Could AI save you money? One Massachusetts woman says it changed her financial life

A growing number of people are finding success using artificial intelligence tools to manage debt and build financial budgets.

Melissa John of Bridgewater says ChatGPT has helped her organize her bills, while a “robo-portfolio” is expanding her savings.

“I’m finding that my stress level is down,” John tells Boston 25 News. “It’s like having a third-party telling you you’re doing okay.”

Financial experts say AI chatbots like ChatGPT can be a great tool for identifying ways to save money and build budgets. But they say it should not be used to make investment decisions.

“I would recommend strongly against using ChatGPT as gospel for any sort of investment decisions,” says Thomas Nitzsche, a financial educator with Money Management International. “You want to use a professional.”

For starters, Nitzsche says chat AIs can be wrong or misleading. He suggests using it as a research assistant rather than a financial advisor.

“It seems to be a really effective thought partner in getting people familiar with their debt relief options,” Nitzsche says.

He recommends starting with a simple prompt, such as: I’m trying to save money and reduce my debt. What ways can I accomplish this?

“It tends to ask really good follow-up questions, like, what’s your credit score? Or how much at the end of the month do you have left to pay towards debt? It really tries to understand where you’re coming from, what your goals are, what your financial situation is, in order to guide you to the right solution,” Nitzsche says.

For those looking to grow their savings, robo-portfolios—like the one Melissa John uses through her bank—may use AI, but are not the same as ChatGPT.

Unlike AI chatbots, robo-portfolios are specialized financial tools offered by banks and brokerages. They are governed by rules-based financial software and regulated by the SEC. Robo-portfolios are designed to automatically invest and rebalance your funds using established practices.

Although no investment tool can guarantee returns, John is pleased with the growth she’s seen.

“I was probably making about 6-7% with my 401k,” John told Boston 25 News. “I’m making 14-15% with my robo-portfolio.”

John says she wouldn’t trust ChatGPT with her investments, but she says it’s helped her build a realistic budget to get her spending and savings in check.

“It felt like I was having a conversation with a friend,” John says. “By the time it was done, I had this spreadsheet where it basically told me how much I could spend per month and still be able to pay my bills and put things away.”

Experts say if you use AI to help with budgeting, be careful how much information you share. Nitzsche says it can be okay to provide information about your salary, your debt, and your spending habits – but never share sensitive information like bank account or credit card numbers.

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