With rising prices, increasing consumer spending, and economic uncertainty, managing personal finances has become more critical than ever. People are constantly searching for tools that not only help track their expenses but also identify ways to optimize their budgets. However, traditional budgeting methods often prove either too complex or insufficiently effective.
CheckMyBudget, a startup founded by Ivan Reznichenko and Kirill Kulikov, offers an innovative approach to this challenge. Their product goes beyond conventional budgeting apps, equipping users with smart tools for automatic expense analysis, savings recommendations, and financial planning. We spoke with the founders to learn what inspired them to create the app and how they plan to expand it in the Canadian market.
How CheckMyBudget Came to Life
Ivan Reznichenko is an experienced financial consultant and investment advisor. For the past five years, he has been helping clients develop financial strategies and manage their assets. His extensive expertise laid the foundation for CheckMyBudget.
“Many people, even those with high incomes, struggle with managing their finances properly,” Ivan explains. “That’s what inspired me to create a tool that doesn’t just collect expense data but actually helps people rethink their financial habits.”
Personal experience played a crucial role as well. “I’ve used various budgeting apps myself, but I always found them lacking. They require manual data entry, and their analytics are often superficial. I wanted to develop a solution that automates the process and goes beyond simple expense reports, offering actionable recommendations on how to improve financial health.”
Teaming up with Kirill Kulikov, they built CheckMyBudget — an app that combines artificial intelligence with an intuitive user interface to help users save money, analyze spending, and manage their finances effectively. Unlike many budgeting tools that merely record past transactions, CheckMyBudget automates 99% of the process.
“You just snap a photo of a receipt or link your email, and the AI takes care of the rest,” Ivan says.
One of the app’s standout features is its ability to analyze spending categories and identify potential savings. For instance, it can show users where they can purchase a particular item at a lower price whether in a nearby store or online.
Kirill adds, “It’s a proactive approach. We don’t just show you where to cut costs; we also help you understand how your savings can be used toward bigger goals—whether that’s a new phone, a car, or long-term investments.”
How the Technology Works
CheckMyBudget leverages AI to process data from uploaded receipts and emails. The founders emphasize that their app is built on cutting-edge data analysis technologies.
“We develop proprietary algorithms and integrate them with open-source services, allowing us to create highly personalized recommendations for each user,” Kirill explains.
One of the app’s key features is its ability to integrate with SRM systems. This allows for seamless receipt data import, automatic expense categorization, and a significant reduction in time spent on manual analysis. Additionally, CheckMyBudget utilizes web scraping technology to monitor prices across online stores, providing users with up-to-date information on discounts and promotions for their frequently purchased items.
The app also offers clear and insightful data visualization. “We don’t just show where your money goes, we highlight specific opportunities to save by analyzing each spending category in detail,” Ivan adds.
From Startup to International Expansion
Although CheckMyBudget is still in its early stages, the team has a clear roadmap for growth.
“Toronto is the perfect testing ground for our app. It has a diverse retail market, a wide range of consumer profiles, and a dynamic economic environment. This allows us to validate our hypotheses and fine-tune the product before scaling,” Kirill shares.
Once the testing phase is complete, the team plans to expand across Canada, followed by entry into the U.S. and European markets.
“Canada is currently going through a challenging economic period with rising prices and a declining standard of living,” Ivan points out. “Our app will serve as a tool to help families save money without compromising their lifestyle.”
But their ambitions don’t stop there. CheckMyBudget aims to become a comprehensive financial management platform. In the future, users will not only be able to track expenses but also gain financial literacy, analyze investments, and manage real estate assets.
The app is designed for a broad audience. The founders believe their primary users are those who have already recognized the importance of financial management.
“Our users include young families, middle-aged professionals, and seniors, essentially anyone who acknowledges the need to optimize their expenses and learn smarter saving habits. We want to help people maintain or improve their current standard of living without drastic lifestyle changes — something that’s difficult to achieve without expert support in today’s economic climate,” Ivan explains.
To attract users, the team plans to leverage modern marketing strategies, including mall promotions, collaborations with bloggers and podcasts, and educational webinars.
A New Standard in Financial Management
CheckMyBudget is more than just an app, it’s a powerful tool that helps users save money and make smarter financial decisions. Ivan and Kirill are confident that their startup will become an essential financial assistant for thousands of families in Canada and beyond.
At a time when prices are rising and financial stability is harder to maintain, CheckMyBudget offers a simple yet effective solution. With its innovative technology and deep understanding of consumer needs, the startup has the potential to become a leader in the financial management space.
