Do you often find yourself wondering where all of your money has gone, especially towards the end of the month? Does it feel like rent and EMI eats up most of your income? Would you like to get back control of your money and also save some of it? Well, artificial intelligence (AI) is here to help you with all of this. AI budgeting tools offer real-time insights, personalized recommendations, and dynamic financial planning, letting you manage finances easily and accurately. Now with generative AI, some of these tools even let you get insights into your finances through chat. In this article, we will explore the 5 most popular free-to-use AI tools for expense tracking and budgeting, in India.
Top AI Budgeting Tools in India
Here are some of the most popular, freely available, AI-powered budgeting and financial management tools used in India.
The table below compares these tools based on their various features and services:
| # | Tool | Expense Tracking | CIBIL Score Tracking | Goal-Based Financial Planning | Bill Reminders | Debt Management | Loan Options | Financial Advice Chatbot |
| 1 | Money View | Yes | Yes | No | No | Yes | Yes | Yes |
| 2 | Fi Money | Yes | No | Yes | No | No | No | Yes |
| 3 | Wally | Yes | No | Yes | No | No | No | Yes |
| 4 | LazyPay | Yes | Yes | No | Yes | Yes | Yes | No |
| 5 | Axio | Yes | No | No | Yes | No | No | No |
All of these tools track expenses with real-time categorization. They then use AI to give insights into spending habits and provide related financial advice. Some of them even offer additional features such as debt management, CIBIL score tracking, and tax saving.
Budgeting apps like Money View, Fi Money, and Wally also use AI to power their virtual financial assistants. These chatbots let you ask questions about your spending patterns and give you personalized financial management advice.
Now let’s explore the features and use cases of the top 3 tools in detail.
1. Money View
Money View is an AI-powered expense tracking and budgeting app that also offers loan and investment options. It is known for its automated SMS-based expense tracking, which categorizes expenses by parsing SMS alerts from banks and transaction confirmations. This helps users get a comprehensive view of their financial activities across multiple accounts.
The tool also provides users with regular updates on their credit (CIBIL) scores, including suggestions for improving it. This feature is especially useful for users aiming to boost their eligibility for future credit options.
Use Cases:
Individual Use Case: A user looking to improve their credit score while managing expenses could use Money View to monitor spending, receive expense summaries, and set budgets.
Business Use Case: A small business owner could use Money View to track business-related expenses across various bank accounts, bringing them all to one place. This helps in understanding the flow of money and categorizes expenses for tax purposes.
2. Fi Money
Fi Money analyzes transactions and provides users with spending insights, highlighting their spending patterns. It uses artificial intelligence to generate insights that suggest ways to optimize spending and improve savings. One of its most useful features is the Ask Fi financial assistant chatbot which can answer your questions on budgeting, credit, and investments.
Fi Money’s goal-oriented approach lets users set targets and track their progress, encouraging them to save towards specific objectives. As a part of this, it offers a unique feature called ‘Jars’ that lets users organize savings by setting aside funds for specific goals (e.g., travel, emergency fund, etc.) while earning interest on them.
Use Cases:
Individual Use Case: An individual aiming to save for a holiday might use Fi Money’s ‘Jars’ to set aside funds gradually without mixing it with other savings.
Business Use Case: A freelancer or sole proprietor could use Fi Money’s expense insights to analyze monthly business expenses, categorizing them by type (e.g., software, salary, etc.). The platform’s goal-oriented tools could also help them ensure funds are allocated by the deadline.
3. Wally
Wally is known to be the world’s first GPT-powered personal finance app. Comparatively new to the Indian financial scene, this AI budgeting app has been gaining significant traction. The main reason for this is its proprietary AI chatbot model WallyGPT. This chatbot gives simple, contextual, and personalized answers to even the most complex questions on your finances.
WallyGPT can recommend personalized budgets and actionable savings plans, based on your set goals. It can also give expert-like, personalized answers on investment options based on your finances and current market trends. The AI tool’s multi-currency expense tracking feature is yet another reason for its global popularity.
Use Cases:
Individual Use Case: Someone saving up to make a big purchase can use Wally to set a specific financial goal or keep a restricted monthly spending budget. The app’s reminders would ensure the user stays on track with their budget. Additionally, the AI chatbot could analyze their spending habits and suggest areas to cut back on.
Business Use Case: A small business owner or freelancer could use Wally to track business-related expenses and income, all within the same app. The multi-currency support would benefit users dealing with international clients as well.
Also Read: 4 Passive Income Streams Using GenAI
Conclusion
AI-powered expense tracking and budgeting tools add a personalized touch to finance management, for both individuals and businesses. They make it easier for users to track their spending, cut unnecessary costs, and plan for future savings effectively. Whether you’re a small business owner or someone who wants to get a grip on personal finances, these tools offer an insightful and interactive approach to budgeting. As artificial intelligence continues to advance, we can expect it to take on more complex financial management tasks, promoting and automating smarter financial decision-making.
Also Read: How to Make Money Using AI Tools? [14 Best Ways & Top Tools]
Frequently Asked Questions
Q1. What is AI in budgeting?
A. AI in budgeting tools refers to the use of AI that generates personalized recommendations, financial forecasts, and insights based on user data, which helps optimize budgeting decisions.
Q2. How can AI help me save money?
A. AI can help you save money through budgeting tools. These tools analyze spending habits, identify unnecessary expenses, and offer tailored saving suggestions. This helps users reduce costs and reach their financial goals faster.
Q3. Are AI budgeting tools safe to use?
A. Yes, reputable AI budgeting tools such as Money View, Fi Money, Wally, etc. use encryption and adhere to privacy standards to keep users’ financial data safe and secure.
Q4. Can AI replace financial advisors?
A. While AI-powered budgeting tools provide personal finance solutions, they aren’t yet capable of replacing financial advisors on a larger scale. For businesses, for instance, AI is just a tool that complements financial advisors, especially when it comes to complex financial decisions that require human judgment.
Q5. How accurate are AI-generated budgeting recommendations?
A. These tools rely on advanced algorithms and large datasets, making their recommendations highly accurate, though accuracy can vary depending on data quality.
Q6. What’s the difference between traditional AI and generative AI in Butfinance?
A. Traditional AI automates tasks and provides insights, while generative AI can simulate scenarios, generate unique financial plans, and make more dynamic adjustments based on real-time data.
Q7. Do AI budgeting tools support all financial institutions?
A. All of the AI budgeting tools mentioned in this article integrate with major banks and financial institutions in India, although compatibility does vary. However, this may not be true for all financial apps. So, it’s important to check if a specific tool supports your bank.
Sabreena Basheer is an architect-turned-writer who's passioante about documenting anything that interests her. She's currently exploring the world of AI and Data Science as a Content Manager at Analytics Vidhya.
