How to Use ChatGPT to Strategize and Plan Your Finances
If you’re worried about AI replacing human financial advisors, we’ve got some good news and bad news for you. The bad news is that ChatGPT might be coming for your job. The good news is that it can help you budget and save in preparation for the generative AI takeover.
While it’s not yet a replacement for human advisors, the OpenAI chatbot is a great tool to help you strategize and plan for more organized and efficient spending and saving. Here’s how to use ChatGPT to create a personalized budget.
Get Organized and Confront Your Finances
To use ChatGPT effectively, you need to provide it with a complete and accurate accounting of your financial life. It won’t do the hard work of tabulating your debts, bills, and fixed and variable monthly expenses for you. Before you get started, gather all the information you 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. Take the time and endure the stress of combing through your finances first—the details will determine your success or failure.
Tell It About Your Situation
Once you have your income, spending, and debts laid out, input them into ChatGPT in a conversational tone along with a description of what kind of budget you aim to create. For example, “I make [whatever amount] each month, pay [amount] in rent or mortgage, [amount] in bills, [amount] in groceries, [amount] in gas and I’m [amount] in debt. Make a financial plan for me to help with savings.”
Analyze the Results
ChatGPT will respond with a personalized and detailed outline of how best to allocate your money to cover your bills, debts, and how much of what’s left over to put toward emergency savings or a retirement fund. Now is the time to cross-reference the results against your real-world financial situation and, most important, your goals, so you can continue shaping the results with new inputs.
Fine-Tune and Follow Up
Part of 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.
For example, you might build on the bot’s initial response with follow-ups like:
- “What if I want to save for a car that costs $40,000?”
- “Please revise to prioritize building my credit score.”
- “How can I incorporate an annual bonus and tax refund?”
Modify, Revise, and Trust Yourself Over an Algorithm
While ChatGPT is a powerful tool that excels at providing general roadmaps, users should consider the results of artificial intelligence as a good starting point—one that must be revised and tweaked based on human intelligence.
Fortune staff writer Ivana Pino used her publication to chronicle her experience with ChatGPT in budgeting for the purchase of a $500,000 home. The financial advisors agreed that ChatGPT is a powerful tool that excels at providing general roadmaps. Still, users should consider the results of artificial intelligence as a good starting point—one that must be revised and tweaked based on human intelligence.
The financial advisors agreed that ChatGPT is an excellent tool for personal finance planning. Users should use it as a starting point but also trust their judgment to make adjustments based on their unique situations to achieve their financial goals.
Editor Notes
ChatGPT might be a game-changer in the financial planning industry, but there’s no replacement for human intelligence in taking control of our finances. We can use AI tools as a starting point, but wise financial decisions ultimately depend on our judgment and priorities. It’s up to us to use AI like ChatGPT to our advantage as we navigate toward financial freedom. For more news and insights on AI and other technologies, visit the GPT News Room.
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