Smart Money Management: How AI Money Apps Enhance Your Finances

What Happens When Money Apps Are Enhanced With AI

In the olden days before artificial intelligence (AI), money apps were more like digital wallets. Some still are. With a digital wallet, you can see where your money is and plan for what do with it in one neat place.

However, when you add AI to the mix, things get a lot more ~sophisticated~

By harnessing the power of AI, money apps can automate, analyze, and advise on your financial situation. In a way that’s much more personal to your specific situation. Like a 24/7 financial assistant in your pocket.

A huge benefit of using AI is that it allows you to chat to your money app. You can ask Cleo questions about your money, and she’ll break it down into simple chat. Plus a whole load of other really cool stuff that we’re gonna cover in this blog.

Here's how AI money apps can enhance your finances.

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Creating a Personalized Budget with AI Money Apps

No more doing your budget in your head. No more excel spreadsheets. An AI money app does all the number crunching, and calculates what you can afford to spend in that budget cycle. So you can use your precious brain cells for more important stuff.

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Once you’ve connected your main bank account to Cleo, she analyzes the information this gives her to help you make the best money decisions.

She’ll also categorize your expenses automatically, making it easier for you to understand where your money is going. From there, she’ll help you build a personalized budget.

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Here’s how it works:

First off, make sure you’ve connected your main checking account (the one you get paid into).

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Head to the Budget tab, or type “budget” into the chat, and Cleo will take you where you need to go. Click Next Steps, and start customizing your budget:

💸 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

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Customizing all these steps will unlock your "left to spend" and "left per day" amount, so you can spend comfortably, and avoid any financial anxiety at the checkout line 🙃

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Staying Within Spend Limits Made Easy

You know that feeling, where you’re out for dinner, you’re about to pay, and then you’re hit with a wave of anxiety that you’ve overspent? Or maybe you’re way beyond waves of stress, and you’re just freewheeling in financial chaos toward that overdraft fee notification.

AI money apps come to the rescue with their spend limit reminders.

With Cleo, you can personalize your budget by setting customized spending limits for different categories, such as groceries, entertainment, or shopping, and she’ll keep you informed with your progress throughout the budget cycle.

When you're approaching your spend limit in a particular category, Cleo sends you a notification. So you can treat yourself without ~The Guilt~ hanging over you.

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Getting Bill Reminders Right on Time

We all know how easy it is to forget about upcoming bills. We, also, all hate missed payments and late fees.

AI money apps take the stress out of your hands by sending you timely bill reminders, ensuring you never miss a payment again. By syncing with your bank accounts, AI money apps can track your bills and notify you when payment due dates are approaching.

Imagine receiving a friendly little notification on your phone, reminding you to pay your credit card bill a few days before it's due. With the convenience of bill reminders, you can say goodbye to late payment fees and maintain a good credit score. AI money apps streamline the whole process, making it effortless to stay on top of your finances.

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Negotiating Your Bills with AI

You’ve probably heard of people writing school assignments or job applications with ChatGPT (with some questionable results).

But here’s how to use AI in a way that’s actually super beneficial for your finances: to negotiate your rent or bills.

Head on over to the Haggle It page, choose what you want to negotiate, and answer a few questions.

After a minute or two and you’ll get a negotiation letter you can email to whom it may concern.

1 in 3 people who responded to a survey on the feature said they were successfully able to negotiate their rent.  So, while we can’t promise results, those odds are def worth a try.

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Getting Roasted by Your AI Money Assistant

You read that right. Here’s a feature that makes Cleo totally unique. If you need a little help staying motivated, and you wanna be humbled for how much you spent on Uber last month, type “roast me” into the chat.

We dare you.

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AI Money Apps | The Summary

With AI, managing your money has never been so easy. AI is making personal finance management way more accessible, efficient, and personalized.

From creating a personalized budget to receiving bill reminders, staying within spend limits, and even haggling for better deals, Cleo’s got you covered. Even better? You can download Cleo for free.

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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 💙

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_{*The Cleo Plus subscription offers saving goals, hacks, challenges, APY on savings, credit score insights, and access to cash advances if eligible.}