Siddaganga Institute of Technology, Tumakuru-572103

(An autonomous institution affiliated to VTU, Belagavi, Approved by

AICTE, New Delhi, Accredited by NAAC with 'A' grade & ISO
9001:2015 Certified)

MINI-PROJECT Report on
SpendSmart: AI-driven Personalized Expense Tracker
BACHELOR OF ENGINEERING
in
COMPUTER SCIENCE & ENGINEERING (AI&ML)
Submitted by

SHASWAT MISHRA (1SI22CI048)

PRINCE KUMAR SINGH (1SI22CI041)
VINAY N DAYAPULE (1SI22CI057)
under the guidance of

Dr. Bhargavi K
Associate Professor
Department of CSE

Department of Computer Science & Engineering

2024-25
SIDDAGANGA INSTITUTE OF TECHNOLOGY
TUMKUR - 572103
(An Autonomous Institute under Visvesvaraya Technological University, Belagavi)

CERTIFICATE

Certified that the miniproject work entitled “SPENDSMART: AI-DRIVEN

PERSONALIZED EXPENSE TRACKER ” is a bonafide work carried out by
Shaswat Mishra (1SI22CI048), Vinay N Dayapule (1SI22CI057),Prince Kumar
Singh (1SI22CI041) in partial fulfillment for the completion of V Semester of
Bachelor of Engineering in Computer Science Engineering (AIML) from
Siddaganga Institute of Technology, an autonomous institute under Visvesvaraya
Technological University, Belagavi during the academic year 2024-25. It is
certified that all corrections/suggestions indicated for internal assessment have been
incorporated in the report deposited in the department library. The project report has
been approved as it satisfies the academic requirements in respect of project work
prescribed for the Bachelor of Engineering degree.

Dr. Bhargavi K
Associate Professor
Dept. of CSE
SIT,Tumakuru-03

External viva:
Names of the Examiners Signature with date

1.

2.

3.
ACKNOWLEDGEMENT

We offer our humble pranams at the lotus feet of His Holiness, Dr. Sree Sree
Sivakumara Swamigalu, Founder President and His Holiness, Sree Sree
Siddalinga Swamigalu, President, Sree Siddaganga Education Society, Sree
Siddaganga Math for bestowing upon their blessings.

We deem it as a privilege to thank Late Dr. M N Channabasappa, Director, SIT,

Tumakuru, Dr. Shivakumaraiah, CEO, SIT, Tumakuru, and Dr. S V Dinesh,
Principal, SIT, Tumakuru for fostering an excellent academic environment in this
institution, which made this endeavor fruitful.

We would like to express our sincere gratitude to Dr. N R Sunitha, Professor and
Head, Department of CSE, SIT, Tumakuru for her encouragement and valuable
suggestions. We thank our guide Dr. Bhargavi K, Associate Professor,
Department of Computer Science and Engineering, SIT, Tumakuru for the
valuable guidance, advice and encouragement.

Shaswat Mishra (1SI22CI048)

Prince Kumar Singh (1SI22CI041)
Vinay N Dayapule (1SI22CI057)
COURSE OUTCOMES

After successful completion of mini project, graduates will be able to

CO1: To identify a problem through literature survey and knowledge of contemporary
engineering technology.
CO2: To consolidate the literature search to identify issues/gaps and formulate the
engineering problem.
CO3: To prepare project schedule for the identified design methodology and
engage in budget analysis, and share responsibility for every member in the team
CO4: To provide sustainable engineering solution considering health, safety, legal,
cultural issues and also demonstrate concern for environment
CO5: To identify and apply the mathematical concepts, science concepts,
engineering and management concepts necessary to implement the identified
engineering problem
CO6: To select the engineering tools/components required to implement the proposed
solution for the identified engineering problem
CO7: To analyze, design, and implement optimal design solution, interpret results of
experiments and draw valid conclusion
CO8: To demonstrate effective written communication through the project report,
the one-page poster presentation, and preparation of the video about the project and the
four page IEEE/Springer/ paper format of the work
CO9: To engage in effective oral communication through power point presentation and
demonstration of the project work.
CO10: To demonstrate compliance to the prescribed standards/ safety norms and
abide by the norms of professional ethics.
CO11: To perform in the team, contribute to the team and mentor the team.
CO-PO Mapping

PO1 PO2 PO3 PO4 PO5 PO6 PO7 PO8 PO9 PO10 PO11 PSO1 PSO2
CO-1 3
CO-2 3
CO-3 3
CO-4 3
CO-5 3 3
CO-6 3 3
CO-7 3 3
CO-8 3
CO-9 3
CO-10 3
CO-11 3
Average 3 3 3 3 3 3 3 3 3 3 3

PSO mapping to be done by respective Dept.

Attainment level: - 1: Slight (low) 2: Moderate (medium) 3: Substantial (high)
POs: PO1: Engineering knowledge, PO2: Problem analysis, PO3: Design of solutions,
PO4: Conduct investigations of complex problems, PO5: Engineering tool usage, PO6:
Engineer and the world, PO7: Ethics, PO8: Individual and collaborative work, PO9:
communication, PO10: project management and finance, PO11: Life-long learning.
Abstract

In today's fast-paced, consumer-driven world, managing personal finances has become a

daunting task for many individuals. Traditional expense tracking methods often fall short of
providing meaningful insights into spending patterns, leaving users with limited information
to make informed financial decisions. Many existing tools merely focus on basic functionalities
such as logging expenses and generating reports, without addressing the need for deeper
analysis or actionable guidance. As a result, individuals struggle to gain a clear understanding
of their financial health, making it difficult to identify areas where they can reduce spending,
optimize budgets, or find opportunities to save. These limitations have led to a growing demand
for more intelligent and personalized solutions that can offer users better control over their
finances. The rise of artificial intelligence (AI) provides an opportunity to address these
shortcomings by delivering personalized financial insights that go beyond mere record-
keeping.

SpendSmart, an AI-based personalized expense tracker, is designed to meet these needs by

offering a comprehensive solution that combines expense tracking with intelligent analysis of
spending behaviour. This platform empowers users by utilizing advanced AI algorithms to
analyse their financial data, identify trends, and provide personalized recommendations for
optimizing their budget and improving financial well-being. SpendSmart not only tracks and
categorizes expenses in real-time but also offers visual representations of spending habits
through dynamic graphs and charts, enabling users to see how their spending aligns with their
financial goals. Additionally, the AI-powered system delivers tailored suggestions on how to
reduce expenses and maximize savings, offering personalized advice that is relevant to each
user's unique spending habits. By providing a holistic view of personal finances, SpendSmart
transforms the way users manage their money, enabling them to achieve long-term financial
stability and make smarter, data-driven decisions.
Contents
Abstract i
List of Figures i
List of Tables i
1. Introduction ............................................................................................................... 1
1.1 Motivation ............................................................................................................. 2
1.2 Objective of the Project ......................................................................................... 2
1.3 Organisation of the Report .................................................................................... 3
2. Literature Survey ...................................................................................................... 4
3. Proposed System Architecture .................................................................................. 7
3.1 Refering Figure ...................................................................................................... 7
3.2 Workflow of the proposed System ..........................................................................8
4. Software Requirement/Technological Stack .......................................................... 10
5. Results ........................................................................................................................ 11
5.1 Snapshots .............................................................................................................. 11
5.2 Applications .......................................................................................................... 16
6. Conclusion ................................................................................................................. 17
6.1 Scope for Future Work ......................................................................................... 17
Bibliography 19
Appendices 20
A. Data Sheet of Component 1 21
B. Data Sheet of Component 2 22
C. Data Sheet of Component 3 23
D. Data Sheet of Component 4 26
Chapter 1
INTRODUCTION

Managing personal finances has become more intricate in today’s world, where digital
payments, subscriptions, and diverse spending channels have taken precedence over traditional
methods. Individuals frequently find themselves overwhelmed by the number of transactions
they engage in daily, making it challenging to keep track of their expenses and maintain a
balanced budget. While several existing expense tracking solutions provide basic
functionalities such as recording transactions and organizing them into broad categories, they
often fail to deliver the personalized insights needed to make smarter financial decisions. This
gap between recording and actionable insights has left users searching for more advanced
solutions that can cater to their specific financial needs, understand their unique spending
habits, and offer tailored advice on how to manage their money more effectively [1].

SpendSmart, an AI-driven personalized expense tracker, addresses these challenges by offering

a comprehensive approach to personal financial management. By utilizing cutting-edge AI
algorithms, SpendSmart not only tracks user expenses but also analyses spending behaviour to
provide category-wise tracking, real-time graphical representations of spending patterns, and
customized recommendations on how to save money and optimize budgeting. For example, the
application might identify patterns in a user’s spending, such as recurring subscriptions or
frequent dining out, and suggest ways to save on these categories or offer discounts based on
usage trends. With its ability to transform raw financial data into meaningful and personalized
insights, SpendSmart empowers users to make informed financial decisions, improve their
budgeting strategies, and foster healthier spending habits. This report delves into the
conceptualization, development, and technological achievements of the SpendSmart
application, showcasing its potential to revolutionize how individuals manage their finances
and enhance their financial well-being [2].
1.1 Motivation

The motivation behind developing SpendSmart arises from the growing complexity of
managing personal finances in today’s fast-paced digital economy. With the increasing use of
digital wallets, credit cards, and online transfers, individuals are frequently engaging with
multiple payment platforms, making it difficult to keep an accurate track of their expenses. This
fragmentation often leads to a lack of visibility into one’s overall financial picture, resulting in
overspending, missed bill payments, or even unnecessary subscriptions. Without a
comprehensive view of their spending patterns, many users find themselves struggling to
budget effectively and missing opportunities to save money [3].

SpendSmart aims to address these challenges by simplifying the financial management process
through the use of AI-driven insightsThe app automatically tracks spending across platforms,
helping users understand their financial habits, identify cost-cutting areas, and make informed
decisions to improve their financial well-being. The goal is to provide users with actionable
insights that require minimal effort on their part, helping them achieve smarter financial
decisions, boost savings, and develop healthier spending habits—all while reducing the stress
typically associated with managing personal finances [4].

1.2 Objectives
The Objectives of the SpendSmart are as follows:
 Provide a comprehensive AI-powered solution for tracking and managing personal
expenses.
 Allow users to categorize their spending for better financial insights and management.
 Recommend discounts and offers from popular platforms based on user spending
patterns, promoting savings.
 Create an intuitive, user-friendly interface that makes personal finance management
accessible to everyone.
 Offer personalized financial advice using ChatGPT's API to help users make informed
spending decisions.
1.3 Organization of the report

The report is structured into seven chapters, focusing on various aspects of the SpendSmart
AI-based personalized expense tracker:
1. Chapter 2: Literature Survey Conducted so far in the field of expense management.
2. Chapter 3: Describes the architecture of the SpendSmart tool, data flow, and the
execution of expense tracking parameters.
3. Chapter 4: Details the software requirements and the technological stacks involved
in making this platform.
4. Chapter 5: Discusses the processing of expense data, including categorization,
short-term assessments, and key expense parameters. A demonstration related to
this is being done.
5. Chapter 6: Application of the given expense tracker.

6. Chapter 7: Concludes the report with a summary of results and future work
possibilities in AI-based expense tracking.
7. Chapter 8: Includes the academic study of the given project maintain a
bibliography and related works.
Chapter 2
LITERATURE SURVEY

The [5] explores the role of AI in transforming personal finance tools by leveraging predictive
analytics and user-centric recommendations. This research highlights how AI enables financial
applications to offer insights that help users optimize their budgets and spending habits.
However, the main drawback lies in the dependence on historical data, which may not be fully
reliable in the face of unforeseen financial circumstances or rapid changes in user behaviour.
As a result, AI-driven predictions might sometimes offer recommendations that are not entirely
suitable for real-time financial challenges.

The [6] investigates techniques for generating real-time graphs and visualizations to support
financial management. The research reveals that these visualizations play a crucial role in
enhancing user decision-making by offering clear representations of spending patterns.
However, a key drawback is that while real-time data visualization is effective for users familiar
with financial tools, it can be challenging for users with limited financial knowledge, leading
to potential confusion in interpreting complex metrics.

In the [7] the focus is on utilizing natural language processing (NLP) to enhance user
interaction by providing personalized financial advice. AI-powered chatbots help guide users
by responding to queries and offering recommendations in a conversational manner. The
limitation here is that NLP-based systems are prone to misinterpretation of user inputs,
especially when dealing with diverse linguistic patterns or ambiguous phrases. This can result
in the chatbot providing inaccurate or irrelevant advice, which diminishes user trust in the
system.

The [8] examines the integration of secure payment gateways into financial platforms, enabling
users to perform transactions seamlessly. This research underscores the importance of user trust
and transaction security, ensuring that sensitive financial data is well-protected. However, the
drawback is the potential vulnerability of these systems to cyberattacks or phishing schemes,
which can undermine user trust and expose financial information if robust security measures
are not consistently updated and maintained.
The [9] focuses on creating intuitive and accessible interfaces for financial management
applications. It emphasizes the importance of user experience (UX) in ensuring that financial
tools are easy to use and cater to diverse user groups. However, a significant challenge is
designing a universal interface that caters to users with varying levels of financial literacy.
While some users may prefer simplicity, others may require more detailed features, making it
difficult to satisfy all user preferences in a single design.

The [10] addresses techniques for ensuring data security and compliance with global privacy
standards in financial tools. It highlights encryption, user authentication, and protection against
data breaches as essential components. Despite these advancements, the drawback lies in
balancing security with usability, as users may find additional security measures, such as multi-
factor authentication, cumbersome, leading to a less streamlined experience and possible user
frustration.

The [11] discusses how machine learning (ML) algorithms can analyze and predict user
spending patterns to assist in personalized financial planning. While ML improves financial
recommendations by identifying trends in user behavior, the drawback is that the accuracy of
predictions can suffer when the algorithm encounters new, atypical, or insufficient data. This
can result in financial advice that doesn’t align with the user’s unique situation, potentially
leading to suboptimal decisions.

The [12] examines the use of AI to automatically categorize expenses, enhancing the precision
of financial tracking and budgeting. This research highlights how AI can continuously improve
through learning from user data, minimizing the need for manual input in expense management
systems. However, the drawback is that AI may misclassify certain transactions, particularly
for ambiguous or unconventional purchases, which would require users to correct these errors
manually, diminishing the system’s efficiency.

