ChatGPT Suggests 12 ‘Stupid Simple’ Money Tricks To Make You Rich
Written by
Katie Wudel
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
In today’s fast-paced world, financial literacy is more important than ever. However, not everyone has the time or resources to become a finance guru. That’s where artificial intelligence comes in. Fortunately, you can use ChatGPT to generate a list of simple money tricks that can set you on the path to wealth. Here’s what it suggests.
1. Automate Your Savings
One of the easiest ways to save is to make it automatic. Set up a monthly transfer from your checking to your savings account. Even a small amount, like $50, adds up over time.
2. Track Your Spending
Awareness is key to managing your finances. Use apps or a simple spreadsheet to track where your money is going each month. This visibility can help you cut unnecessary expenses.
3. Invest in Low-Cost Index Funds
For those new to investing, low-cost index funds are a great way to start. They offer diversification and have historically provided solid returns over the long term.
4. Pay Yourself First
Before paying bills or spending on leisure, allocate a portion of your income to savings or investments. This habit ensures you’re always contributing to your financial future.
5. Eliminate High-Interest Debt
High-interest debts, like credit card balances, can cripple your financial health. Focus on paying these off as quickly as possible to reduce the amount you pay in interest.
6. Build an Emergency Fund
Life is unpredictable. An emergency fund covering 3 to 6 months of expenses can provide financial security when unexpected costs arise.
7. Create a Budget – And Stick to It
Budgeting isn’t just for those who struggle financially; it’s a tool for everyone. A realistic budget helps you understand your financial limits and live within your means.
8. Take Advantage of an Employer Match
If your employer offers a 401(k) match, make sure you’re contributing enough to get the full match. It’s essentially free money for your retirement.
9. Negotiate Bills
You might not realize that you can negotiate some of your bills. Try haggling over rates for services like cable, internet, or even your gym membership.
10. Educate Yourself Financially
Spend some time each week reading about personal finance. Knowledge is power, especially when it comes to money.
11. Use Cashback Apps and Credit Cards
Smart use of cashback apps and credit cards for everyday purchases can earn you money back. Just be sure to pay off the balance each month to avoid interest charges.
12. Set Financial Goals
Whether it’s buying a house, retiring early, or going on a dream vacation, having clear financial goals can motivate you to make smarter financial decisions.
The Bottom Line
Building wealth doesn’t require complex strategies or a finance degree. Sometimes, all it takes are some simple, consistent steps. Start with these simple tricks, and you might be surprised at how quickly your financial situation improves. Â
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
More From GOBankingRates
