Taki Wong<\/p>\n
Taki Wong, a 27-year-old co-founder of an Ontario-based tech firm, spends his days building AI tools for busy professionals. When it comes to managing his own money, he also puts AI tools to a personal test. “I feel like I have a mini personal financial adviser at my side 24-7,\u201d he says of Google\u2019s Gemini AI model, which he uses to track spending and hold himself accountable. <\/p>\n
“Every month I have a reconciliation where I go in and input all the expenses from my credit card and things that I’m spending money on,” he says. “It’s able to say, \u2018Maybe you’re eating Chipotle too much\u2019 or \u2018Maybe you’re going out to these restaurants too much,\u2019 and it calculates my savings rates and investments from there.” He credits Gemini with helping him cut the amount he spent eating out from $600 per month <\/b>to $200, and his TV subscriptions from $300 to just $50. <\/p>\n
As grateful as Wong is to have AI tools that enable him to manage his money with ease, he\u2019s still cautious about what personal data he shares. “I don’t connect any bank accounts or anything with it,\u201d he says. \u201cI just provide like the actual like numbers themselves; like the actual expenses.\u201d <\/p>\n
The Wider Trend<\/b> <\/p>\n
A majority of Americans who use AI tools have relied on it for financial guidance, according to a September study<\/a> by Intuit Credit Karma, including 82% of Gen Z and millennials. It’s a similar story across the pond, where nearly one in three Britons report using AI weekly for personal finance, according to Lloyds Banking Group’s latest Consumer Digital Index<\/a>. <\/p>\n Jordan Edwards, host of \u201c#Clockedin,\u201d a personal development podcast, says that although AI is a great tool, we should use it with caution. “It will give you an answer to everything, but you have to vet if that answer is correct or not,” he says. His advice: Consult people you trust. “Not just your parents,\u201d he says, \u201cbut people who are actually qualified who you think have really good money habits.” <\/p>\n Takeaways<\/b> <\/p>\n Explore new budgeting methods.<\/b> AI is a great tool and can help save you a lot of time and identify where you can improve your finances. “It definitely has helped me identify those (spending) leaks that I should plug,” Wong says. <\/p>\n The Gemini app icon on a smartphone. REUTERS\/Dado Ruvic\/Illustration<\/p>\n Consult with experts. <\/b>When in doubt, fact check everything the AI suggests to make sure it’s getting things right. <\/p>\n Protect your privacy. <\/b>Data sharing is a concern for many using AI. Like Wong, you don\u2019t need to connect everything. Only share what you are comfortable with. <\/p>\n Have a money lesson or story to share? Tell us what worked for you \u2014 or what didn\u2019t \u2014 by emailing hani.richter@tr.com<\/a><\/p>\n Sign up here.<\/a><\/p>\n Editing by Yasmeen Serhan and Lisa Shumaker <\/p>\n