AI in personal finance: How to use Artificial Intelligence to Manage your Finances? Checkout

AI in personal finance: Nowadays, AI technology is widely used in industry, government, and science. Not only in these fields, but AI has advanced to the point where it can assist people in starting businesses and managing their own finances. From financial decision-making to credit score monitoring and personalised financial guidance, AI-powered technologies can deliver personalised insights and recommendations to assist one accomplish their management goals. Let's look at how it can help you manage your own finances.

Here are the role of AI in personal finance management

Provide investment options

Wealthfront is a robo-advisor that using artificial intelligence to offer investment options based on your financial objectives, risk tolerance, and other criteria. To assist you minimise your tax liabilities, the platform provides automatic portfolio management, rebalancing, and tax-loss harvesting. Wealthfront also includes other features like cash accounts and financial planning tools.

Track your credit score

AI-powered credit monitoring solutions can follow your credit score and make advice on how to improve it. These apps will also notify you if there is any unusual activity on your credit report. Credit Karma is a free software that utilises artificial intelligence to track your credit score and offer ways to improve it.

Financial advice

Personal money management advice can be provided by AI-powered financial advisors based on your financial goals, risk tolerance, and other characteristics. These experts can assist you in developing a financial strategy and providing continuous counsel to help you reach your objectives.

Categorize your expenses

You can use artificial intelligence-powered expenditure tracking apps to automatically categorise your expenses and provide insights into your spending habits. These tools can assist you in identifying areas where you can cut costs and save more money. Zoho expenditure is an expenditure monitoring tool that uses artificial intelligence (AI) to automatically categorise your expenses and provide insights into your spending habits.

Also Read: OPPO F21s Pro VS OPPO F21 PRO: Specifications, features and price compared to facilitate decision making

Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER