Project Outline

Financial planning is a technique for making the most of one’s current financial resources through a well-organized management plan that will help one achieve their unique goals. For the majority of people, achieving good financial planning has been challenging due to a variety of issues, including inadequate planning, impulsive spending, indecision about finances, bad debt management, and inefficient saving and investing methods, among others. Due to these challenges, bad financial decisions are made, leaving little or no money for recreation and basic requirements.

The proposed project entails the creation of a personal financial planner mobile application that makes use of machine learning and artificial intelligence technologies. It will include budgeting for necessities, unforeseen expenses, leisure, debt management, and savings in addition to effectively providing financial predictions and suggestions to the user based on the user’s income, spending, and savings. This data will be modelled in order to offer insights on how to better arrange financial resources, saving methods, and recommendations on leisure activities like vacation spots that the user can afford to visit based on a determined budget from the model. To meet its functional objectives, the proposed system’s design would make use of descriptive and predictive analysis.

References

Predictive vs. prescriptive analytics. Ohio University. (2022, July 29). Retrieved November 6, 2022, from https://onlinemasters.ohio.edu/blog/predictive-vs-prescriptive-analytics-whats-the-difference/

Billingsley, R. (2020). Personal Financial Planning. CENGAGE LEARNING.