Artificial intelligence (AI) tools like ChatGPT can help in all aspects of your life, including your personal finances. While this tool isn’t sophisticated enough to offer personalized financial advice yet, it can be good for brainstorming ways to improve your financial health.
Plus, it will get you thinking so you can find solutions to your money woes faster.
Here are six actionable ways to use AI and ChatGPT to improve your financial well-being.
Do you need help finding a side hustle idea or new career? Tell ChatGPT your interests or special skills and it will generate a list of money-making ideas.
Even if it doesn’t generate an option you fall in love with, it will get you started on the right path so you can find a career or side gig you can financially benefit from and enjoy.
The more specific you are about your hobbies and skills, the better your odds of finding a good match through ChatGPT.
In this inflationary environment, cutting costs can be challenging. That’s especially true if you live in an area with a high cost of living.
Here are some cost-saving measures ChatGPT suggested when we asked it about this specific situation:
Let’s say you thought meal planning was a good idea but didn’t know how to get started. You could ask ChatGPT to provide recipes and reliable resources to teach you more about planning your grocery trips, prepping and freezing meals for nights you don’t feel like cooking, and more.
Sometimes, you know you want to improve your finances but don’t know which financial goals you should pursue. This is another area where a ChatGPT brainstorming session can help.
For example, if you know you want to buy a home in five years but don’t know how to get there, ChatGPT might tell you how much of a down payment you’ll need, if you need to work on your credit score, how to set a separate savings goal for closing costs and fees, and more.
Once you have your new financial goals, you can use the Payactiv app to measure your progress toward each one.
ChatGPT isn’t the best place to get comprehensive, personalized advice on how to improve your credit score or manage your debt burden. However, it is a great place to ask about reliable resources where you can learn more.
For example, ChatGPT recommended myFICO, the FTC’s credit and loan page, and NFCC credit counselors as reliable places to learn more about improving your credit score.
Keep in mind that, as a Payactiv member, you can get reliable, personalized advice about improving your credit from KOFE counselors. You don’t need AI for this, and the suggestions apply to your unique situation.
If you’re writing your first budget and don’t feel like slogging through all the ‘how-to’ guides, ask ChatGPT to do it for you. The more detailed you are about your budget line items, the better the budget ChatGPT will produce.
You can do this by manually entering each expense or uploading your past bank account and credit card statements if you don’t feel like digging through those past records to identify your spending habits.
If you don’t have time to read an entire book about a financial topic that interests you, you can ask ChatGPT to give you a summary of a financial media figure’s advice.
When we asked ChatGPT about JL Collins’ investing advice, it gave a pretty spot-on summary. Nevertheless, ChatGPT itself recommends you read The Simple Path to Wealth to ensure you get all the information shared within the book.
AI is not yet reliable enough to replace personalized financial advice. Sometimes, the information it gives you will be wrong or incomplete, so we recommend taking advantage of free KOFE counselors to ensure the guidance you get applies to your personal situation.
However, if you’re providing quality, detailed prompts, it can help you do basic things like brainstorming ways to increase your income, lower your expenses, or write a basic budget.
All content provided on Payactiv.com/financial-learning/ is for informational purposes only. Payactiv makes no representations as to the accuracy or completeness of any information on this site or found by following any link from this site. Payactiv will not be liable for any errors or omissions in this information nor for the availability of this information. Payactiv will not be liable for any losses, injuries, or damages from the display or use of this information.
© 2024 Payactiv, Inc. All Rights Reserved
24 hour support: 1 (877) 937-6966 | [email protected]
* The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 1-877-747-5862, 24 hours a day, 7 days a week.
** Central Bank of Kansas City is the issuer of the Payactiv Visa Prepaid Card only and does not administer, endorse, nor is liable for the Payactiv App.
1 Standard rates for data and messaging may apply from your wireless provider.
Google Play and the Google Play logo are trademarks of Google LLC.
Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc., registered in the U.S. and other countries.