The [13] focuses on applying blockchain technology to ensure the security and transparency of
financial transactions in expense management systems. The study suggests that decentralized
ledgers can create tamper-proof, secure records for transactions, providing a higher level of
trust and integrity in financial applications. However, a key limitation is that blockchain can
introduce scalability challenges, especially when dealing with high transaction volumes.
Additionally, the complexity and resource requirements of integrating blockchain into existing
financial systems make it less feasible for smaller platforms.

The [14] investigates the use of gamification elements, such as achievement badges, rewards,
and progress tracking, to increase user engagement with financial tools. Gamification can make
financial management more interactive and enjoyable, encouraging users to engage with their
expenses and budgeting regularly. Despite this, the drawback is that gamification may
sometimes shift users’ focus away from their actual financial goals, placing more emphasis on
earning rewards or completing achievements rather than fostering sound financial habits.
Chapter 3
PROPOSED SYSTEM ARCHITECTURE
3.1 Refering Figure

Fig 3.1: A Flowchart depicting System Architecture of SpendSmart

As shown in Figure 3.1, the system architecture of SpendSmart is designed to provide a

seamless user experience for a variety of stakeholders, including policyholders, healthcare
providers, and insurance administrators. Users can securely log into the platform through a
dedicated login system, ensuring access to their respective dashboards with ease. The
dashboard serves as the central hub, allowing users to navigate through essential functionalities
such as expense tracking, categorization, AI-powered insights, personalized advice, and offers
or discounts, thereby making the financial management process more intuitive and user-
friendly.

Within the Expense Tracking module, users can input detailed claim information—such as
treatment type, bill amount, and policy ID—via the "Add Expense" feature, streamlining the
process of claim submission. Furthermore, the "View Expenses" function offers users a
comprehensive overview of all submitted claims, providing real-time status updates and the
ability to analyze past spending history. This feature enables both policyholders and insurers to
effectively monitor claim progress and review financial activity at a glance.
The Spending Categorization feature is another key component of SpendSmart. With the
"Auto-Categorize" option, claims and expenses are automatically classified based on
predefined rules or AI-driven algorithms, ensuring quick and accurate categorization. For
special cases or anomalies, the platform also provides the option for Manual Categorization,
giving users and administrators the flexibility to adjust categories as necessary while
maintaining system precision and adaptability.

SpendSmart also incorporates AI-powered insights, leveraging advanced analytics to examine

spending patterns and claim trends. By identifying these patterns, the platform helps both
policyholders and insurers make more informed decisions. Additionally, AI-generated insights
provide users with actionable financial information, such as potential savings opportunities or
areas where overspending may be occurring, fostering a deeper understanding of their financial
health.

Finally, personalized advice is delivered through the integration of the ChatGPT API. This
feature offers tailored recommendations to users, helping policyholders optimize their claims,
improve financial health, and resolve any queries regarding policy coverage and eligibility. The
AI-driven personalized advice elevates SpendSmart’s functionality, offering a comprehensive
financial management experience that extends beyond simple tracking to deliver valuable
guidance and recommendations.

3.2 Workflow of the Proposed System:

 The workflow of the proposed SpendSmart system begins with User Login, where
users can securely log in to the platform to access their personalized dashboard. This
dashboard serves as the central hub, allowing users to navigate various functionalities
such as expense tracking, spending categorization, AI-powered insights, and
personalized advice. Through this interface, users are provided with a streamlined
experience to manage their financial activities.
 The Expense Tracking feature enables users to manage and monitor their financial
claims. In the "Add Expense" function, users can submit detailed information such as
treatment type, policy ID, and bill amounts, ensuring all necessary data is captured. In
addition, the "View Expenses" option allows users to track their submitted claims in
real time, check their statuses, and review their past expenses. This comprehensive
expense tracking capability provides users with an organized and accessible way to
manage their financial records.
 The Spending Categorization feature is designed to help users better organize their
expenses. The system's "Auto-Categorize" function automatically classifies claims into
predefined categories, such as medical or pharmacy expenses, ensuring quick and
efficient categorization. However, for special cases or anomalies, users are provided
with the "Manual Categorize" option, allowing them to adjust the classification of
claims as needed, ensuring accuracy and personalized categorization.
 The AI-Powered Insights feature enhances the system’s intelligence by analysing
users’ spending behaviour. It identifies Spending Patterns, giving users an overview
of claim trends and helping them understand which categories they spend the most on.
The system also provides Financial Insights, such as monthly claim summaries or
potential savings opportunities, which empower users to make informed financial
decisions and manage their finances more effectively.
 Lastly, Personalized Advice and Discounts & Offers are essential components of the
system. Through ChatGPT Integration, the system uses AI to provide tailored
recommendations to users. These suggestions may include improving claim efficiency,
better utilization of policy benefits, or other ways to optimize financial management.
The system also analyses user patterns to identify potential savings opportunities and
recommends Relevant Offers, such as reduced premiums or partner benefits. This
personalized approach enhances user satisfaction by offering rewards and discounts
tailored to individual spending habits and preferences.
Chapter 4
SOFTWARE REQUIREMENTS / TECHNOLOGY STACK
The software requirement are as follows:
Frontend Development:
 HTML, CSS, JavaScript: These three technologies are combined to create a responsive
and user-friendly interface, ensuring both an attractive design and smooth functionality.
HTML structures the content, CSS enhances visual appeal, and JavaScript adds
interactivity to build a dynamic and engaging user experience.
Backend Development:
 Node.js: A powerful JavaScript runtime environment used for developing server-side
applications. It utilizes a non-blocking, event-driven architecture, making it ideal for
building scalable and efficient back-end systems.
 Express.js: A lightweight and flexible JavaScript framework used in conjunction with
Node.js to create RESTful APIs, facilitating smooth communication between the front-
end and the database.
Database:
 MongoDB: A NoSQL database that provides a flexible, document-oriented solution for
storing unstructured and semi-structured data. It is used to manage and store users'
expenses, transaction histories, and related financial data efficiently.
Artificial Intelligence:
 ChatGPT API: This API is integrated to leverage ChatGPT's natural language
processing capabilities, providing personalized advice and recommendations to users,
enhancing the overall user experience with AI-driven insights and interactions.
Chapter 5
Results
5.1 Snapshots

