WealthGuardian - Smart Expense Management using Machine Learning

Abstract: The growing financial complexity causes people to lose control over their financial expenses and savings goals together with their long-term planning requirements. Most personal finance management tools available today do not deliver forecasting statistics which match specific financial behavior patterns of their users. This paper unveils WealthGuardian which represents a smart expense management system which uses machine learning (ML) methodology to predict forthcoming expenses while improving budgetary restrictions and producing custom insurance policy suggestions. Support Vector Machines (SVM) and Random Forest operate together as robust ML algorithms to examine historical spending patterns and income behavior of users through the proposed system. Through model training these systems generate real-time expense forecasts which provide users an advanced financial perspective insight. The system merges data from external banks through APIs together with insurance plan databases to implement automated secure data transmissions which yield timely useful insights.