Raising kids is not a cheap endeavor. From constantly purchasing new clothes and school supplies, feeding growing kids and paying for leisure activities and toys, parents are always on the hunt for ways to save money.
Enter ChatGPT and other AI tools. ChatGPT is an AI software developed by OpenAi known as a large language model, which can answer queries a user inputs and pull together large amounts of information from the internet, saving time and money.
While these tools shouldn’t replace in-person experts and should always be fact-checked, they can offer some essential support. We asked experts how parents can best use these tools to save money, and here’s what they said.
A big area for potential costs savings is figuring out how to save on meals. According to Nazmul Hasan, founder and chief information officer (CIO) of AI Buster, a company specializing in AI tools, “AI-powered meal planning applications can analyze dietary requirements, preferences, and budget constraints to suggest cost-effective and nutritious meal options.”
He suggested that by automating this process, parents can plan grocery shopping efficiently, minimize food waste and discover economical alternatives to expensive ingredients.
Budgeting and Expense Tracking
AI tools can also provide parents with real-time insights into their spending habits and offer personalized budgeting recommendations, Hasan said. “ChatGPT can serve as a virtual financial advisor, helping parents identify unnecessary expenses, optimize their budgets and save for their children’s future.”
Price Comparison and Deal Hunting
Another area where AI-powered chatbots are useful, Hasan said, is in scouring the internet for the best deals, discounts, and coupons. “These tools can assist parents in finding cost-effective products, comparing prices across different retailers, and making informed purchase decisions.”
If parents are paying for multiple subscriptions to keep kids entertained but have lost track of which ones, AI tools can also help analyze users’ subscription patterns, identify unused or unnecessary subscriptions, and recommend potential cost-saving measures, Hasan said. “This can help parents avoid subscription fatigue and optimize their monthly expenditures.”
Financial Education and Advice
AI-powered educational platforms provide users with resources and personalized advice on financial planning, investment strategies, and saving for their children’s future, according to Isla Sibanda, a cybersecurity specialist with a background in ethical hacking. “With insights into long-term financial planning, I can make informed decisions to secure my family’s financial well-being,” she said.
Intelligent Shopping Recommendations
Sara Sharp, an experienced mergers and acquisition attorney and founder of SK&S Law Group and Acta Tax Consulting, said she appreciates the effectiveness of AI and ChatGPT in providing intelligent shopping recommendations for parents.
“By leveraging AI algorithms, these tools understand purchasing habits and preferences. They then offer personalized recommendations on cost-saving alternatives, discounts, and deals for everyday items, groceries, or products for my children.”
So, by using these AI-powered tools, parents can optimize their shopping experience, save money on essential purchases and ensure they’re making the most cost-effective choices for their family’s needs.
AI-driven investment advisory services are another valuable tool that can help parents save more efficiently for long-term goals like education funds or retirement plans, according to Vaibhav Kakkar, CEO of Digital Web Solutions.
“By using algorithms based on historical market data and analysis of current trends, these platforms recommend appropriate investment options based on risk tolerance levels while optimizing returns for investors.”
DIY and Home Improvement
“From simple home improvements to repurposing furniture,” Giri said, “it can provide step-by-step instructions and recommendations for affordable materials or tools, empowering you to save money while maintaining a comfortable and stylish living space.”
Financial Education for Kids
ChatGPT and AI tools can also teach your children about money management, Giri added, a skill that is best practiced from an early age.
“ChatGPT can provide age-appropriate tips and activities to educate your kids about saving, budgeting and responsible spending. It can also recommend resources and tools to help them develop healthy financial habits from an early age.”
A Final Caveat
It’s crucial to remember that ChatGPT is a tool and not a replacement for a financial advisor or a personal planner, according to Kacper Rafalski, senior-level digital marketing strategist with expertise in artificial intelligence at Netguru.
“It’s an accessible and interactive way for parents to glean useful money-saving strategies. Although AI can’t replace human judgment, it can certainly make the task of parenting a bit easier and cost-effective.”
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