The title [I Tried ChatGPT as a Budgeting Tool. It’s Not There Yet] and the [It’s official: there are way too many ways to spend money too easily in 2024.
The modern era has made spending money effortlessly all too common, with ads bombarding us on social media and frictionless payment options paving the way for impulse purchases and mounting debt. It’s a constant battle between the desire to splurge and the need for financial discipline. In an attempt to regain control over finances, I delved into various budgeting tools powered by artificial intelligence.
While many of these tools claimed to utilize AI, they often fell short, offering basic chatbot interactions based on limited data inputs. Seeking a more robust solution, I turned to ChatGPT, a conversational AI tool known for its ability to understand and process a wide range of information.
I posed a scenario involving a two-person millennial household with a $200,000 annual income, seeking guidance on budgeting for essentials like mortgage, groceries, entertainment, savings, and more. ChatGPT provided a breakdown of recommended spending for each category, along with a suggestion to implement the 24-hour rule before making significant purchases.
The AI tool advised incorporating a cooldown period to prevent impulse buying and recommended focusing on long-term goals to resist the allure of instant gratification. It also highlighted other budgeting apps like YNAB and Mint, which offer spending alerts and insights but lack the extensive AI capabilities of ChatGPT.
While AI tools can provide valuable insights and alerts, the quest for a truly comprehensive financial management solution remains ongoing. The ideal AI tool would offer real-time guidance, perhaps through browser plugins or chatbots, to steer individuals away from frivolous spending and towards long-term financial security.
As we navigate the complex landscape of personal finance in the digital age, the integration of advanced AI technologies holds promise for empowering individuals to make informed and responsible financial decisions. Until then, the battle against overspending may require a human touch to truly curb impulsive behaviors and promote financial well-being.
For more insights on leveraging AI for practical purposes, explore CNET’s AI Atlas for tips on enhancing productivity and achieving personal goals with the help of innovative AI tools.
