WEBVTT - Can ChatGPT fix your budget? 0:00:01.600 --> 0:00:03.880 Welcome to How Do They Afford That, the podcast that 0:00:03.880 --> 0:00:07.520 peaks into the financial lives of everyday Australians. I'm Uncale Thompson. 0:00:07.520 --> 0:00:09.320 I'm an author and the co host of the podcast 0:00:09.720 --> 0:00:12.760 Fear and Greed business News. As always, I'm with Cannon Campbell, 0:00:12.840 --> 0:00:16.200 financial planner, founder of Sugar Mama TV, the financial literacy 0:00:16.200 --> 0:00:21.640 platform which you'll find on YouTube, podcast books, Instagram, threads, TikTok, keynotes, speeches, 0:00:22.320 --> 0:00:23.880 just say keynote speeches. 0:00:23.920 --> 0:00:26.119 Just then, No, you said keynote. I heard it. Oh god, 0:00:26.079 --> 0:00:27.000 I'm clear, Okay, all. 0:00:26.920 --> 0:00:29.080 Right, I wish I hadn't drawn attention to it. Now. Hello, Canna, 0:00:29.360 --> 0:00:32.040 good morning, how are you? I am going well? Today 0:00:32.080 --> 0:00:35.440 we are talking about chat GPT, one of our favorite topics. 0:00:35.800 --> 0:00:39.280 I have mentioned in previous episodes that I'm in a relationship, 0:00:39.280 --> 0:00:41.400 a complicated relationship with chat GBT. 0:00:41.640 --> 0:00:44.080 Well, I want to explore the depths of that relationship 0:00:44.080 --> 0:00:46.800 today because I've been seeing a lot of posts online. 0:00:47.159 --> 0:00:49.680 Just the look on your face just then, thought you 0:00:49.720 --> 0:00:53.000 thought I was going somewhere inappropriate. 0:00:52.360 --> 0:00:55.320 Didn't you. No, honestly, no, No, that's your mind that's 0:00:55.360 --> 0:00:56.280 in the gutter, not mine. 0:00:56.720 --> 0:01:00.240 Fair I'll take that a lot of talk lately about 0:01:00.280 --> 0:01:01.680 chat gpt as you would. 0:01:01.440 --> 0:01:04.280 Expect, Oh yeah, ai is viral. 0:01:04.120 --> 0:01:09.039 It's huge, but in particular how it can manage your budget. 0:01:09.160 --> 0:01:11.959 A lot of people talking about on Instagram and TikTok 0:01:12.000 --> 0:01:14.360 and everything that they're using chat gpt to manage their 0:01:14.360 --> 0:01:19.280 household budget. So I'm curious does it work? How does 0:01:19.319 --> 0:01:22.800 it work? Should we all be doing it? These are 0:01:22.800 --> 0:01:25.800 the questions I'm going to ask you. Let's start with 0:01:26.400 --> 0:01:30.280 the very basics, though, if we may, can it actually 0:01:30.280 --> 0:01:32.160 help or is this just a gimmick? 0:01:32.840 --> 0:01:36.520 No, it can help, It really can, but it's I 0:01:36.520 --> 0:01:39.440 would say, a tool to assist you in getting started 0:01:39.560 --> 0:01:43.840 is not actually the complete solution, and it can definitely 0:01:43.840 --> 0:01:48.280 help create awareness in your spending. But most importantly, it 0:01:48.320 --> 0:01:51.600 can actually provide you a structure, which is really valuable. 0:01:51.640 --> 0:01:54.760 If you're someone who knows you've got to do a budget, 0:01:55.240 --> 0:01:58.440 keeps putting it off and feels completely overwhelmed. So this 0:01:58.480 --> 0:02:02.360 will literally within seconds, create a structure for you to 0:02:02.400 --> 0:02:03.120 get started. 0:02:03.880 --> 0:02:06.120 Okay, what I'm going to do. I want to get 0:02:06.120 --> 0:02:08.080 a bit more of an understanding of how it all works, 0:02:08.720 --> 0:02:10.400 and then a little bit later on we're going to 0:02:10.400 --> 0:02:13.160 do a little bit of a demo. And I've done 0:02:13.160 --> 0:02:14.680 a demo too, and we're going to put it to 0:02:14.720 --> 0:02:15.120 the tests. 0:02:15.240 --> 0:02:16.320 I tested it as well. 0:02:16.440 --> 0:02:19.560 Oh great, we have a budget battle. We can make 0:02:19.600 --> 0:02:22.120 them fight. What are the kinds of things then? Is 0:02:22.160 --> 0:02:24.880 it just structural? Is it just going hey, I need 0:02:24.880 --> 0:02:26.560 to kind of figure out how this is all going 0:02:26.639 --> 0:02:29.280 to fit together. Is it just a structural thing? Is 0:02:29.360 --> 0:02:32.000 it personalized kind of how much detail or is it 0:02:32.080 --> 0:02:33.960 just the fact that you've got to put more detail 0:02:34.000 --> 0:02:35.919 in in order to get something more detailed out. 0:02:36.080 --> 0:02:39.760 So the prompts are key, and the more information you 0:02:39.800 --> 0:02:44.320 can share with chat gibt, the better the content or 0:02:44.320 --> 0:02:47.160 the solution that it's going to give you back. So 0:02:47.360 --> 0:02:49.040 you know, you can get it to create like a 0:02:49.120 --> 0:02:53.560 weekly budget or a monthly budget. It can also dump 0:02:53.600 --> 0:02:57.000 everything into an Excel spreadsheet or even a Google sheets, 0:02:57.000 --> 0:03:00.320 which makes it really easy to get started. It can 0:03:00.360 --> 0:03:04.800 also help categorize your spending habits, so you can put 0:03:04.880 --> 0:03:06.920 you know, all your clothing, so you might have like 0:03:07.280 --> 0:03:11.120 sports clothing, kids clothing, uniforms. It can actually group them 0:03:11.120 --> 0:03:13.079 all together so you can really hone in and see 0:03:13.360 --> 0:03:16.760 where you're spending money. And it can also help you 0:03:17.080 --> 0:03:20.520 consider or analyze which budgeting methods you know that are 0:03:20.560 --> 0:03:22.560 quite popular right now that might be suited for you, 0:03:22.639 --> 0:03:25.040 such as you know, the envelope system or the fifty 0:03:25.160 --> 0:03:28.160 thirty twenty or the zero based budgeting rules, which we've 0:03:28.160 --> 0:03:31.480 spoken about on previous episodes, and it can really help 0:03:31.520 --> 0:03:36.520 you brainstorm different saving strategies and then project how you 0:03:36.600 --> 0:03:38.960 might be tracking for a particular goal. But you've got 0:03:38.960 --> 0:03:41.440 to put that goal obviously in there in the first place. 0:03:41.760 --> 0:03:45.600 Okay, I'll get to those questions that you should be 0:03:45.680 --> 0:03:47.680 asking the very first thing that you should be kind 0:03:47.680 --> 0:03:51.240 of putting to chat GPT in a sec. But I'm 0:03:51.280 --> 0:03:56.080 getting the vibe from you that it is probably more 0:03:56.240 --> 0:04:01.120 for beginners rather than someone who's already got an So 0:04:01.320 --> 0:04:05.240 you're you are an experienced budget Yeah, you are probably 0:04:05.280 --> 0:04:07.560 going to be better than chat GPT at this. 0:04:07.960 --> 0:04:10.480 Look. I had to go at putting our budget in 0:04:10.600 --> 0:04:13.200 and you can even actually copy and paste your transactions, 0:04:13.240 --> 0:04:15.840 like your bank transactions into chat GPT to help you 0:04:15.880 --> 0:04:17.920 do your budget, which is quite a cool little hack. 0:04:18.000 --> 0:04:22.880 But I put ours in and I was my I'm 0:04:22.880 --> 0:04:25.080 going to sound horrible, but I think the results I 0:04:25.120 --> 0:04:27.280 thought were pretty pathetic, and I thought they were fraught 0:04:27.320 --> 0:04:31.480 with danger. And that's my honest opinion, because you really, 0:04:31.720 --> 0:04:33.960 if you want to be good at your budget, you've 0:04:33.960 --> 0:04:35.520 got to make sure you can also stick to it 0:04:35.560 --> 0:04:37.279 to make it good. So then that's why I think 0:04:37.279 --> 0:04:41.599 it becomes very one dimensional. But I still think chat 0:04:41.640 --> 0:04:46.240 GPT is a great way to get started, particularly for beginners. 