As ChatGPT grows more sophisticated by the day, so do the practical use cases for the artificial intelligence (AI) model when it comes to solving everyday problems — particularly concerns related to personal finance.
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So what can ChatGPT help you with when it comes to improving your financial health? From helping you craft a rock-solid budget to making sure you place your money in wise investments, AI tools have never been more valuable.
According to Forbes, generative AI can be useful in helping you draw up an effective budget.
Recommendations attached to the prompt Forbes recommended include making sure to identify and specify spending areas related to housing, groceries, transportation, etc.; providing tips on slashing expenses and optimizing spending in each area; producing a goal savings target on a per-month basis to achieve an annual savings nest egg; suggesting other tools, apps or platforms to track spending and income; and offering advice on handling any unexpected expenses that could show up.
Financial experts frequently underscore the importance of having a sensible budget in place as the bedrock of fiscal health. That advice has proven timeless, so take advantage of every opportunity to create one, or strengthen your existing example.
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And while Forbes was also quick to point out that ChatGPT shouldn’t be relied upon as a source of unassailable investment advice — after all, the model retains a substantial capacity for error — its recommendations can nonetheless be taken as a worthwhile starting point from which to conduct your own guided research.
Forbes suggested asking ChatGPT for “a list of accessible, beginner-friendly investment options that I can consider and conduct due diligence on, with a focus on building wealth gradually before the end of the year.” It advised asking the AI to explain each option, as well as how much money is needed to utilize these strategies and any potential risks.
However, it’s vital to keep one thing in mind: Due diligence on your part remains necessary to avoid potential money pitfalls.
Bringing a list of ChatGPT-provided investments to a credible and ideally accredited financial advisor can spur discussion, debate and a deeper examination into potential places to park your hard-earned cash to reap the greatest reward.
