Managing your personal finance can appear inconvenient at first glance–arranging spreadsheets full of numbers takes both time and energy. But with technology these days, it’s never been easier.
Artificial intelligence is a cutting-edge field with features that many don’t use to their fullest potential. With the proliferation of AI chatbots these days, these features have become accessible for everyone.
Have you considered the ways AI can help in the domain of personal finance?
AI chatbots such as ChatGPT can provide users with answers to questions quickly without the need to contact a specialist. This functionality can be extended even to finance management. But this is far from the only thing it can do to help.
So, what can AI do?
1. Perform calculations
2. Locate information.
3 . Answer questions
4. Give guidance
And most critically:
5. Save time
For these reasons and more, having the help of AI is an indispensable tool for finance management.
Perform Calculations
Rather than having to do the math yourself, AI takes plain-text instructions and makes the process quick and easy. This workflow is ideal for saving time–especially because managing numerical data can be tedious and involve human error.
Humans can often enter the wrong number without noticing. Unlike people, computers are built to do math!
Locate Information
This is another area where machines can perform tasks much quicker than humans. Rather than scouring the Internet for specific links or going through past spreadsheets for a needle in the haystack, an AI can find what you’re looking for nearly instantly. All that’s needed is to ask.
Answer Questions
AI chatbots are designed to help by answering questions. They can be used as sounding boards or advisors, depending on your needs. Don’t underestimate the value of having another source of feedback.
In terms of finance management specifically, there are all kinds of questions to be asked. Whether it be how finance management is done or the trends in your own data, AI can provide the needed information.
Give Guidance
People often seek guidance–but not just when they’re starting out. This can take the form of specialized tutorials, step-by-step instructions, or suggestions as to what to do. An AI can link to or provide all of these. Even when you’re midway through the process, an AI can help figure out the next steps.
In short, AI can perform certain menial tasks much quicker than humans can. They can lend many forms of advice free of charge, so don’t overlook what they can do.
Fina Chat
Fina is a site dedicated to personal finance management. Alongside other finance-related features, we at Fina have our own AI chatbot that can help users manage financial information easier.
To access the AI chat, simply log in and click on the “Chat” tab at the top of the screen.
As with other AI chats, Fina’s can be used to help with finance management. However, having user data already entered into a Fina account makes this even more useful.
Having access to user data allows the AI to give truly personalized advice. For example, it can reference past data to inform you how much money you spent during a certain period of time. It can perform calculations to create graphs, displaying the data in an easily understood visual format.
The chatbot itself also provides suggestions as to how it can be used. Whenever the AI’s page is opened, 3 new suggestions are displayed near the bottom of the screen–for example, “Can you show my utility bills over the past six months?” or, “What tutorials are available for budgeting in Fina?”
These are only some of what the AI can do:
- Link tutorials, templates, and past transactions
- Perform calculations and create graphs
- Answer finance-related questions
- Give suggestions
The AI can create clean-looking bar, line, pie, gauge, and text charts. Clicking on any point or piece of data within the chart will link directly to that transaction. This makes visualizing one’s finances simple in a way that other AI chatbots can’t accomplish as easily.
The more finance data Fina’s AI has available, the more utility it can provide. It can make finance management easier than ever.
Summary
There are plenty of reasons to use AI when it comes to personal finance. Calculations, advice, and guidance–there’s no end to what they can do.
Do you use AI when managing your finances, or do you have any other ideas related to AI? Please add your thoughts in the comments.
Please experience this transformative technology by yourself! To try out Fina Chat with demo data, just sign up a free account and start chatting to analyze demo data before making it yours.
For more insights and detailed perspectives on how AI is revolutionizing personal finance management, check out the original post.
