We all want to know what’s going on with our money and in this context of economic crisis more than ever. If we can know our heart rate, our performance at work or the amount of calories we burn, why wouldn’t we want to know how much money we have, and most important, how we spend it?
Nowadays there are already several apps of personal finances that help us save money. In the article The Quantified-self movement reaches personal finance, Daniel Nadler gives some examples, such as Mint and Bill Guard, which are based on Artificial Intelligence (AI) and act like a wiser version of ourselves that helps us save money.
We all can keep record of our incomes and expenses, but AI allows these apps to point it out and, for example, to tell us what people make us spend more. Through wearable devices and smartphones, we can get to know whether we should spend our money on that product we are considering or save it for more important things. Moreover, there is the value added by Quantified-self, which allows us to spot bad habits and help us to turn them into good ones.
According to Nadler, this type of apps will become a part of our daily life and ‘decisions about personal finances, mainly those regarding our incomes, expenses and debts will be taken always having in mind what these apps have to say’. In this modern effort to get to know ourselves more than any other people in history, ‘it won’t be odd that we end up believing more in machines than in the people they are replacing’.