Finance Buddy-personal finance AI tool

Example

For example, if a user plans to save for a down payment on a house, Finance Buddy can structure a monthly budget that prioritizes savings, cuts non-essential spending, and optimizes expenses in necessary categories.

Scenario

A user receives a monthly income of $3,000. Finance Buddy helps allocate $1,000 for rent, $600 for groceries and utilities, $400 into savings, $200 for debt repayment, and $200 for discretionary expenses like dining out and entertainment.

Example

Finance Buddy might recommend low-risk investments like bonds or high-interest savings accounts for a conservative investor, or diversified stock portfolios for someone with a higher risk tolerance.

Scenario

A user with an extra $5,000 might be advised to invest in a mix of stocks and bonds, depending on their risk profile and financial goals, such as retirement planning or building an emergency fund.

Example

When planning a kitchen remodel, Finance Buddy can estimate costs, suggest phases of investment to spread out expenses, and help secure financing options like low-interest loans.

Scenario

A user planning to remodel their kitchen with a budget of $20,000 will receive a detailed plan, which includes allocating $5,000 for cabinetry, $3,000 for appliances, and $12,000 for labor and materials, timed with their cash flow over six months.

Example

Finance Buddy can strategize payments to quickly reduce high-interest debts such as credit card balances, prioritizing them over lower-interest debts like student loans.

Scenario

For a user with $15,000 in credit card debt and $25,000 in student loans, Finance Buddy might suggest using the avalanche method to aggressively pay down the credit card debt first due to its higher interest rate, while maintaining minimum payments on the student loans.