Smart Expense Management Model for Smart Homes

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. Smart Expense Management Model for Smart Homes

This section presents the introduction to the terms ‘Smart Home’ and ‘Expense Management’, explaining their relationship and how integrating expense management in Smart Home will automate the necessary yet toiling manual task of controlling and keeping track of expenditure.

Smart Home is an idea sparked more than a few decades ago. Since then this technology has been
continuously growing and integrating with new technologies thus improving standard of daily life.
This technology of automating household activity introduces idea of forming a network of devices and
other tech gears in house, so as to automate manual tasks. As per the Smart Homes Association, the most appropriate understanding of the smart home technology is that it is a system having a centralized
controlling of devices and other automated services, which are being controlled by building a network
among devices for a better standard of living

Networking system also helps in building a system that can collect information and provides for
intelligence factor ‘Smart’ in Smart Home. To assemble a smart home, it requires devices that are
integrated with uniform framework resulting in interconnection among these devices. For fulfilment of
functionality of a Smart Home requires to map all devices into a well-defined space which provides for
computing capabilities with background awareness [2]. For example, a homeowner on vacations away
from home can use a smartphone to turn on the home security system, or can control room temperature,
lighting inside or outside of home, switch appliances on or off, even if at home he can program a home
theater or any other entertainment system for a specific schedule.

In wired network system, the devices communicate through the wires present in the major power supply. The information, in form of data bits, is sent into the power supply which turns the device on or off. There are different types of wires that are being used, for e.g. new wire (twisted pair, optical fiber), Busline, Powerline, etc. The Powerline Carrier Systems (PCS) is a wiring methodology used for sending code embedded signals into a home’s prior in-wall electric wiring to the preprogramed circuits or switches. Such signals are used for conveying tasks that imply to locations or “addresses” of those targeted devices. These signals are medium for controlling when and how devices would work. PCS transmitter sends a pulse of data along the common household line, and a receiver connected in that electricity outlet would receive that pulse and would perform the operation on the device attached to it

Expense Management is an effective way of keeping track on daily expenses. Management of expenses is
important because it helps in keeping account of spending and taking control of finances. In
comparison to income, control on expenses can be easily exercised. Expense Management creates
financial awareness that not only helps in staying financially healthy but also helps in planning for future
endeavor

The model presented here only perform analysis on the data provided by the user. On inculcation of system with internet capability the system can help the resident in providing much more advance analysis on the financial front, such as by indicating the variation in the consumption of energy among the resident’s appliances and appliances with the same qualification available in market. Similarly the consumption and usage pattern of water and telephone can also be tracked with the system for reduction of the expense and conserving scared resources