Figure 5.1: Login page of SmartSpend expense Tracker app

Figure 5.1 shows the login page of the SpendSmart app, a user-friendly platform designed to
help users manage their expenses efficiently. The page features a clean, modern layout with a
focus on ease of use and security. Users are prompted to enter their Email and Password in
clearly labeled fields, and a prominent Login button is positioned right beneath them for easy
access. For first-time users, a simple "Sign Up" option is available to create an account, while
those who have forgotten their login details can quickly regain access through the "Forgot
Password?" link. The dark background enhances the blue and white elements, creating a sleek
and professional design. This login screen serves as the gateway to SpendSmart's
comprehensive dashboard, where users can access a range of tools, including expense tracking
and personalized insights.
Fig 5.2: Login Successful of the Login page

Figure 5.2 shows the successful login page of the SpendSmart expense tracker, following the
user's authentication. The page retains the sleek, modern dark theme from the previous screen,
with the title bar at the top reading "Login - SpendSmart," confirming the current page context.
The application is running locally, as indicated by the URL (127.0.0.1:3001), suggesting it's in
a development environment. After logging in, the input fields for email and password are no
longer visible, as the focus shifts to a pop-up alert at the center of the screen, which displays a
confirmation message: "Login successful!" in a black notification box. This pop-up offers clear,
real-time feedback, letting users know they've successfully logged in. Below the notification,
users are now seamlessly directed to their personalized dashboard, where they can access
features like expense tracking, budgeting tools, and insights. The design continues to
emphasize usability, ensuring that users can move effortlessly through the app.
Fig 5.3: Expense Overview

Figure 5.3 showcases the "Expense Overview" section of the SpendSmart app, providing users
with a visual summary of their weekly spending across different categories. The line chart,
designed with a sleek dark theme and a purple color scheme, highlights the fluctuations in
spending over the course of the week. The x-axis lists categories like Food, Groceries,
Transportation, Entertainment, and Utilities, while the y-axis shows the spending amounts,
ranging from 0 to 250. Each spending category is represented by a data point, with lines
connecting them to show how the spending changes day by day. Beneath the chart, a message
reads, "You're on track with your budget this week," offering users positive reinforcement
regarding their financial management. This section allows users to quickly grasp their spending
patterns, making it easier to identify areas where they are on track or may need to adjust,
promoting better financial decision-making. Additionally, the clear visual layout ensures that
users can assess their financial habits at a glance, making it easier to stay within their budget
and plan for the future. The chart’s real-time updates further enhance user engagement by
reflecting immediate changes in their spending habits.
Fig 5.4: Transaction History

Figure 5.4 displays the "Transaction History" table, offering a detailed breakdown of expenses
for January 21, 2025. The table is organized into three columns: "Date," "Category," and
"Amount." Each row represents a separate transaction, showing the corresponding expense
category and spending amount. The categories listed include Food ($125), Groceries ($179),
Transportation ($110), Entertainment ($225), and Utilities ($155). This table allows users to
easily review their daily spending, offering insights into where their money is going. The clear
layout and structured data help users track their expenses, identify trends, and make
adjustments to stay on top of their budget, ultimately supporting better financial management
and planning. Additionally, the table’s straightforward design makes it simple for users to
quickly spot any discrepancies or areas where they may be overspending, fostering greater
financial awareness. This feature plays a crucial role in empowering users to make informed
financial decisions.
Fig 5.5: Dashboard Interface of SpendSmart Application

