I’m a Financial Expert: Here Are 7 Ways I Use ChatGPT To Manage and Save Money
Written by
Laura Beck
Edited by
Amber Barkley
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ChatGPT has taken the world by storm as a fun chatbot, but did you know it can also actually be useful? That’s right: ChatGPT can dispense some serious financial wisdom. GOBankingRates talked to financial experts Scott Lieberman and Julia Mathers about how they are using this powerful technology to budget better, save more money and make smart investment decisions.
Here are seven ways these financial experts use ChatGPT to manage and save money.
Create Personalized Budget Plans
Scott Lieberman of Touchdown Money shared that two of the best applications are ChatGPT’s budgeting and expense tracking abilities.
“Simply plug in your budget, expenses and financial goals to ChatGPT, and ChatGPT can create a personalized budgeting plan!” Lieberman said. The AI can categorize expenses, find areas to cut spending and set realistic savings targets. And if budgeting totally overwhelms you, ChatGPT can also explain different approaches to determine the right fit for your needs.
Julia Mathers, a marketing executive at Pasha Funding, also loves the budgeting functionality.
“By inputting your income and expenses, ChatGPT can create a personalized budget plan that takes into account your specific financial goals and priorities,” she shared.
All in all, ChatGPT can help people track spending and trim excess expenses.
Make Investment Decisions
Mathers shared how ChatGPT can optimize investments. “By analyzing market trends and your financial portfolio, ChatGPT can provide recommendations for investments that align with your risk tolerance and financial goals,” she said.
You can use this insight to make informed investment picks that could, over time, net you more savings than making these decisions on your own.
Compare Financial Products
ChatGPT can also help compare prices and features of financial products like credit cards, loans, insurance policies or savings accounts. While it doesn’t endorse specific companies, it outlines the key pros and cons, so you can determine what works best for your situation and goals.
Calculate Optimal Mortgage Plans
When you input your income, expenses, down payment amount and other factors, ChatGPT can simulate different mortgage scenarios and recommend ideal loan terms and structures personalized for you. This ensures you get the optimal home loan instead of overpaying.
Forecast Retirement Readiness
ChatGPT can look at your current retirement savings and make projections based on expected investment returns.
It can also estimate whether you’re on track to retire in style. If not, it can provide tips to make sure you get there. It thinks about how much prices and healthcare may cost years from now. That way you know how much retirement money you really need.
Optimize Your Credit Strategy
This one is something financial experts are starting to swear by: ChatGPT can analyze credit scores and reports and then help you develop a strategy to deal with them. It looks at things like payment history and inquiry activity and then creates a custom plan to boost your credit score. It can even give you tips on how to write successful credit card and loan applications.
Score Travel Deals
Summer is approaching fast — which means many people are checking for plane flights to exotic locales on their lunch breaks. Well, ChatGPT can help with that!
Tell ChatGPT your vacation wishlist and some flexible dates, and it can recommend cheaper travel options that are fun and affordable. Say bon voyage to overspending and prep for dream trips as ChatGPT locks down the deals for you.
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