Now, you don’t have to use a diary or maintain an Excel sheet to track your daily expenses. In today’s time, Artificial Intelligence (AI) has brought a new revolution in the world of personal finance. This technology is no longer just smart but has become very intelligent – it not only tracks your expenses but also alerts you in time and advises where and how money can be saved.

Earlier, you had to note every expense yourself, usually in a diary or maybe on your phone. Now AI-equipped tools and apps automatically pull data from your bank accounts or cards and divide every expense into a category like grocery, travel, shopping or subscription.

With this, you can easily identify where you are spending more than necessary and where a little control can be exercised. What’s more, this technology has also started to predict what your expenses will be in the coming months by looking at your past income and expenses like electricity bills, children’s fees or festive season shopping.

If you often feel short of money in the last week of the month, AI can recognise your spending habits and alert you in time. It can tell you what things you are spending unnecessarily on at the beginning of the month, which would be better to avoid or reduce. Apart from this, it also sends you cashflow alerts keeping in mind your salary date and bill payment dates, so that you can avoid problems like overdraft or late fees.

“With the use of AI, money management has now become more personal, smart and quick decision making than ever before,” says Kundan Shahi, Founder, Zavo.

Shahi further says that money management in India may seem daunting, but AI is quietly making it easier. “AI-based tools now offer personalized advice based on a user’s goals, spending habits and risk appetite. Virtual assistants like GPT explain complex financial concepts in layman’s terms and even predict future cash flow crises. Gamification and behavioral nudges have made saving fun. Also, AI is promoting financial inclusion by making credit scoring fairer.”

Now you don’t need to meet a financial expert for every question. AI chatbots are now in your phone, ready to help you 24 hours a day. They not only understand your expenses, but also make suggestions based on your behavior and that too in your language.

Many apps are using gamification these days such as points, badges and savings challenges to make budgeting and saving money a little more fun. It’s no longer just a chore, but a good habit.

In a country like India, where financial literacy is still low, AI has given people a better understanding of money in their own language, be it Hindi, Bengali, or Tamil. This has helped people, especially those in rural or tech-savvy areas, improve their financial health with the help of smartphones.

“AI tools don’t just track; they read your financial behavior and help you make better decisions,” says Rohit Jha, co-founder and CTO, ArthAlpha.

AI is no longer just a cost-informing tool. It has become your personal financial helper. Like a wise friend who tells you, “Stop this subscription, it’s useless”, or “You can get a better deal than this internet plan.”

Some platforms even search for offers and deals in your name, so you can find a cheaper mobile or insurance plan, or if the bank has charged you something extra, you can claim it. These tools have become your digital financial agents.

In India, there are many AI-based apps like Jupiter, Fi Money, Moneyview, Goodbudget, Spendee and Monefy that connect directly to your accounts and not only keep track of expenses, but also help you make a budget.

Ultimately, one thing is clear that while AI may seem like a convenience today, it could very well become a necessity soon. It not only gives you a true picture of your money, but also makes you self-reliant and prepared, so that you don’t make mistakes in financial decisions. The idea of ​​saving money is no longer limited to just planning but has become a daily habit with the help of smart technology.