Are you trying to save a bit more each month and need help planning your finances? Or, perhaps, you’re looking for data-driven insights for your investment strategy? In the past, you’d have to use Google. Today, there’s a better way — specialized AI-tools for investing and saving. Here’s a list of five such AI apps (in no particular order):
1. Overchat
Overchat is an AI-driven assistant and you can configure it to be your financial consultant. Ask any question about investments and the AI will give you detailed, easy-to-understand answers. For example, learn about technical analysis, how to use screeners to find stocks for mid-term trading, or what “P/E ratio” and “beta” mean — just ask AI online. The app is designed to keep answers factual and avoid the made-up info (or “hallucinations”) that some AI chatbots produce.
2. Cleo
If budgeting and saving has never been your strong suit, Cleo might make it fun. Cleo is an AI-powered chatbot that serves as a personable money coach right on your phone. You interact with Cleo in a chat interface. You can ask Cleo questions about your finances (“How much did I spend on food this week?”) and get quick answers. The app will automatically categorize your expenses, help you set up budgets, and even “roast” you if you overspend.
3. Plum
Plum is like an autopilot for your savings and investments. This app uses AI to monitor your income and spending patterns, then automatically sets aside small amounts of money towards your savings goals. You simply connect Plum to your bank, define your goals (say, an emergency fund or a vacation), and its algorithm does the rest.
4. Betterment
Betterment is one of the most popular robo-advisors, and it leverages AI to make investing effortless for anyone. The idea is simple: you tell Betterment your financial goals (like “buy a house in 5 years” or “retire at 65”) and your comfort with risk, and it uses smart algorithms to build a custom investment portfolio for you. This means you don’t have to pick stocks or funds yourself; Betterment’s AI chooses a diversified mix of investments (such as stock ETFs vs. bond ETFs) that suit your needs.
5. Magnifi
Magnifi takes a unique approach to helping you invest smarter by acting as a search engine and chatbot for investments. It’s an online brokerage platform that stands out for its AI-powered search feature and conversational investment assistant. Instead of scrolling through lists of funds or stocks, you can literally type in natural language queries – like “Find me tech stocks with solid dividends” or “What are some ETFs for clean energy?” – and Magnifi will sift through ions to pinpoint relevant investments for you..
Bottom line
Investing and saving is not easy. Despite a popular belief, it takes practice, dedication, and lots of trial and error. With AI or without, this doesn’t change. An AI chatbot won’t turn you into a Warren Buffett overnight, or automatically fix financial habits that limit your saving potential, but it will take you halfway there. The rest is up to you.