Saving money is an important task and it is important to be well-informed when making financial decisions. AI has many benefits to offer for this purpose and one of them is ChatGPT. ChatGPT is an AI chatbot that uses natural language processing, and it can be a great tool in helping you save money. Kami Adams, a financial advisor and the founder of Creative Legacy Group, explains how ChatGPT can help save you money.
For instance, ChatGPT can provide insights into credit scores, managing debt, optimizing taxes, and more. It is equipped with the knowledge to answer questions about personal finance. Therefore, when you query ChatGPT about investing emergency savings in an investment account, expect a prompt response. It will be a concise overview suggesting the pros and cons of making the move, as well as subsequent recommendations such as considering risk factors, goals, and other financial circumstances.
ChatGPT also assists in creating and managing a budget, tracking expenses, and understanding spending patterns. This way, users can make better choices and save money. In addition, it also enables them to create investment strategies and understand risk tolerance.
ChatGPT’s data bank includes information up to September 2021, however, the platform is not capable of real-time data. Asking a simple question like which bank offers free checking or where to get the cheapest gas does not work. Furthermore, ChatGPT is not an infallible substitute for thorough research and sound financial strategies. In short, it is an AI tool that can be used to simplify the decision-making process when it comes to personal finances.
To summarise, ChatGPT is a great tool that can help you save money and make better decisions by providing appropriate recommendations, fiscal guidance, and understanding financial goals. However, it is important to keep in mind that it is an AI tool and not a replacement for professional advice and thorough research.