0:04:46.240 --> 0:04:49.279 So you would use it as your first draft to 0:04:49.360 --> 0:04:51.680 get started one hundred percent, But then you've got to 0:04:51.720 --> 0:04:57.520 build with detail and be incredibly intentional and informed from 0:04:57.560 --> 0:05:00.880 that point on, So it could potentially, I'm when I 0:05:00.920 --> 0:05:04.880 sort of undo the meanness by saying that it's a 0:05:04.920 --> 0:05:07.520 great tool to get started and create that awareness, and 0:05:07.560 --> 0:05:10.359 it could potentially, once you build from there, make you 0:05:10.440 --> 0:05:12.240 a bit of an expert budgeter. 0:05:13.279 --> 0:05:16.720 Okay, all right, I think we're now kind of figuring 0:05:16.760 --> 0:05:19.960 out the scope here. Really it is an introductory thing. 0:05:20.200 --> 0:05:22.320 It is more of set up the bones and then 0:05:22.360 --> 0:05:23.920 you pat it out yourself. 0:05:24.200 --> 0:05:25.279 Yes exactly. 0:05:25.360 --> 0:05:27.839 We will in a minute do that full demo because 0:05:27.920 --> 0:05:30.159 I'm so intrigued. I want to see where the problems are. 0:05:30.320 --> 0:05:32.480 When you say that it's pathetic, I want to know 0:05:32.720 --> 0:05:36.120 what assumptions it made that were wrong or what it 0:05:36.200 --> 0:05:38.600 told you that it's just not feasible, that kind of thing. 0:05:38.640 --> 0:05:40.560 So we'll get to that in a minute. All right, 0:05:40.880 --> 0:05:45.120 if we are just coming into it as using it 0:05:45.160 --> 0:05:49.360 for a starting point, Okay, where do we start? What's 0:05:49.440 --> 0:05:51.039 the first thing that we should be asking it? Is 0:05:51.040 --> 0:05:55.960 it putting our overall householding come in and saying help me? 0:05:56.560 --> 0:05:58.520 Yes? So, first thing, I think you's be real clearest 0:05:58.520 --> 0:05:59.640 to what you want. You know, do you want a 0:05:59.640 --> 0:06:01.520 weekly budget? You're a monthly budget, or do you want 0:06:01.560 --> 0:06:03.640 to sort of map out the next three hundred and 0:06:03.680 --> 0:06:06.520 sixty five days? And then obviously you've got to put 0:06:06.600 --> 0:06:09.920 in as much information as possible, so you know income, 0:06:10.680 --> 0:06:15.320 you know, all your regular expenses, all your irregular irregular expenses, 0:06:15.520 --> 0:06:18.400 you know, even talking about when expenses are due. And 0:06:18.880 --> 0:06:21.599 you could also put in some goals if you like. 0:06:22.560 --> 0:06:25.880 I'd also be asking chat GPT when when you're doing 0:06:25.920 --> 0:06:29.680 your budget, what am I missing here? And you can 0:06:29.720 --> 0:06:32.480 ask questions like, you know, where can I save the 0:06:32.560 --> 0:06:36.280 most amount of money or where could I redirect these 0:06:36.320 --> 0:06:39.840 savings to help me with my goals? You know, try 0:06:39.880 --> 0:06:42.640 and not be too vague because you're only going to 0:06:42.640 --> 0:06:45.200 get vague responses back. But so the more information you 0:06:45.240 --> 0:06:47.760 can put in the better. And also I mean with 0:06:47.880 --> 0:06:51.400 chat GPT you can it gets to learn your voice, 0:06:51.400 --> 0:06:52.960 so the more if you've been using it for a while, 0:06:53.120 --> 0:06:56.200 it understands a little bit about yourself and what's important 0:06:56.200 --> 0:06:58.600 to you, so it can if you've been using chat 0:06:58.680 --> 0:07:01.240 GBT for a while, that can be too advantage improving 0:07:01.279 --> 0:07:02.799 the output that you get. 0:07:04.279 --> 0:07:07.440 As you've been saying this, it does strike me that 0:07:07.480 --> 0:07:12.080 there are some potential risks as well, security risks, and 0:07:12.120 --> 0:07:14.440 there have been a lot of warnings out there about 0:07:14.560 --> 0:07:18.080 using chat GPT, but almost trusting it too much. It 0:07:18.160 --> 0:07:21.400 is not a financial planner. It's not someone who basically 0:07:21.480 --> 0:07:25.280 is sworn to secrecy and will protect your confidentiality. That 0:07:25.360 --> 0:07:28.120 you are putting information in there, that essentially you are 0:07:28.160 --> 0:07:31.640 providing it to a public company, and that it is 0:07:31.760 --> 0:07:34.680 not secure what you're putting in there, so you should. 