We’re still waiting for the IRS to declare open season for filing. But even though we don’t know the start date, that doesn’t mean you can’t book your tax filing appointment now. When you’re ready, grab a date that works for you here:


Now, you might think you’ve got a long time to file your 1040 since it isn’t due until April 15th, but why wait that long and have it looming over you?

And in the interest of being prepared early on, take a little time to make sure you’ve got all your documents organized and ready to go as well. I’m going to send out my annual “What to Bring” list soon to help bring some clarity for that, but even if you just put what you think you need in a folder and get it ready now, that will be a big step in the right direction. 

As you do that, don’t forget to write some notes about what’s changed for you this year too. Every year I have Louisville clients who forget to mention they had a kid or they got married or some other big life event. These things change your tax filing situation and can open you up to credits and deductions you can take to keep more money in your pocket. 

Okay, that’s it for now on friendly tax reminders.

Let’s get into a really hot topic right now: AI. You’ve heard that buzzword over and over. Everyone’s talking about it, but if you’re like a lot of people, you likely don’t really know what role it plays in your life. That’s why I want to discuss it today.

Here’s the thing: You’ve probably already been using some form of AI in your everyday life. If you’ve talked to a chatbot, that’s AI. If you’ve done a Google search, you’ve used AI. 

So, what’s the impact of AI in personal finance? If you’re using any apps for your finances, then AI is impacting them. But how? And how can you use that to your advantage? Let’s find out.

The Impact of AI in Personal Finance for Everyday Louisville People
“It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”  – Charles Darwin

Rewind a few decades, and your picture of personal finance was probably very different. In the past, you’d be surrounded by piles of paper statements, a calculator in hand, manually balancing a checkbook, and trying to make sense of investments with limited information. 

Fast forward to today, and the scene has transformed dramatically. 

Today, you can navigate a lot of things comfortably with your smartphone, tapping through apps like Mint or Empower. And these apps aren’t just using formulas to get you answers. With the advancements of AI in personal finance, these apps can do a lot more to help you analyze and evaluate your financial picture. 

So let’s take a look at how this shift from manual drudgery to AI-powered decision-making has taken a significant leap in how you manage your money.

The evolution of personal finance

The integration of AI in personal finance apps has fundamentally altered our approach to money management. 

– Most personal finance apps now use AI to automatically categorize your transactions, which can save you a lot of time and effort. By using machine learning algorithms, they’ll analyze the transaction data (merchant name, amount, date) and identify the most likely category the transaction falls into. No more pouring over each transaction on your own? Let the app do it for you. 

– Many apps now use AI to give you personalized insights into your spending habits. For example, an app like Mint might tell you that you’re spending more than usual on eating out, or the YNAB app might tell you you’re on track to reach your savings goal for the month. These kinds of insights can be incredibly useful for making better financial decisions. 

– Some apps, like PocketGuard and Honeydue, use AI to set up bill reminders for you. They analyze your past spending data and identify recurring bills. Then they’ll send you reminders before the bill is due, so you can avoid late fees. Honeydue is also great for couples because it uses AI to help track joint expenses and budget for shared goals.

Investment strategies have also been redefined by AI in personal finance. Apps like Acorns and Stash use AI to give you investment recommendations. This democratizing of investing allows everyday people like you to start small and grow your portfolio based on personalized strategies. They can do this by analyzing your financial goals, risk tolerance, and investment portfolio. Then, you’ll get recommendations for specific investments that can help you reach your goals.

– If you’ve been traveling somewhere, using your card in places you don’t normally use it, these apps will even send you fraud alerts as a way of protecting you from cyber theft. They can do this because they analyze your spending patterns. So when an unusual or suspicious transaction appears, they’ll notify you about it to make sure your financial data is safe. 

What about taxes?

AI in personal finance also means talking about how it influences your tax situation. 

While AI-powered tax software has made filing more straightforward for simple tax filing cases (even providing insight credits and deductions to claim), it also has its limitations. Complex tax situations especially require professional insight from someone who knows tax laws and how to accurately and strategically help you. 

And because tax laws are always changing and each situation is unique, relying solely on AI in personal finances and taxes can get you in trouble if you don’t know what to look for. 


As you explore the world of AI in personal finance, if you haven’t already, you might consider incorporating some of the apps mentioned above for everyday budgeting and personal investments. 

Remember, the role of AI in personal finance is to augment, not replace, your financial decision-making process. This means, the role of a trusted Jefferson county professional in your decision-making is still helpful, and combining these AI-enhanced tools with expert insight, especially in intricate areas like tax planning, can position you better with your finances in the days to come.

Want to talk more about that? I’m right here502-426-0000


The advisor in your corner

Kevin Roberts