Smart Expense Tracking System Using Machine Learning

S. Aishwarya, S. Hemalatha

2023

Abstract

Automated expense tracking is a promising application of machine learning in personal finance management. This study presents a case study of implementing an automated expense tracking system that utilizes machine learning algorithms to predict personal expenses. The system is developed to provide users with an easy and convenient way to track their daily expenses and generate useful insights from the data collected. The proposed system collects data from multiple sources such as bank transactions, credit card statements, and user input. The data is preprocessed, and machine learning algorithms are trained to predict future expenses based on historical data. The system also provides users with data visualization tools to help them understand their spending patterns and identify areas where they can cut down expenses. The performance of the system is evaluated through a user study with 50 participants. The results show that the system is highly accurate in predicting expenses and provides users with useful insights into their spending habits. Participants also reported that the system helped them manage their finances better and save money. This study contributes to the growing body of research on using machine learning in personal finance management. The proposed system provides a practical solution for users to automate their expense tracking and gain insights into their financial behavior. Future research can focus on improving the system’s accuracy and incorporating additional features such as automatic bill payments and savings recommendations.

Paper Citation

in Harvard Style

Aishwarya S. and Hemalatha S. (2023). Smart Expense Tracking System Using Machine Learning. In Proceedings of the 1st International Conference on Artificial Intelligence for Internet of Things: Accelerating Innovation in Industry and Consumer Electronics - Volume 1: AI4IoT; ISBN 978-989-758-661-3, SciTePress, pages 634-639. DOI: 10.5220/0012613900003739

in Bibtex Style

@conference{ai4iot23,
author={S. Aishwarya and S. Hemalatha},
title={Smart Expense Tracking System Using Machine Learning},
booktitle={Proceedings of the 1st International Conference on Artificial Intelligence for Internet of Things: Accelerating Innovation in Industry and Consumer Electronics - Volume 1: AI4IoT},
year={2023},
pages={634-639},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012613900003739},
isbn={978-989-758-661-3},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 1st International Conference on Artificial Intelligence for Internet of Things: Accelerating Innovation in Industry and Consumer Electronics - Volume 1: AI4IoT
TI - Smart Expense Tracking System Using Machine Learning
SN - 978-989-758-661-3
AU - Aishwarya S.
AU - Hemalatha S.
PY - 2023
SP - 634
EP - 639
DO - 10.5220/0012613900003739
PB - SciTePress