0:07:35.240 --> 0:07:39.000 You are fine to put in broad information like I 0:07:39.080 --> 0:07:41.520 need a weekly budget, and this is how much I 0:07:41.560 --> 0:07:44.040 spend on my mortgage, and this is how much money 0:07:44.040 --> 0:07:47.440 I'm making a month, for instance, But you would never 0:07:47.520 --> 0:07:51.120 put in tax file here's my. 0:07:51.120 --> 0:07:54.920 Bank account detail exactly. Absolutely going to be really like 0:07:55.160 --> 0:07:58.160 common sense, but also be smart because it can be hacked, 0:07:58.200 --> 0:08:01.080 and you know, as you I know, it could definitely 0:08:01.200 --> 0:08:04.720 become public, so you've obviously got to be smart about that. 0:08:04.800 --> 0:08:09.240 But de identify it essentially, take the identifying details out exactly. 0:08:09.240 --> 0:08:10.760 And I did a bit of you know, I obviously 0:08:10.800 --> 0:08:13.480 ran my own budget through it, and then I jumped 0:08:13.520 --> 0:08:15.360 online and I went down a bit of a rabbit warren. 0:08:15.360 --> 0:08:17.400 But I found quite a few people who had been 0:08:17.640 --> 0:08:19.720 doing budgets through chat gpt, and a lot of them 0:08:19.760 --> 0:08:22.880 said that there were some mathematical errors. Oh dear, so 0:08:24.080 --> 0:08:26.680 and it does have that, It does have that disclosure, 0:08:26.720 --> 0:08:29.520 you know, check you know, the evidence, check the facts. 0:08:29.520 --> 0:08:32.080 You know, chat gpt does have errors, and it did. 0:08:32.559 --> 0:08:39.559 Okay, I could expect logic errors, reasoning errors. You cannot 0:08:39.559 --> 0:08:44.080 excuse mathematical errors when it is a computer, right, That 0:08:44.200 --> 0:08:46.600 is the one thing that a computer should be able 0:08:46.640 --> 0:08:48.040 to do without error. 0:08:48.720 --> 0:08:50.800 This is what I not for my person experiences. This 0:08:50.880 --> 0:08:52.640 is what I was reading on other forums of other 0:08:52.679 --> 0:08:55.120 people who had had to go and had frustrations with it. 0:08:55.080 --> 0:08:57.320 And all right, I'll call my jets. 0:08:57.559 --> 0:09:01.160 I will admit most people were overly impressed with the 0:09:01.240 --> 0:09:03.600 quality of the budget that was created, but they were 0:09:03.640 --> 0:09:05.800 happy to use it to help them get on their way. 0:09:06.080 --> 0:09:10.200 So the key limitations then are it is not going 0:09:10.280 --> 0:09:13.160 to be particularly complex what it puts out and not 0:09:13.600 --> 0:09:15.600 super tailored to you exactly. 0:09:15.640 --> 0:09:17.840 So there are a few nuances, and it doesn't understand 0:09:17.920 --> 0:09:20.440 you know how you and your family use money and 0:09:20.480 --> 0:09:22.640 how you like to use money, and you know where 0:09:22.640 --> 0:09:25.080 your particular values and boundaries are. It's not going to 0:09:25.120 --> 0:09:26.559 know those intimate details. 0:09:26.960 --> 0:09:30.600 Okay. In that case, it sounds like you are a 0:09:30.679 --> 0:09:34.000 little lukewarm on the idea. 0:09:34.559 --> 0:09:38.200 I think it's a little bit pathetic, but I think 0:09:38.240 --> 0:09:41.160 it's you know, for anyone that is overwhelmed and needs 0:09:41.200 --> 0:09:43.080 to do a budget and it just keeps putting it 0:09:43.120 --> 0:09:46.280 off and just procrastinating and burying out the sand. No, 0:09:46.440 --> 0:09:48.560 I think it's a great tool for them. Okay, But 0:09:48.640 --> 0:09:51.840 if you're someone who has a budget and is the 0:09:51.880 --> 0:09:54.160 problem isn't actually doing the budget but sticking to a budget, 0:09:54.160 --> 0:09:57.080 the chatty is not going to help you unless you 0:09:57.160 --> 0:09:59.440 start being really particular and saying, all right, here is 0:09:59.480 --> 0:10:02.640 my budget. Where