WASHINGTON (7News) — As you plan your summer vacation, you may be looking for some help organizing your budget. Keeping track of your finances is a year-round effort and AI can help.
AI can help you manage your household finances. It can create a family budget, help you set financial goals, pay off your debt, pay for your vacation, and grow your wealth.
Even if you don’t regularly use AI, you’ve probably seen it. When you do a Google Chrome search, AI appears as “Gemini”. This is Google’s AI assistant. There are many others. Microsoft’s Edge has Copilot.
ChatGPT has OpenAI. Anthropic has Claude.
They will have an answer to your question, but be aware, AI is not always right.
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“It’s wrong all the time. It does make mistakes. It is still learning,” Mark Henry of Alloy Wealth Management said. “Take your bank statement. Give it to AI and say, Hey, where’s all my money going? It’ll come back and tell you where it’s going”.
Upload your statements by taking a screenshot on your phone. The more you use AI, the better it gets to know you. But you may have to work to get an unbiased answer.
“So, if you come up with a business idea, it’s more than likely geared to tell you, Oh, that’s brilliant. It’ll give you all the reasons why,” Henry said.
Start by using AI for simple tasks before you hand over all your investment decisions to AI. Make sure you use a reputable, encrypted platform whenever you connect your bank accounts to AI financial tools. And always review AI recommendations to make sure they align with your personal goals.
And remember, AI is a tool, but you’re the master of that tool.