I Asked an AI Money Assistant How To Simplify My Finances — Here’s What It Said
Written by
Laura Bogart
Edited by
Kristen Mae
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You’re enjoying some fun on the go when a sudden email stops all the merriment — a past-due notice for a major bill. With the hectic pace of everyday life, you feel like you’ve been spinning the plates of all your responsibilities — and unfortunately, managing your money is the one that came crashing down. Ouch.
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What do you do to stop the financial pain that comes with missing key payments, like potential damage to your credit score, pesky late fees, and dreaded higher interest rates? Or to improve how you manage your personal finances in general? Because let’s get real — you probably haven’t been saving or budgeting as effectively as you’d like, either.
As your friendly neighborhood personal finance writer, I went to a trusted source — your friendly MoneyLion AI assistant (a tool from our sister company) — to get the scoop. And the AI assistant had a clear answer: It’s time to automate your finances.
Automation Makes Paying Bills Easier
To probe a little deeper, I asked MoneyLion AI what I could do if I’m always forgetting when my bills are due and scrambling to keep up. I wanted the easiest way to set things up so they would basically run on autopilot — and not depend on my memory.
The AI responded with some refreshingly practical solutions, explaining how I could set up automatic payments through an easy-to-follow process:
- Assess your bills: List all recurring bills and their due dates.
- Choose a payment method: Use a bank account or credit card with low fees and favorable terms.
- Set up automatic payments: Log into your service providers’ websites or apps to enable autopay. Opt for the minimum payment if you’re unsure about the total amount.
- Monitor your accounts: Regularly check your bank statements to ensure payments are processed correctly.
- Adjust as needed: Review and update your autopay settings if your bills change or if you switch providers.
The AI also noted that following these steps would enhance convenience and help protect me from late fees. And if there are two things I adore, it’s making life more convenient and avoiding late fees.
After seeing how easy it was to set up autopay for my bills, I decided to take MoneyLion AI up on its offer to help me further.
Automation Helps You Stay Consistent with Saving
My next question for MoneyLion AI involved how to transfer money into savings more regularly — without having to think about it. The AI swung into action, sharing that automating my savings would be a great way to build financial stability with minimal effort.
MoneyLion AI also offered smart suggestions for automating savings:
- Set up direct deposits: Arrange for a portion of your paycheck to go directly into a savings account.
- Use savings apps: Consider apps that round up your purchases and save the difference.
- Create recurring transfers: Schedule automatic transfers from your checking to your savings account each month.
- Build an emergency fund: Prioritize saving for unexpected expenses to boost your financial protection.
The AI assistant also shared that I could look into automated savings features that set up recurring transfers from my checking account to my investment accounts — starting as low as $5.
“You can schedule these transfers weekly, biweekly or monthly,” said MoneyLion AI. “It’s easy to build your investments effortlessly by automating your deposits. Start small and adjust as needed to find what works best for you.”
Automation Makes Being Proactive About Your Money More Manageable
Once I set up automated bill payments and transfers to my savings and investment accounts, I wondered whether I truly could “set it and forget it” — or if I should keep track of everything I’d automated.
MoneyLion AI was clear: It’s important to periodically check in on your financial automations. True to its helpful nature, the AI offered practical suggestions for staying proactive:
- Schedule reviews: Set a reminder every few months to review your automations.
- Adjust as needed: Life changes — so should your savings and spending limits.
- Monitor performance: Make sure your accounts are performing as expected and check for unexpected fees or changes.
- Stay informed: Keep learning about personal finance to make informed decisions.
“Regular check-ins can help you maximize your financial goals,” said MoneyLion AI.
Automation doesn’t mean neglect. It means designing a system that works for you, so you can focus on the rest of your life.
Bottom Line
Through automation, you can become more proactive about paying your bills on time, boosting your savings, and improving your consistency in investing. Just remember to check in occasionally to ensure everything is running smoothly.
Got a money question? Try this AI money assistant.
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