am I going wrong? You know? And 0:10:02.640 --> 0:10:05.520 that's when it can potentially look at your current insurance 0:10:05.640 --> 0:10:08.760 and compare different policies, or it can look at you know, 0:10:08.880 --> 0:10:13.199 solutions to help you cut down on groceries. So it 0:10:13.280 --> 0:10:15.360 can I guess it can help you hone in on 0:10:15.400 --> 0:10:17.760 particular areas if you're really clear about where you need 0:10:17.800 --> 0:10:20.520 help within your budget. But it's not going to create 0:10:20.559 --> 0:10:23.320 a finely tuned budget system. And I always say this 0:10:23.440 --> 0:10:26.000 like a budget is really just a flaky piece of 0:10:26.000 --> 0:10:30.040 paper unless you are intentionally sticking to it, and you 0:10:30.080 --> 0:10:33.440 are reviewing it and on a regular basis, and you 0:10:33.480 --> 0:10:37.480 are also cross referencing it on a regular basis, you know, 0:10:37.480 --> 0:10:42.760 against your transactions. It is really just a piece of 0:10:42.840 --> 0:10:44.840 a bit of an intention that you've put on paper. 0:10:45.360 --> 0:10:47.640 You know, you need to do the hard work. I mean, 0:10:47.720 --> 0:10:49.520 chat TPT is not going to make sticking to your 0:10:49.520 --> 0:10:52.120 budget for you. You've got to do that. So you've got 0:10:52.160 --> 0:10:53.920 to go to the supermarket knowing I've got a price 0:10:54.000 --> 0:10:56.240 limit as to how much I can spend or you 0:10:56.240 --> 0:10:58.319 know what, I can't afford to buy that this month 0:10:58.400 --> 0:11:00.960 because I've already all to sern amount of money to 0:11:01.040 --> 0:11:03.840 a clothing allowance in my budget. So you know that's 0:11:03.880 --> 0:11:07.240 not chat GPT that's you. And this is the thing 0:11:07.280 --> 0:11:10.760 that I find annoying about chat GPTs. If you are 0:11:11.120 --> 0:11:15.120 really genuinely serious about doing a budget and doing it 0:11:15.120 --> 0:11:18.200 properly and taking your financial will being seriously. Some of 0:11:18.240 --> 0:11:23.160 the best insights, awareness wake up calls are hard moments, 0:11:23.160 --> 0:11:26.720 whatever you want to call it, actually come from sitting 0:11:26.760 --> 0:11:29.920 down for a couple of hours with your laptop open 0:11:29.960 --> 0:11:32.080 in front of you and your bank accounts and looking 0:11:32.160 --> 0:11:34.719 at you know, printing off your statements and sitting with 0:11:34.880 --> 0:11:37.040 there with a calculator and a piece of paper or 0:11:37.040 --> 0:11:39.960 in a journal or you know, or plugging into Excel spreadsheet. 0:11:40.240 --> 0:11:43.280 That's it's Yes, it's borrowing, Yes it's dull, but that 0:11:43.440 --> 0:11:46.160 is I think the most amazing experience to go through 0:11:46.160 --> 0:11:49.360 because you're doing the proper deep working and chat GPT 0:11:49.480 --> 0:11:51.880 can tell you, Michael, you spend way too much money 0:11:51.960 --> 0:11:54.440 at JB hi FI. You know, you can look at 0:11:54.480 --> 0:11:57.440 all how much money you've spent on your credit card statement, 0:11:57.480 --> 0:12:02.240 for example, but sometimes you discovering that yourself has a 0:12:02.280 --> 0:12:06.440 far greater impact and creates a bigger and better shift 0:12:06.440 --> 0:12:09.000 for you to go. You know what, I remember that moment, 0:12:09.040 --> 0:12:12.240 that aha moment where I was confronted with the reality 0:12:12.320 --> 0:12:16.000 of spending too much money on electronic goods. So there 0:12:16.000 --> 0:12:18.079 I am right now walking into JB High Fine, going 0:12:18.080 --> 0:12:19.679 to make a quick turn around it. I don't feel 0:12:19.720 --> 0:12:22.000 like the impact is going to be a strong one. 0:12:22.040 --> 0:12:24.840 You use chat GBT, probably sounding a little bit too 0:12:24.840 --> 0:12:27.000 philosophical for you know, a morning, but. 0:12:27.800 --> 0:12:30.120 I feel like I've just received a sermon at the 0:12:30.240 --> 0:12:35.079 Church of Canna. It's also passionate about budget. No, no, 0:12:35.200 --> 0:12:37.520 don't apologize for that. That is fantastic. This is this 0:12:37.600 --> 0:12:40.800 is good. That's what I was looking for. I still 0:12:40.840 --> 0:12:43.480 want to pick apart a chat GBT budget, though. If 0:12:43.480 --> 0:12:45.480 you're willing to die, let's do it. Well, let's take 0:12:45.480 --> 0:12:47.400 a very quick break and then we'll come back and 0:12:47.440 --> 0:12:50.440 you can just fire up that passion once again and 0:12:50.679 --> 0:12:59.560 rip it to pieces. Canna. We are looking at chat 0:12:59.600 --> 0:13:02.959 GP and whether it can fix your budget, whether it 0:13:03.000 --> 0:13:05.200 can manage your budget, whether it can get you started, 0:13:05.240 --> 0:13:08.520 and so far, yeah, yeah, yeah, it probably can get 0:13:08.559 --> 0:13:11.440 you started. Is what you've said, that it can provide 0:13:11.480 --> 0:13:13.560 a little bit of a framework, but really it is 0:13:13.600 --> 0:13:16.360 down to you to do the work or you can 0:13:16.400 --> 0:13:19.200 get it to look at particular problem areas and try 0:13:19.200 --> 0:13:21.000 and figure out where you were going wrong and come 0:13:21.040 --> 0:13:23.800 up with some hints and things. But nothing is quite 0:13:23.840 --> 0:13:27.400 going to replace the time that you spend analyzing it 0:13:27.440 --> 0:13:29.840 yourself and looking at it. Because you know your life. 0:13:29.920 --> 0:13:31.960 A computer doesn't know your life exactly. 0:13:32.920 --> 0:13:34.920 Why couldn't I have just said that, like the way 0:13:35.320 --> 0:13:36.839 is I hopped on for so long? 0:13:36.960 --> 0:13:38.880 No, that was good. I enjoyed it. I just I 0:13:38.960 --> 0:13:42.800 was getting lost in that. Yeah, I've got a fascination 0:13:42.880 --> 0:13:44.760 with budgeting, and so I. 0:13:44.760 --> 0:13:46.640 Like budging and multiple bank accounts. 0:13:47.240 --> 0:13:49.800 Yes, yeah, it didn't sales any good at either of 0:13:49.800 --> 0:13:53.640 those things. So a demo. Let's do this. You tell 0:13:53.679 --> 0:13:56.040 me where it works where it doesn't work. So we're 0:13:56.080 --> 0:14:02.160 putting into CHAT two pt A, let's go with a budget. 0:14:02.200 --> 0:14:06.000 A monthly budget for a couple two kids doesn't matter. 0:14:06.040 --> 0:14:08.320 I suppose whether they're married or not. I don't know 0:14:08.320 --> 0:14:10.280 how old. How much detail do you need to give? 0:14:10.559 --> 0:14:11.480 Do you need to give names? 0:14:11.600 --> 0:14:15.000 Chat GPTs is interested whether you're married or not. 0:14:15.240 --> 0:14:21.840 This is Philip and Charlotte, and they have two kids 0:14:22.000 --> 0:14:28.040 named Roberta and Steve. They've chosen kids names straight out 0:14:28.040 --> 0:14:32.000 of the eighties, apparently, and anyway they earn what's a 0:14:32.000 --> 0:14:35.240 good figure? Should we say, what do you reckon one 0:14:35.320 --> 0:14:37.160 hundred and twenty one hundred and twenty, one hundred and 0:14:37.160 --> 0:14:37.800 twenty each or. 0:14:37.800 --> 0:14:40.560 One hundred and twenty combined, Because these are important details. 0:14:40.840 --> 0:14:43.320 Let's say one hundred and twenty. Let's say it's one 0:14:43.320 --> 0:14:45.240 full time and one part time. 0:14:45.440 --> 0:14:48.240 Okay, God, look at us just but these are the details. 