ChatGPT is taking the world by storm as a fun chatbot, but did you know it's also useful? ChatGPT can provide critical economic wisdom. GOBankingRates talks to financial experts Scott Lieberman and his girlfriend about how they're using this powerful technology to improve their budgets, save more money, and make smarter investment decisions. We spoke to Julia Mathers.
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Here are 7 ways financial professionals use ChatGPT to manage and save money.
Create a personalized budget plan
Scott Lieberman of Touchdown Money shared that two of the best apps are ChatGPT's budgeting and expense tracking features.
“Simply enter your budget, expenses, and financial goals into ChatGPT, and ChatGPT will create a personalized budget plan for you,” Lieberman said. AI can categorize your spending, find areas to cut back on spending, and set realistic savings goals. And if you're completely overwhelmed by budgeting, ChatGPT will also walk you through different approaches to determine what's right for your needs.
Julia Mathers, marketing executive at Pasha Funding, also likes the budgeting feature.
“By inputting your income and expenses, ChatGPT can create a personalized budget plan that takes into account your specific financial goals and priorities,” she shared.
Overall, ChatGPT helps you track your spending and cut down on extra spending.
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make investment decisions
Mr. Mathers shared how ChatGPT can help you optimize your investments. “By analyzing market trends and your financial portfolio, ChatGPT recommends investments that align with your risk tolerance and financial goals,” she said.
Using this insight to make informed investment choices can potentially save you more money over time than if you were to make decisions on your own.
Compare financial products
ChatGPT also helps you compare prices and features of financial products such as credit cards, loans, insurance policies, and savings accounts. While we do not endorse any particular company, we outline the main pros and cons so you can decide which is best for your situation and goals.
Calculate the optimal mortgage plan
You input factors like income, expenses, and down payment, and ChatGPT simulates different mortgage scenarios and recommends the best loan terms and structure for you. This will help you get the best mortgage without overpaying.
Predicting retirement readiness
ChatGPT allows you to see your current retirement savings and make predictions based on your expected investment returns.
You can also estimate whether you're on track to retire in style. If not, we can provide you with tips to ensure you get there. Think about how much prices and medical costs will be a few years from now. This will help you figure out how much retirement money you really need.
Optimize your credit strategy
This is something financial experts are beginning to affirm. ChatGPT helps you analyze your credit scores and reports and develop strategies to deal with them. Look at your payment history, inquiry activity, and more to create a custom plan to improve your credit score. You can also get tips on how to successfully write credit card and loan applications.
Get travel deals
Summer is approaching. That means many people spend their lunch breaks checking out flights to exotic locations. ChatGPT will help you with that.
Just tell ChatGPT your vacation wish list and flexible dates and they'll suggest fun and affordable travel options. Stop overspending and prepare for your dream trip because ChatGPT locks the deals for you.
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This article originally appeared on GOBankingRates.com: I'm a financial expert: Here are 7 ways to manage and save money using ChatGPT
