From apps to ChatGPT prompts, many Australians are harnessing AI to organise their spending. Here’s how you can, too.
Artificial intelligence (AI) can change the way we live and work, whether it’s by coming up with a customised meal or workout plan, crafting a CV, or organising the day’s activities for us.
Increasingly, budget-conscious Australians are embracing the technology to save money, particularly as we continue to face higher living costs. If you’re looking to make more cash or put more of it aside, here’s how AI can help.
By finding better prices
If you want to locate this week’s bargains quickly, AI-driven tools such as GetPrice and PriceHipster, can do the work for you. They track a range of retailers’ prices and can see when they change. If it’s groceries you’re after, Trolley Saver can tell you where you can get the lowest price for the items you need to stock up on.
Cashback apps also use AI to scout for better deals for customers. A popular one is Cashrewards.
By helping you budget
If you’d like to test AI’s skill at creating a household budget, you can ask ChatGPT. It should produce some figures to show you where to trim back to reach your savings objectives. Keep in mind, this will be a simple budget, which may not account for your broader situation or circumstances. It’s working only with the inputs you give it; you’ll receive more tailored results by adding your specific income, costs, and goals.
You can also use AI-driven budgeting apps, such as Pocketbook, which allow you to check in on your progress regularly.
Some customer-owned banks are now using AI, too, to help their members come up with a budget.
By locating cheaper transport options
For public transport, two AI-driven apps – TripGo and Moovit – can create a schedule for you that gets you from A to B using the cheapest available route. They look at real-time data to make their call.
If you’re a driver, you can use AI-powered apps to track down the cheapest fuel within a reasonable distance from your home.
By automating your habits
Automation can help you save money by creating set-and-forget strategies, such as a rule to transfer a certain amount of money into savings each month. The idea is eventually you won’t even remember the money is being taken out, until you look in your savings account.
It can also free up your day to do other things, such as being more productive at work or finding a side hustle. For example, if you use AI to create a strict time schedule, you may be able to claw back hours in your day for other activities.
Like many individuals, many customer-owned banks have embraced AI to try to make processes simpler for their members. They may have some extra ideas to help you save money, now and in the future.