How AI Is Helping High Earners See Where Every Dollar Goes

Most high earners have no problem with financial discipline. They save, invest, and pay their bills on time.

But the more your wealth grows, the harder it is to keep track of it all.

When you have multiple bank and brokerage accounts, credit cards, and properties, it gets difficult to answer questions like:

• Where is our money really going?
• Are we overspending?
• Are we missing opportunities to earn more?

This is where AI is starting to make a real difference.

What AI does better than spreadsheets

The DIY approach to tracking your money takes work. Plus, spreadsheets can easily break down if you mess up a formula or forget an update.

These days, AI can handle the heavy lifting. Some AI tools can:

• Pull in your financial info automatically
• Create spreadsheets, charts, and other visualizations
• Run formulas and simulations
• Spot patterns that you might miss
• Answer questions in plain English

In other words, AI can save you hours of data entry and number-crunching.

Practical ways AI helps track your cash

1. Pulling all your accounts into one overview

AI-powered tools can connect to your banks, brokerages, and credit cards in order to give you a high-level view of your finances.

That makes it easier to:

• See your investments and cash at a glance
• Track how your balances change over time
• Spot where money is sitting idle instead of invested

2. Tracking inflows and outflows

You want to keep tabs not just on where your money is, but where it's going on a monthly or even daily basis.

AI tools can track and break down things like:

• Income and expenses
• Contributions to savings and investment accounts
• Incoming dividends and interest
• Transfers between accounts

With this information handy, it's easier to trim costs and make sure every dollar you earn is serving your goals.

3. Flagging changes

AI is great at pattern recognition. That means it can flag things like:

• Subscriptions that quietly went up
• Unusually high spending
• Changes in your portfolio's value or makeup

4. Answering financial questions on demand

AI tools can quickly answer questions like:

• "How much do we spend per year?"
• "Is my retirement portfolio diversified?"
• "What percentage of our income are we saving?"

You shouldn't treat AI output as gospel, nor should you rely on AI alone to make financial decisions. However, it can be a great sounding board and a source of fast answers when you need them.

Which AI tools are best for money management?

There are a lot of ways to use AI to make managing your money easier.

General AI tools like ChatGPT, Claude, and Gemini are extremely capable, but you have to feed them financial information yourself. They can't be connected to your accounts for automatic data pulls.

Apps like Monarch Money and Copilot aggregate all your accounts and use AI to sort your spending. Monarch Money's AI assistant can answer questions about your finances, and Copilot is adding a similar feature soon.

On the "premium" end of the spectrum, there's Range, a full-service wealth management firm. Range offers both human financial planners and a chatbot that's been trained by experts and has access to both your data and a suite of proprietary tools. This allows it to answer more complex questions and give detailed, personalized advice.

The best tool for you depends on your needs.

• Free or inexpensive tools like ChatGPT are great for one-off questions and analysis.
• Low-cost money apps like Monarch Money and Copilot provide automatic, user-friendly tracking of your assets and cash flow.
• For people with complex finances, Range offers all-in-one wealth management by financial pros and a sophisticated AI tool to answer your questions on demand.

No matter what you choose, remember that the idea is not to surrender control of your money. It's to take control of your money by using technology to better understand it.

Take the guesswork out of your money.

Range's AI-enhanced platform lets you see all your accounts in one place, get proactive insights, and work with real financial planners to make confident decisions.

Join Range today and unlock smarter money management powered by AI and human expertise.