Everyone says 'make a budget' because that is the best way to manage your money, but are you one of those people who are confounded by formal budgets?
Many people are. Does this expense go here or here? Where do I put down money saved for the roof?
One solution might be Artificial Intelligence. AI may not be a perfect financial advisor but it is pretty good with the basics of budgeting and it does math really well.
AIs like Grok (find it on X.com), ChatGPT (chat.openai.com) or Meta AI (available in Messenger), let you describe the financial problem and will offer some advice and solutions. Ask about categories in your budget. Ask how to retire a debt. Ask questions about interest rates or 401(K) plans.
At tax time, your budget and an AI can come in handy. You can use TaxGPT, for example, to go through your budget tax forms line by line and ask questions about deductions.
Of course, there are many budgeting apps to help manage money, some with AI.
AI tools capable of autonomously managing finances and budgets with minimal user effort are already emerging and will likely become more sophisticated. Current platforms like Rocket Money, YNAB (You Need A Budget), and Monarch use AI to categorize transactions, track spending, and suggest budgets based on user habits. Some, like Empower, offer automated investment advice and retirement planning. These tools sync with bank accounts and credit cards, reducing manual input.
Full automation might well happen within five or 10 years, but, sadly, the user will still have to set preferences and decide what to do when the car breaks down.
