2023-12-08
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Grow Your Wealth

The do’s and don’ts of AI budgeting apps

If you’re firmly in your AI era, you literally need to jump on the new budgeting apps. At Cleo, we’re here to help you with your financial glow up 🎉

The do’s and don’ts of AI budgeting apps
IN THIS ARTICLE:

How AI budgeting apps can help

Used the right way, AI can be like ✨ literal ✨ magic, and there are some great apps out there to help you stash cash, budget effectively and live your best life. 

Here are some of the reasons why you should consider adding these to your regular rotation.

Financial overviews

Sometimes, it’s all about the visuals—especially if you find sticking to a budget tricky. AI budgeting apps can give you a ‘gram-worthy and comprehensive dashboard of your finances so you don’t miss a thing.

Want to know how much you really spent on bubble tea or happy hour last month? These apps break down your spending habits into fun, easy-to-digest charts and graphs, making it clear where your money's at.

From your weekend thrifting hauls to your monthly Netflix subscription, see where every penny goes in real time.

Personalized finance hacks

Based on your spending history, budgeting apps can drop you tailored advice so you can start your journey to financial health.

Next time you’re contemplating that impulse buy, your AI bud might gently remind you of your bigger goals – like that epic summer trip you're saving for.

Take Cleo, for example. She’s ready to roast you or give you gentle affirmations, depending on your vibe. And she always has the lowdown on how your budget’s going for the month. Get you a gal that does both 🤑

Goal setting, but make it fun

Trying to budget and save money in this capitalist hellscape needs a little extra ✨ motivation ✨ to make it through. If you need that extra push, AI apps make the adulting part of finances feel more like a game. 

Set goals for anything—concert tickets, an emergency fund, or even your first car. As you save and reach milestones, your wallet grows with your confidence 💕

No more forgetting

Airing might be okay in some situations, but not with your finances. AI apps will remind you of those sneaky subscriptions that drain your funds, like that fitness app you used... once. 👀

What are the risks of using AI budgeting apps?

The standard of security used by any app to do with money is pretty next level. But even though it’s locked down tighter than your neighbors WiFi, that doesn’t mean you shouldn’t follow best practices when it comes to your data. 

So first things first, make sure you keep your passwords and login details for your eyes only 👀 No matter how legit the WhatsApp scammer might seem, you really aren’t the last surviving relative of some long lost royal family (soz).

The other major risk of using an AI budgeting app is that you become a little too confident in its abilities. Planes basically fly themselves these days, but would you want to take a ride in one without a pilot upfront as backup?

It’s the same with an AI budgeting app. You need to understand what it’s showing you, and be prepared to adjust things if needed. For example, maybe all those Target purchases are being automatically categorized as food, when actually you’re buying just a few too many baby tees 👁️👄👁️  

Now you’re fully primed on the red (and beige) flags, there are loads of reasons why AI budgeting apps can help you stay on track ✨

Tips for using AI budget apps safety

You need to focus on #1, especially when it comes to your financial details. This is nothing you’ve not heard before, but it’s worth repeating, because after all, it’s your money! 

We know what you’re thinking: “What money?” 💀 But seriously, keeping your data safe from v. important for your financial health..

Security

Just like you wouldn't overshare personal ☕️ on your socials, don't leave your financial data unprotected. Choose apps that prioritize top-notch security features. Look for two-factor authentication, data encryption and regular security audits.

Use strong, unique passwords, actually enable two-factor authentication and regularly check app permissions. Secure your money fortress like it's backstage at a Drake show.

Check sources

It’s worth checking out what reputable sources have to say about the app. Websites like Nerdwallet offer detailed guides and reviews which cover the features, benefits and downsides of a wide range of apps.

Every app is going to have cons and well as pros, so make sure you place more weight on how those line up with your specific needs.

Trust, but verify

If ever something feels a little off, get in touch with the company directly to verify it’s legit. These days you don’t have to suffer the anxiety of a phone call, with online chat support often available. 

Cleo’s ready to dance

🦗🦟🦗🦟

While AI budgeting apps are like financial cheat codes, always play it safe. Cleo’s one AI budget app you can trust 💅

For the cybersecurity girlies out there, Cleo uses bank-level 256-bit encryption, doesn’t play with third-party tracking and is on read-only mode. She connects to your bank using Plaid, which has become the industry standard for data sharing. It means that Cleo never has direct access to your login details. Safe and budget savvy 💁‍♀️ 

And those budgeting skills? Unmatched. Just tell her your latest paycheck amount (and side hustle income if you have one), add your bills and let Cleo do the rest. She’ll keep you in line with spending limits and spending trackers 💸

She’s also equipped with handy reminders about payments, or if you’re about to go overdrawn (because who isn’t?), so you’re always prepared for every outcome. And if you want a financial roast or hype woman, Cleo’s on board to help.

FAQs
Still have questions? Find answers below.
How can AI budgeting apps help me with my finances?
Do AI budgeting apps only offer suggestions based on what's best for me?
How can I ensure the AI budgeting app I'm using is secure?
How can I safely manage passwords for my AI budgeting apps?
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