How you could save money with AI

 Artificial intelligence (AI) has exploded onto the scene, offering new ways for budget-savvy Aussies to build their bank balance. Here are five ways you can use AI to potentially improve your finances.

A couple of years ago, only a few of us had heard of artificial intelligence (AI), but now, it’s increasingly part of our everyday lives. If you’ve used your phone or computer today, it’s likely AI played a role, even if you weren’t aware of it.

AI models, such as ChatGPT, are designed to listen to prompts and come up with solutions. The more information they receive, the more they refine their answer.

One of the many benefits of AI is it can offer shortcuts to many different tasks, including budgeting. With that in mind, here are a few ways you may be able to use AI to save money.

1. Build a budget

AI can be used to build a budget that considers your income, expenses, and areas to save. There are a couple of ways to do this: Either download a budgeting app or ask ChatGPT to build a budget for you. An example may be: “I earn XX and pay XX on my mortgage and expenses… Create a simple plan for me to save”.  

2. Automated tracking

If you’re tired of manually keeping an eye on how much you spend, consider outsourcing the task to AI. Again, either an app or a command can be used to keep an eye on where your money is going and help to make informed decisions about where you may need to cut back.

3. Save money at the checkout

If you feel like you’re overspending at the shops, you can ask AI to produce budget-friendly meal plans. By asking ChatGPT for recipes that use either minimal ingredients or fit within a certain budget, you may be able to rein in food costs, while making healthy choices for you or your family.

4. Find a better price on household items

Instead of shopping around for the best price on things for the home, consider using the app Little Birdie, which uses AI to scan the internet for bargains. Not only will it help to save time, but it will track down the top deals available at the time you’re ready to buy.

5. Negotiate your bills

It’s not always easy to find the right words to ask for a better deal on your energy bills, but this is another area where AI might be able to assist. ChatGPT can customise a script for you to ask for a reduction on a range of regular contracts. Once again, it’s just a matter of asking.

Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content to your circumstances.

Visit Important documents to access Terms and Conditions and the Financial Services Guide which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.