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Can AI Help You With Your Finances?

Can AI Help You With Your Finances?

Artificial intelligence -

First, it was crypto, then it was the metaverse. Now, seemingly out of nowhere, everyone is talking about AI! There’s a good reason for it, too, because AI could be the biggest game-changing technology since the smartphone, or the internet. It’s a big deal — make no mistake about it.

While AI can be harnessed in a variety of ways, at Money Vehicle, we’re curious as to whether AI can help people manage their finances. The answer, it seems, is yes. In fact, AI is and has been used in the financial space for some time already. But with the advent of tools like ChatGPT into the consumer-facing market, it’s worth exploring how AI can help you with your finances.

AI tools: ChatGPT and your finances

There’s likely to be a multitude of AI-powered financial tools hitting the market in the coming months and years. In fact, you may have already heard about things like “robo-advisors,” which some companies use to automatically reallocate or make investing decisions for customers’ portfolios.

But for our purposes, we’ll discuss the use of ChatGPT, and how you can use it to help sort out your finances. The important thing to know about ChatGPT and similar tools is that they’re only going to be as helpful as the inputs and prompts you give them. It may take some practice. You should probably spend some time playing around with how the system actually works, too, to get a feel for it before jumping in.

But just for starters, ChatGPT can help you in a number of ways when it comes to sorting out your finances, including by helping you nail down a budget, figuring out some savings or spending strategies, looking at ways for you to better manage your debt, and more.

Again, though — it’s going to depend on the specific ways you use it. You can feed some of your information into it, and then write a prompt asking for specific types of help. For example, if you enter information related to your income, and then your expenses, you can produce results that may prove helpful to your specific situation.

Your mileage may vary, however. The answers and results you get may or may not be what you were hoping for, but again, play around with it a bit to get a feel! 

Remember, too, that you should be wary and critical of sharing personal information with a third party, and that includes tools like ChatGPT. There are security risks at play, and you should keep that in mind. Note, too, that AI and tools like ChatGPT are new and evolving. They have limited capabilities that will grow over time. And finally, don’t be afraid to reach out to a professional for financial help — the robots can only do so much!

Check out the Money Vehicle textbook — you can find it here on Amazon. And if you like what you see, you can get more content sent directly to your inbox! Sign up for the Money Vehicle Movement Newsletter!

And check out our white paper: “Strategies for Increasing Financial Literacy Rates Among High School and College Students”

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