By Harriet Meyer
Harriet Meyer is an AI expert and multi-award-winning personal finance journalist who regularly writes for titles including The Guardian, The Telegraph and Daily Mail. In this article for United Trust Bank she shares useful tips on how Artificial Intelligence (AI) can help you organise your finances and save you money.
You’ve probably heard plenty about ChatGPT and artificial intelligence, but if you’ve not tried it yet – or you’re just getting started – you might be wondering whether it’s genuinely useful.
The reality is that AI chatbots can save you genuine time and money on everyday tasks like comparing energy tariffs, researching big purchases, or planning holidays. And you don’t need any technical skills to get started.
Here’s what you need to know, along with some practical ways to use AI now:
What is AI?
AI (artificial intelligence) has been around since the 1950s. It’s essentially the simulation of human intelligence in machines, enabling them to learn, solve problems and make decisions.
However, the type of AI making headlines now is so-called ‘generative AI’. This became widely available in late 2022 with the arrival of ChatGPT.
Generative AI is trained on vast amounts of data on the internet, and uses this to create new content, such as text, videos and images. More importantly, though, these chatbots can hold ongoing conversations, making them particularly useful and interactive.
The four big chatbots people interact with in this way are OpenAI’s ChatGPT, Google’s Gemini, Anthropic’s Claude and Microsoft’s Copilot. But how you use them is similar.
Getting started
You don’t need to download special software. You can access tools like ChatGPT or Gemini directly from your web browser or phone app. Both are good starting points, and have straightforward free versions.
- Free versions are fine for everyday use.
- Paid versions (around £15–£20 a month) offer faster responses and extra features.
All you need is a few minutes to set up an account and sign in to get started.
How to use chatbots
Start by typing what you need (the ‘prompt’). The more specific you are, the better the result.
For example, instead of writing:
“Help me budget.”
Try:
“I earn £2,400 a month after tax and spend £900 on my mortgage, £200 on bills and £300 on food. Can you suggest a budgeting plan that helps me save more each month?”
If the first response isn’t quite right, ask follow-up questions. Think of it as a back-and-forth conversation that’ll hopefully result in something useful.
Everyday ways to use AI
1. Compare prices and services
Switching energy or broadband suppliers can save hundreds of pounds a year. Chatbots like ChatGPT can do the groundwork for you. Try: “Compare the top three energy tariffs for an average three-bedroom house in Manchester in the postcode M20 area.” It’ll give you a great starting point to compare options.
2. Plan a holiday
Ask your chatbot to compare your favoured destinations based on weather, cost, and flight times. Or, you could simply start with: “Where’s warm in May for under £600 including flights from (your location)?” It’ll save you time trawling through websites to refine your choices.
3. Research financial products
Your chatbot of choice can help you understand options before speaking to a provider. Try: “What’s the difference between an annuity and income drawdown when it comes to my retirement income?”
Remember, your chatbot isn’t a financial advisor. It shouldn’t tell you which to choose, but it’ll help you narrow down your search.
For further assistance Money Helper is a great tool to research financial products.
4. Decode financial jargon
If you’re confused by jargon such as “AER” or “loan-to-value ratio”, copy the phrase into a chatbot and ask for a simple explanation and why it’s important for your circumstances, giving a general overview.
5. Draft letters or emails
Do you need to challenge a charge or make a complaint? Tell your chatbot what you want to say, and it can structure a clear, polite message you can then edit in your voice. Try asking for any additional rules or regulations that should be included to strengthen your case too.
6. Research big purchases
If you’re planning a big purchase such as a new car or boiler, ask the chatbot for examples of the best options for you, based on your situation and preferences. Add that you want the results summarised with pros and cons included in a table.
What AI can’t do
Chatbots like ChatGPT aren’t financial advisers. So they aren’t regulated, and don’t know the specifics of your personal situation. Most importantly, they can get facts wrong.
It’s important that you avoid relying on chatbots for life’s big questions such as whether you should take your pension early, or which specific investments to choose. The answers might sound confident but could be out of date or misleading.
Ultimately, these AI models are best used as a starting point, helping you understand the basics before speaking to a regulated adviser.
Practical tips
Start small. Try something simple like one of the prompts mentioned, and build your confidence using AI gradually.
Be specific. The more detail you provide, the more useful the answer. Instead of “help me save money,” try “I spend £120 weekly on our weekly supermarket shop for four people. Can you suggest ways to reduce that without compromising on fresh food?”
Protect your privacy. Don’t type account numbers, passwords, National Insurance numbers, or personally identifiable information into chatbots. Also, check privacy settings. For example, you can turn ‘data training’ off in ChatGPT by going into ‘Settings’, ‘Data Controls’ and toggling off ‘Improve the model for everyone’.
Double-check facts: Treat your chatbots as a working partner who can help develop your ideas, drafts and options, not your final decision maker.
The best way to use AI is to gather information and compare your options, then make your own decisions based on your personal judgement or with the help of professional advice where needed.
Although this article may contain helpful information and tips, this is not financial advice. If you are unsure about what is best for your specific requirements, you may wish to seek advice from an independent financial adviser.