acronyms-that-give-school-vibes for us all for one day. 

Smart Budgeting Tip | Automate it

Automate your savings, and get reminders for bills due. 

With Autosave, Cleo automatically stashes small amounts away for you each week so you don't have to think about it. Just watch your Cleo Wallet expand 💰

Cleo offers four different savehacks to help you save:

Set & Forget: Pick an amount up to $24 and Cleo will set it aside each week for you

Round Up: Cleo rounds up and sets aside the change from your spends each week

Smart Save: Cleo uses ~algorithms~ to set aside money each week

Swear Jar: Get "fined" when you spend at selected retailers (the fine goes into your Cleo Wallet each week)

To get started just type "autosave" to Cleo in the app.

There’s only one thing left to do…

Enjoy this post? Def give it a share or send it along to a friend. You never know, it could make a big difference.

Big love. Cleo 💙

Hey, if you’re in a bind right now, Cleo could spot you up to $250.* No interest. No credit checks. No stress. 

FAQs
Still have questions? Find answers below.
What is the 50-30-20 rule?
Is Cleo a free app?
How does Cleo categorize expenses?
How does Cleo create a personalized budget?
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