0:14:48.280 --> 0:14:52.280 I mean, particular couples manage money differently. You know, if 0:14:52.280 --> 0:14:54.480 you've got two people working, they might split expenses. So 0:14:54.520 --> 0:14:56.040 these are little things that you know, this is where 0:14:56.040 --> 0:14:56.960 the nuances come in. 0:14:57.000 --> 0:14:59.960 I guess okay, all right, So in that case, earning 0:15:00.000 --> 0:15:02.680 one hundred and twenty thousand dollars combined, let's say ninety 0:15:02.720 --> 0:15:05.880 thousand full time for one and thirty thousand part time 0:15:05.960 --> 0:15:13.320 for the other. Okay? Happy paying to two hundred dollars rent? Ye? Okay? 0:15:13.640 --> 0:15:16.760 Wanting to save for a holiday, they want to pay 0:15:16.800 --> 0:15:18.000 it down some credit card debt? 0:15:18.040 --> 0:15:18.960 How much credit card are you? 0:15:18.920 --> 0:15:19.160 Remember? 0:15:19.160 --> 0:15:20.280 Were going to put information in. 0:15:20.520 --> 0:15:23.040 Oh, what's a good figure? Five thousand dollars? 0:15:23.440 --> 0:15:23.720 Yep? 0:15:23.920 --> 0:15:24.800 Is that a good yeah? 0:15:26.000 --> 0:15:27.720 I think that's just done of the average about the 0:15:27.760 --> 0:15:29.440 Australian Australian has. 0:15:29.400 --> 0:15:31.400 Okay, yeah, I love that. We're just making this up 0:15:31.440 --> 0:15:33.080 along the way, and it feels like I'm trying to 0:15:33.080 --> 0:15:36.040 pass a test with you. Just make it up and 0:15:36.080 --> 0:15:39.160 put in whatever we want, all right. We whacked that 0:15:39.200 --> 0:15:44.240 into chat GPT. Okay, it has come back saying that 0:15:44.440 --> 0:15:49.000 here is a suggested monthly budget rent two thousand and 0:15:49.040 --> 0:15:54.800 two hundred dollars groceries one thousand dollars. That's not on. 0:15:55.400 --> 0:15:59.080 That's that's not accurate. That's not okay. For a monthly 0:15:59.120 --> 0:16:02.520 budget thousand dollars two hundred and fifty dollars a week, 0:16:03.200 --> 0:16:04.200 four people. 0:16:04.960 --> 0:16:07.760 Less than because it's four point two. 0:16:07.840 --> 0:16:12.240 Five so let's twenty just over two hundred. Yeah, two 0:16:12.280 --> 0:16:16.440 hundred dollars a week for grocery. Okay, Chat GPT, you 0:16:16.520 --> 0:16:19.120 are dreaming next utility is and internet it reckons three 0:16:19.200 --> 0:16:20.360 hundred and fifty bucks. 0:16:23.160 --> 0:16:25.280 No, that's that's way too low. 0:16:25.280 --> 0:16:28.400 Okay, Transport fuel regi earl, et cetera six hundred bucks. 0:16:28.440 --> 0:16:30.640 We're kind of asking chat GPT to do the impossible. 0:16:30.720 --> 0:16:31.080 Letters. 0:16:31.120 --> 0:16:33.440 We didn't say how far the old mate has to 0:16:33.520 --> 0:16:36.680 drive or or either of them, or where the kids 0:16:36.680 --> 0:16:38.240 go to school and how they get there all that 0:16:38.320 --> 0:16:39.040 kind of thing, and they. 0:16:39.040 --> 0:16:41.080 Might have a pet, but they have to include pet 0:16:41.080 --> 0:16:42.040 food and stuff like that. 0:16:41.920 --> 0:16:46.120 For their insurance. It says three hundred dollars. Kids activities 0:16:46.120 --> 0:16:49.440 and school four hundred dollars. Again, this is plucked figures 0:16:49.480 --> 0:16:52.040 out of nowhere because we didn't say whether it was 0:16:52.080 --> 0:16:54.720 private school, whether there was extra. 0:16:54.520 --> 0:16:56.840 Expenses, and we haven't added in there whether we live 0:16:56.960 --> 0:16:59.440 in now it's you and I are the married couple 0:16:59.480 --> 0:17:02.280 with our two children, see better, but it hasn't that 0:17:02.320 --> 0:17:04.920 we haven't actually been shared though, whether we live regionally 0:17:05.000 --> 0:17:07.119 or in a major city, because they're very two very 0:17:07.160 --> 0:17:08.560 different living expenses as well. 0:17:08.640 --> 0:17:12.879 And entertainment and dining three hundred bucks. That seems pretty 0:17:12.920 --> 0:17:15.439 that's that's I mean for a family that's on a budget, 0:17:15.480 --> 0:17:19.360 that's a pretty good amount for allocated to entertaining and 0:17:19.480 --> 0:17:25.280 dining out. Debt repayment five hundred dollars per month on 0:17:25.359 --> 0:17:28.120 the credit card. I can I can see the look 0:17:28.200 --> 0:17:32.240 on your Okay, you are groaning, you are cringing at that. 0:17:32.240 --> 0:17:35.119 That's a really unattractive for people to listen to it. 0:17:35.760 --> 0:17:40.879 Yes, but is that because this shows the priorities of 0:17:40.920 --> 0:17:43.359 this budget that it is not a This is not 0:17:43.400 --> 0:17:46.320 a budget that's built around trying to pay down toxic debt. 0:17:46.520 --> 0:17:48.840 And if you think about, you know, credit card debt, 0:17:48.920 --> 0:17:52.240 the interest rate applied can be up to twenty two percent. 