Artificial Intelligence and Money: ChatGPT!


Today, I will be addressing a topic I find very intriguing. I will be discussing the Usefulness of Artificial Intelligence (AI) on our Personal Finance journey – with a special focus on ChatGPT. ChatGPT is one of the most popular AI chatbots currently available, developed by the pioneering AI research company OpenAI. I have been personally exploring this chatbot and the results I am getting have been mind-blowing. From defining financial terms to analyzing financial situations and goals, ChatGPT can provide customized recommendations and insights to help you make informed decisions about your money. Here are two questions I asked ChatGPT and the responses I got back:


Me, Question 1:

“What is monthly budgeting?”

ChatGPT’s response:

“Monthly budgeting is the process of creating a plan for how you will allocate and manage your income and expenses on a monthly basis. It involves tracking your income, identifying your expenses, and setting limits or targets for different spending categories to ensure that your finances remain in order. Here are the basic steps involved in monthly budgeting:

  • Calculate your income: Determine your total monthly income from all sources, including your salary, wages, investments, and any other sources of revenue.

  • Identify fixed expenses: Make a list of your recurring expenses that remain relatively constant each month, such as rent or mortgage payments, loan repayments, insurance premiums, and utility bills.

  • Track variable expenses: Identify expenses that may vary from month to month, such as groceries, dining out, entertainment, transportation, and other discretionary spending. It can be helpful to review your past spending habits to get an idea of what these expenses typically amount to.

  • Allocate your income: Based on your income and expenses, allocate specific amounts to each spending category. It's important to ensure that your total expenses do not exceed your income.

  • Monitor and track your expenses: Throughout the month, keep track of your spending to see if it aligns with your budget. This can be done manually by recording your expenses in a notebook or using budgeting apps and software that automatically track your transactions.

By following a monthly budget, you gain greater control over your finances, ensure that you're living within your means, and work towards achieving your financial goals. It helps you make more informed decisions about where your money goes and promotes responsible financial habits.”


Me, Question 2:

“Can ChatGPT serve as my investment coach and help me with investment strategies?”

ChatGPT's response:

“While I can provide general information and guidance on investment strategies, it's important to note that I am an AI language model and not a certified financial advisor. Investing involves risks, and decisions should be made based on your individual financial situation, risk tolerance, and goals. It's always recommended to consult with a qualified financial professional or investment advisor who can provide personalized advice tailored to your specific needs.

That being said, I can provide you with some general information on investment strategies, explain basic concepts, and help you understand different investment options. I can also assist with answering investment-related questions to the best of my knowledge and provide insights into common investment practices. It's essential to conduct thorough research, diversify your portfolio, and carefully consider your investment decisions.

Remember, investing involves inherent risks, and past performance is not indicative of future results. It's crucial to make informed decisions and consider your own financial circumstances and goals.”


How impressive is that? A word of warning though, ChatGPT is not infallible. AI chatbots can ‘hallucinate’ and present incorrect information as factual. As such, it is essential to treat its answers with the appropriate skepticism and always get professional financial advice from a trusted source or a financial advisor. While it’s certainly not the cure-all for everyone’s problems, it’s a great starter for people who are looking to dip their toes into more financial literacy.

Over to you. What do you think of ChatGTP? Have you used it or any other AI chatbots? If yes, in what capacity?

Remote Internet Image

Oyenike Adetoye

About Nike

Oyenike Adetoye (aka Nike) is an impactful speaker, author, and personal finance expert. A Chartered Management Accountant by profession. Nike is the founder and CEO of LifTED Finance, a private financial firm that educates, coaches, and supports people on their journey through financial fitness and wealth management.