Figure 5.5 shows the main dashboard interface of the SpendSmart application, designed to
provide users with a comprehensive view of their financial activities. The dark-themed layout
keeps the interface clean and visually appealing, with a focus on user-friendliness. On the left
side of the screen, a sidebar navigation menu offers easy access to different sections, including
Dashboard, Expense Categories, Budgeting, Reports, and Settings. The central area of the
screen features an Expense Overview graph, providing a visual breakdown of spending across
categories like food, groceries, transportation, entertainment, and utilities. Beneath the graph,
placeholders for Financial Advice and Spending Analysis are displayed, indicating that these
features are being loaded. On the right-hand side, an "Add Expense" form allows users to
quickly input new expenses by selecting a category from a dropdown and submitting the
amount. This layout emphasizes simplicity and accessibility, helping users effectively track
their spending and manage their budget in a streamlined way.
5.2 APPLICATIONS
The Applications of SpendSmart are as follows.
1. Expense Tracking: Efficiently records and categorizes daily expenses, giving users
a clear overview of their financial habits.
2. Budgeting Assistance: Provides real-time tracking and insights to help users stay
within their set budgets and avoid overspending.
3. AI-Driven Recommendations: Analyses spending patterns to offer personalized
financial advice and suggest potential savings opportunities.
4. Expense Visualization: Displays spending trends through detailed graphs and
charts, making it easier for users to understand their financial behaviour.
5. Alerts and Notifications: Sends alerts when users approach or exceed budget limits,
helping them stay on track with their finances.
6. Tax Organization: Organizes and categorizes expenses for efficient tax preparation,
ensuring users can easily manage their financial records.
7. Custom Expense Categories: Offers users the flexibility to create their own expense
categories tailored to their lifestyle, providing more personalized tracking.
8. Savings Suggestions: Based on a user’s financial behaviour, the system can suggest
specific ways to save, such as recommending cheaper alternatives for regular
purchases.
Chapter 6
CONCLUSION

The development of SpendSmart marks a significant advancement in the field of personal

finance management. By integrating cutting-edge technologies such as AI, real-time data
visualization, and secure payment gateways, the application effectively addresses the
complexities of modern financial management. The use of predictive analytics, personalized
recommendations, and machine learning allows SpendSmart to provide users with actionable
insights, making it easier for individuals to manage their expenses, set budgets, and achieve
financial goals. The implementation of user-centred design principles ensures an intuitive and
accessible user experience, enhancing the overall usability of the platform. Additionally, by
emphasizing data security and privacy through robust encryption and compliance with global
standards, SpendSmart offers users peace of mind while managing their financial information.
The project not only sets a benchmark for future developments in financial management tools
but also reflects the growing importance of digital solutions in everyday life, paving the way
for more advanced, user-friendly, and secure financial applications in the future.

6.1 Scope for future work

SpendSmart is continuously evolving to offer advanced features that enhance its functionality
and provide users with a more comprehensive financial management experience. One of the
key future developments involves the integration of advanced AI models for predictive
financial analysis and budget forecasting. By incorporating sophisticated machine learning
techniques, such as deep learning and neural networks, SpendSmart aims to improve its ability
to analyse complex financial data. This will allow the app to provide more accurate forecasts
and recommendations, empowering users to plan their budgets more effectively and predict
their expenditure with greater precision.

Another area of enhancement is the expansion of multi-platform support, ensuring that users
can access SpendSmart across mobile, web, and desktop platforms. Additionally, the
integration of offline synchronization will enable users to update their financial data even
without internet access, maintaining continuity in their financial management efforts.
Finally, SpendSmart aims to provide a holistic view of users’ financial health by integrating
with investment platforms. This feature will allow users to not only manage day-to-day
expenses but also track and manage their investments, offering comprehensive insights and
advice for long-term financial planning. These advancements will help SpendSmart evolve into
a versatile, all-in-one financial planning tool.
BIBLIOGRAPHY