0:17:52.320 --> 0:17:54.760 So if you've got five thousand dollars in credit card debt, 0:17:55.600 --> 0:17:58.960 you know you're still having to spend a lot of 0:17:59.240 --> 0:18:02.800 wasting a lot of money on interest and taking your 0:18:02.840 --> 0:18:06.000 sweet ass time and actually paying that off. So that's 0:18:06.040 --> 0:18:08.320 where I get a little bit concerned. And also, then 0:18:08.359 --> 0:18:10.600 what is it doing to your ability to borrow money 0:18:10.600 --> 0:18:12.960 further down the track if you're taking your time to 0:18:12.960 --> 0:18:13.840 pay off credit card? 0:18:14.840 --> 0:18:18.920 It's got three hundred dollars for holiday savings. That's pretty good. Yeah, 0:18:19.000 --> 0:18:23.160 putting that much in emergency fund savings, that's good. Three 0:18:23.280 --> 0:18:26.720 hundred and fifty dollars. Chat CHPT says we didn't mention 0:18:27.280 --> 0:18:30.399 saving for an emergency fund in the prompt. I mean 0:18:30.440 --> 0:18:33.159 we gave it. I'm impressed, So that's good. That's a 0:18:33.160 --> 0:18:36.399 good kind of fundamental. And then finally two one hundred 0:18:36.680 --> 0:18:40.560 dollars miscellaneous, and then it says this total is around 0:18:40.560 --> 0:18:42.440 six and a half thousand dollars a month, which fits 0:18:42.440 --> 0:18:47.679 within your take home income. After tax. Okay, give it 0:18:47.720 --> 0:18:51.160 a mark out of ten five five. 0:18:51.320 --> 0:18:54.760 Yeah. Look, I like that it's got us started and 0:18:54.760 --> 0:18:58.080 doing a budget together. I like that it's really neat 0:18:58.400 --> 0:19:02.080 and compartmentalized, so it's easy to understand and it's easy 0:19:02.119 --> 0:19:05.080 then to also review. I love that it's addressed the 0:19:05.119 --> 0:19:07.880 savings like holiday savings, and the debt repayment, even though 0:19:07.880 --> 0:19:12.600 it's a questionable the debt repayment. And I like that 0:19:12.640 --> 0:19:15.680 it forces you to see where you know, money could 0:19:15.720 --> 0:19:19.920 go into different buckets potentially with your different spending categories. However, 0:19:20.160 --> 0:19:23.280 and this may be us to blame. It's way too generic. 0:19:24.000 --> 0:19:28.320 You know, real households have quirks. You know, I have 0:19:28.359 --> 0:19:31.399 to pay for childcare. You might have different medical bills 0:19:31.400 --> 0:19:35.960 than me. You know, birthdays? Has it factored in? We 0:19:36.200 --> 0:19:38.239 you know we might have a wedding anniversary coming up? 0:19:38.359 --> 0:19:42.359 Or I how this is now us? And how again? 0:19:42.400 --> 0:19:44.760 I don't even remember who we said the All I 0:19:44.800 --> 0:19:48.600 remember is Roberta and Steve, the two the two kids. 0:19:48.880 --> 0:19:51.760 Anyway, carry on, you know what about sports, like and 0:19:52.040 --> 0:19:54.719 some sports are really quite cost effective, Like you're a 0:19:54.720 --> 0:19:57.200 tennis player, other than a tennis bracket and some balls 0:19:57.240 --> 0:19:58.960 it's pretty economical. 0:19:59.359 --> 0:20:03.040 In dresser horses cost very expensive. 0:20:03.960 --> 0:20:08.920 I think the utilities at you know, the internet and 0:20:09.080 --> 0:20:11.840 gas electricity combined, that seemed a little bit low. You know, 0:20:12.800 --> 0:20:15.480