ChatGPT might be the newest tool to help you save and budget for the future. While it’s not quite a replacement for human financial advisors, the AI chatbot can help you manage your finances with impressive speed and accuracy. By inputting your income, spending, and debts – along with a description of your financial goals – ChatGPT can create a personalized financial plan for you.
To get started, you’ll need to gather all the information you would need for an initial meeting with a human financial professional. The more detailed, thorough, and honest your inputs, the more reliable the results ChatGPT will deliver. After you’ve entered all your information in a conversational tone, the AI chatbot will provide a detailed outline of how to cover your bills and debts, and how much of what’s left over you should be putting toward savings.
What makes ChatGPT so useful is its ability to recall previous inputs and incorporate them into follow-up queries. The more you refine your original inputs with more granular instructions, the more specific ChatGPT’s responses will become. However, it’s important to cross-reference the results against your real-world financial situation and goals, so you can continue shaping the results with new inputs.
While ChatGPT can be a powerful tool that excels at providing general roadmaps, it’s not perfect. Fortune staff writer Ivana Pino used her publication to chronicle her experience with ChatGPT when budgeting for a $500,000 home. While the bot returned a list of priorities and the order to complete them, it assumed she knew exactly how much money she spent every month and didn’t account for potential income changes or the soaring interest rates since 2021. Fortunately, human financial planners provided a similar outline to ChatGPT but with a human touch that the algorithm lacked.
Overall, ChatGPT can provide a starting point for your financial planning, but the results must be revised and tweaked based on human intelligence. So while ChatGPT might not be coming for your job just yet, it can be a helpful tool in preparing for the AI takeover and budgeting for a secure financial future.
