If you’re looking for ways to curb overspending and put some pennies away, you might feel overwhelmed, like you need a degree in finance to figure it all out. But what if there was an easier way to budget for the upcoming year? Put down your textbook and pick up your phone — ChatGPT is riding to your rescue.
You’ve probably heard that ChatGPT is great at answering questions. But you may not know that it can help you craft a personalized budget and savings plan. By asking specific questions, or prompts, geared toward your unique situation, you can uncover practical tips to live more frugally and boost your financial health in the new year. With an internet connection, some creativity, and a willingness to explore, you can use ChatGPT to map out a plan that suits your lifestyle.
1. Plan Budget-Friendly Meals
Any Millennial who has survived the great avocado toast debate knows your grocery cart is tied directly to your wallet. You know that cutting out DoorDash and dining out can save some serious cash, but figuring out how to start cooking at home may feel daunting.
ChatGPT can help you brainstorm meal ideas based on your dietary preferences and budget. For example, try asking, “What are some budget conscious vegan meals?” (this prompt resulted in a recipe for sweet potato and black bean tacos that sounds divine) or “Can I get a list of slow cooker recipes that cost under $10?” You’ll have plenty of inspiration to kickstart your kitchen game.
2. Comparison Shop
While ChatGPT doesn’t have live access to current prices, it can provide a good starting point by comparing the general costs of similar products. For instance, if you’re a pet parent looking for a vacuum cleaner that can pick up thick and pesky fur without hoovering up your cash, you could ask, “Which vacuum cleaner is less expensive, Bissell or Dyson?” The answer, in case you’re wondering, is Bissell, since their prices start at $50 — but it’s always a good idea to double-check prices online for accuracy.
3. Create a Budget
If the thought of building your own budget sends you into an anxiety spiral, take a deep breath and let your pal ChatGPT take the wheel. You can start by asking something like, “How can I create a realistic budget based on a $50,000 salary?” ChatGPT will outline helpful principles like the 50/30/20 rule, which suggests allocating 50% of your income to needs, 30% to wants, and 20% to savings or debt repayment.
A note of caution: While you can follow the general steps that ChatGPT provides, avoid sharing sensitive financial details, like account numbers or personally identifiable information.
4. Automate Your Savings
One of the benefits of automating your savings is that you get to “set it and forget it” and watch your earnings pile up. But where do you start? Just give ChatGPT a simple prompt like, “How can I automate my savings?” and get simple, actionable tips for setting up automatic transfers from checking to savings or using apps that specialize in automation. ChatGPT can even recommend savings tools to help you stay on track.
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5. Find Free or Low-Cost Fun in Your Town
Enjoying life doesn’t have to mean draining your life savings. There are plenty of ways to live the high life at a low cost in your city, with ChatGPT as your guide. Try asking, “What are some free activities in Baltimore this weekend?” or “What are some family-friendly things to do in San Diego for under $20?” You just might find your favorite new spot — while sticking to your budget.
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This article originally appeared on GOBankingRates.com: 5 Ways ChatGPT Can Help You Live Frugally and Boost Your Savings in the New Year
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