Smart Expense Management Model for Smart Homes

Smart home technology is the near future necessity that aims to provide comfort and security with a minimal cost by avoiding wasteful expenditure. In this research paper we have focused on the efficient expense management by monitoring its timing and quantum of cash outflow. Our proposed model helps in recording and keeping track of all types of expenses incurred by the household owner. The recorded expenses are categorized to provide an insightful distribution of the total spending. Integration of smart home with expense management system, increases the efficiency and effectiveness in the task of maintaining household budget. In this research paper the significance and need of such a system is discussed that helps in significant savings and future planning by analyzing daily household expenses with available funds.