NLP-BASED SMART EXPENSE MANAGEMENT AND PERSONAL FINANCE TRACKER

Abstract

—Managing personal finances has become increasingly vital as individuals rely more on digital transactions in their daily lives. The NLP-Based Smart Expense Management and Personal Finance Tracker is a mobile application designed to automate and enhance personal finance tracking. By leveraging Natural Language Processing (NLP) and advanced analytics, the app provides a smart, efficient, and user friendly solution to monitor, categorize, and analyse expenses, helping users maintain financial discipline. The app automates the process of tracking financial transactions by reading incoming messages on the user’s mobile device. It scans for transaction related messages from banks, UPI platforms, and credit card providers. Pre-linked accounts—such as bank accounts, UPI ids, and card numbers—are verified against transaction details found in these messages to ensure accuracy and security. For example, the app recognizes identifiers like account numbers or card digits (e.g., XXXX1234) in the messages and confirms that the transaction matches a registered account. If a message does not align with the linked accounts, the app flags it as a new or unrecognized transaction, prompting the user to review it. Once transactions are verified, the app categorizes them into predefined groups such as salary, rent, groceries, maintenance, and EMI. It also allows users to create custom categories for greater flexibility. By employing NLP and machine learning techniques, the app continually improves its ability to classify transactions based on user feedback and evolving patterns. One of the standout features of the app is its ability to function offline. When the mobile device is not connected to the internet, the app securely stores transaction data locally on the device. This ensures that users can track and manage expenses without interruption. When the device reconnects to the internet, the app automatically synchronizes the locally stored data with a secure cloud server. This dual storage approach offers both convenience and reliability, ensuring data accessibility and consistency across devices. To empower users with insights into their financial habits, the app generates detailed analytics and reports. Users can view their expenses in an intuitive format using pie charts, bar graphs, and trend analyses. These visualizations help users understand their spending patterns, identify areas for improvement, and set realistic financial goals. For example, a pie chart may display the percentage of income spent on groceries, while a line graph might illustrate monthly spending trends over time. The app also features robust budget management tools. Users can set monthly spending limits for individual categories or overall expenses. When spending approaches or exceeds these limits, the app sends timely alerts to notify users, enabling them to make informed decisions and avoid financial strain.

Author

Dr.M.Sakthivel, Mr.Vartha Arjun M, Mrs.M.Saranya, Mr.T.Bhuvaneshwaran