Finance Expert: I use Chat GPT to improve my wealth

“ChatGPT is not just a tech marvel; it's a financial ally for everyone, from budgeting rookies to savvy investors,” says Hemming.

1. Kickstarting Financial Goals with ChatGPT

Struggling to start a financial plan? Hemming explains, “ChatGPT is like a financial coach. Whether it’s about earning rewards from a credit card or saving for retirement, it can provide a clear action plan.” For example, ask ChatGPT how to accumulate rewards through a credit card, and it'll guide you through the process step-by-step.

2. Simplifying Investment Jargon

Many get intimidated by the complex language of finance. Hemming suggests, “ChatGPT is your translator for financial lingo. It breaks down complex terms into simple, relatable language.” Want to understand what an ISA is? ChatGPT can explain it using easy-to-grasp analogies.

3. Personalized Meal Planning on a Budget

“ChatGPT takes the guesswork out of budget-friendly meal planning,” states Hemming. By providing your dietary preferences and budget, ChatGPT can tailor a meal plan for you, complete with a grocery shopping list. This can significantly cut down on impromptu food expenses.

4. Scouting Affordable Travel Options

ChatGPT can also be your travel-budget savior. Hemming advises, “Use it to find affordable flight and hotel options. Be specific about your departure airport and budget.” For instance, ask ChatGPT for the cheapest return flights from a particular airport and it will present various options.

5. Crafting a Basic Financial Plan

While Hemming cautions against relying solely on AI for complex financial planning, he acknowledges ChatGPT’s utility in providing a basic financial framework. “It can suggest how to allocate your income towards savings and expenses, offering a starting point for financial discipline,” he adds.

6. Navigating One-off Financial Challenges

Facing unique financial challenges? ChatGPT can offer practical tips. “Whether it's budgeting for a wedding or planning a cost-effective birthday party, ChatGPT provides sensible and actionable advice,” Hemming shares. This can include tips on gift-giving, travel planning, and managing event-related expenses.

"Personally, I've found ChatGPT to be a remarkable tool in managing my own finances. It's like having a personal financial assistant at your fingertips.

"For instance, I've used it to compare different investment options and clarify complex financial concepts, which has significantly streamlined my decision-making process," shares Gary Hemming from invoice finance provider Abc Finance.

In conclusion, Gary Hemming sees ChatGPT as a powerful tool for enhancing financial literacy and planning. “While AI can’t replace professional financial advice, it certainly makes the journey towards financial empowerment more accessible and less daunting,” he reflects.