1. Vishesh Agarwal, Ravi Ray, “An AI-Powered Personal Finance Assistant: Enhancing
Financial Literacy and Management”, March 2024.
2. Sai Deepak Talasila, “AI-Driven Personal Finance Management: Revolutionizing
Budgeting and Financial Planning”, July 2024.
3. Bogdan, M., M., Hurloiu, “Artificial intelligence algorithms and cloud computing
technologies in blockchain-based fintech management.”, 2023.
4. Trilok Singh, Dr. Dawar Dattawala, “A Comparative Analysis of Cloud-Based
Information Security Solutions: Evaluating Risks and Benefits”, June 2024.
5. Springer Journal of Financial Services, "User-Centric Financial Tracking Systems:
Design and Implementation", 2023
6. Ghosh D., Agarwal, P. K., “AI-powered personal finance management: A survey of
methods and applications”. IEEE Transactions on Computational Intelligence,2023.
7. Raj Thakare, Ninad Thakare, Raj Sangtani, “Expense Tracker Application Using Naïve
Bayes”, June 2023.
8. Sakthivel .M, Roshini .P, Roja .K, “Personal Expense Tracker Application”, IJRTI
Volume 8,Issue 5, 2023.
9. Ljiljana Trajkovic, “User-Centred Design for Expense Management Apps", IEEE
Transactions on Human-Machine Systems, 2023.
10. Arpita Maravi, Omprakash Dewangan, “Expense Tracker Application”, International
Journal Of Novel Research and Develoment (IJNRD), May 2024
Appendices
Appendix A
Glossary of Terms
1. AI (Artificial Intelligence): The simulation of human intelligence processes by
machines, especially computer systems, used in SpendSmart to analyze spending habits
and provide personalized recommendations.
2. Expense Categorization: The process of classifying financial transactions into specific
categories (e.g., groceries, utilities) to facilitate better budgeting and expense tracking.
3. Predictive Analytics: Techniques that use historical data, machine learning, and
statistical algorithms to predict future outcomes, applied in SpendSmart for forecasting
user expenses.
4. Machine Learning: A subset of AI that enables systems to learn and improve from data
without explicit programming, used in SpendSmart for expense categorization and
pattern recognition.
5. Data Visualization: The graphical representation of data, such as graphs and charts,
used in SpendSmart to visually display spending patterns and trends.
6. Gamification: The use of game-like elements (e.g., rewards, badges) in non-game
contexts, integrated into SpendSmart to increase user engagement with financial
management.
7. Payment Gateway: A service that authorizes and processes payments in online
transactions, used in SpendSmart for seamless and secure financial transactions.
8. Encryption: A method of securing data by converting it into a coded form, used in
SpendSmart to protect sensitive financial information.
9. Budgeting: The process of creating a plan to spend money within set financial limits,
a key feature of SpendSmart that helps users manage their finances effectively.
10. Financial Recommendations: AI-generated advice provided by SpendSmart, offering
users suggestions for saving money or optimizing their spending based on personalized
insights.
Appendix B
Sample User Interface (UI) Screenshots
1. Home Dashboard:
o The main dashboard of SpendSmart features an overview of the user’s current
financial status, including total expenses, income, and a categorized breakdown
of recent transactions.
o The dashboard also displays a pie chart that visually represents expenses in
different categories (e.g., Food, Transportation, Entertainment).
2. Expense Categorization Screen:
o This screen allows users to view their expenses automatically categorized by
SpendSmart’s AI engine. Users can manually adjust the categories if needed,
and the system learns from these changes to improve future accuracy.
3. Personalized Recommendations:
o The recommendations screen shows tailored advice based on user spending
behaviour, such as suggestions to reduce specific expenses, alerts on potential
savings, and tips for optimizing budget allocation.
o Graphs and charts illustrate the spending trends and forecast future expenses,
empowering users to make informed decisions.
4. Budgeting Tool:
o Users can set their monthly or weekly budget targets through this interface. The
system provides real-time updates on how much of the budget has been used
and offers warnings if spending is close to exceeding the set limits.
5. Transaction History:
o The transaction history screen lists all recent expenses and income, along with
the respective categories and dates. Filters are available to view transactions by
specific categories, dates, or amounts, making it easier for users to track and
review their financial activities.
6. Spending Trends Visualization:
o This feature provides dynamic visualizations, such as bar charts or line graphs,
that depict users' spending over time. Users can adjust the time range (e.g.,
weekly, monthly) to analyse their spending habits and adjust their financial
strategies accordingly.
Appendix C
Self- Assessment of the Project:
Level
Poor 1 Good 2 Excellent 3
PO PSO Contribution from the project
Level
1 Engineering Knowledge: Applied AI techniques, 2
Knowledge of mathematics, engineering specifically leveraging the
fundamentals engineering specialization to form ChatGPT API, to provide
of complex engineering problems personalized suggestions and
financial insights within the
expense tracking application.
2 Problem Analysis: Identify, formulate, review Developed an AI-powered 2
research literature and analyze complex expense tracking application
engineering problems reaching substantiated using the ChatGPT API for
conclusions with consideration for sustainable personalized financial insights,
development. enhancing user experience
through automated suggestions
and financial management.
3 Design/development of solutions: Design Developed a user-friendly web 2
creative solutions for complex engineering platform using Simple web
problems and design/develop frameworks for personalized
systems/components/processes to meet expense tracking, which includes
identified needs with consideration for the category-wise visualization, real-
public health and safety, whole-life cost, net zero time graphs, and suggestions for
carbon, culture, society and environment as budget optimization.
required
4 Conduct investigations of complex problems: Investigated financial behavior 3
Conduct investigations of complex engineering patterns using real life
problems using research-based knowledge experiences, analyzing expense
including design of experiments, modelling, data to provide users with
analysis & interpretation of data to provide valid insights into their financial well-
conclusions. being and offering real-time
solutions to improve savings.
5 Modern tool usage: Create, select and apply Implemented the project using 3
appropriate techniques, resources and modern modern web technologies, AI
engineering & IT tools, including prediction and libraries, and recommendation
modelling recognizing their limitations to solve features for the platform
complex engineering problems.
6 The Engineer and the world: Contributed to personal financial 2
Analyze and evaluate societal and health by encouraging users to
environmental aspects while solving complex adopt better financial
engineering problems for its impact on management practices.
sustainability with reference to economy, health, Promoted cost-effective and
safety, legal framework, culture and sustainable economic decision-
environment. making through personalized
recommendations.
7 Ethics: Apply ethical principles and commit to Ensured ethical data handling 2
professional ethics, human values, diversity and and user privacy compliance
inclusion; adhere to national & international through the use of encryption and
laws. adherence to global data privacy
standards. Followed industry
guidelines for financial data
security. The report is checked
thoroughly for plagiarism.
8 Individual and Team Work: Function Worked effectively within a team 3
effectively as an individual, and as a member or to develop and implement
leader in diverse/multi-disciplinary teams. different modules of the
platform. Collaborated with
front-end, back-end, and AI
related aspects of each team
member to integrate various
functionalities.
9 Communication: Communicate effectively and Developed detailed 3
inclusively within the engineering community documentation on the project,
and society at large, such as being able to including technical reports and
comprehend and write effective reports and presentations that effectively
design documentation, make effective communicated the purpose,
presentations considering cultural, language, technical details, and
and learning differences implementation steps. Prepared
visualizations to highlight user-
friendly aspects.
10 Project Management and Finance: Apply Followed structured project 2
knowledge and understanding of engineering management techniques using
management principles and economic decision- tools for task planning, cost
making and apply these to one’s own work, as a analysis, and budgeting while
member and leader in a team, and to manage building a scalable and cost-
projects and in multidisciplinary environments. effective solution. Regular
updates ensured project timelines
were met.
11 Life-long Learning: Recognize the need for, Acquired new knowledge of AI 3
and have the preparation and ability for i) and web technologies throughout
independent and life-long learning ii) the project. The project serves as
adaptability to new and emerging technologies a foundation for further
exploration in AI-driven finance
and iii) critical thinking in the broadest context and emerging trends in personal
of technological change expense management.
13 PSO1: Apply the concepts of electronic circuits Applied AI in a real-world 3
and systems to analyses and design systems financial management system to
related to Microelectronics, Communication, solve practical issues related to
Signal processing and Embedded systems for personal financial habits and
solving real world problems budgeting challenges.
14 PSO2: To identify problems in the area of Collaborated within a team to 3
communication and embedded systems and develop algorithms for expense
provide efficient solutions using modern categorization, using AI-based
tools/algorithms working in a team categorizations and integrated
the solution with the web
platform for real-time use.
Appendix D
Sustainable Development Goals
Sustainable Development Goals addressed in the project are:

Sustainable Development Goal (SDG) Level

No Poverty 3
The project empowers users to manage their finances more effectively, supporting
financial stability and helping avoid overspending.
Zero Hunger 2
Indirectly contributes by promoting responsible financial management, freeing
resources for basic needs like food.
Good Health and Well-being 3
Financial stress impacts well-being. SpendSmart helps reduce stress by providing
tools for effective expense and savings management.
Quality Education 2
Contributes to financial literacy by educating users about their spending habits and
improving decision-making through AI-driven insights.
Gender Equality 2
Provides financial tools accessible to all, promoting financial inclusion regardless
of gender.
Clean Water and Sanitation 1
No direct contribution.
Affordable and Clean Energy 1
No direct contribution.
Decent Work and Economic Growth 3
Supports economic growth by fostering responsible financial behaviour, savings,
and budget management.
Industry, Innovation, and Infrastructure 3
Uses innovative AI algorithms and cloud-based infrastructure, contributing to
fintech advancements.
Reduced Inequalities 3
Promotes financial inclusion, reducing economic inequalities by providing
financial tools to users from all socio-economic backgrounds.
Sustainable Cities and Communities 2
Encourages sustainable consumption patterns through better personal finance
management, contributing to more resource-efficient communities.
Responsible Consumption and Production 3
Encourages responsible financial consumption, helping users optimize their
resources and reduce wasteful spending.
Climate Action 1
No direct contribution.
Life Below Water 1
No direct contribution.
Life on Land 1
No direct contribution.
Peace, Justice, and Strong Institutions 2
Promotes ethical data handling and privacy, supporting trust in financial
institutions and secure online systems.
Partnerships for the Goals 2
Potential for global partnerships with financial institutions and fintech companies
to provide better financial services.