Speaker 1: Episode three, forty five Ways Chat GPT can save you Money.
Speaker 2: Welcome to the Frugal Friends podcast, where you'll learn to
Speaker 2: save money, embrace simplicity and life. Here your hosts Jen
Speaker 2: and Jill.
Speaker 1: Welcome to the Frugal Friends podcast. My name is Jen,
Speaker 1: my name is Jel, and we have a really fun
Speaker 1: episode today before the robots take over. We want to
Speaker 1: use them to save money, and we wanted to devote
Speaker 1: an entire episode to it. So this is very timely.
Speaker 1: Nobody knows when the robots are coming, when they will
Speaker 1: become sentient.
Speaker 3: It may already have happened, but we can still bend
Speaker 3: the time.
Speaker 1: We release this right, but before they come for you, you
Speaker 1: can be using them to save money. And that's what
Speaker 1: we're talking about today.
Speaker 3: Yes, I'm excited about this because I learned as we
Speaker 3: prepared this episode, so.
Speaker 4: Hopefully you'll learn too.
Speaker 1: Yes, but first, this episode is not brought to you
Speaker 1: by your robot overlords. It's actually brought to you by
Speaker 1: debating about whether Nightmare Before Christmas is a Halloween movie
Speaker 1: or a Christmas movie. This hotly debated topic is probably
Speaker 1: all you've been hearing about for the past month. The economy,
Speaker 1: sure whatever stocks.
Speaker 4: The weather, they're there. You know they're always there.
Speaker 1: They're always there. But this is the time of year
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Speaker 1: if you think the Nightmare before Christmas is both a
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Speaker 1: I actually do think both of them. I think it's both,
Speaker 1: and that's what I've been told. So you're in a
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Speaker 1: a strong opinion on whether this is a Halloween movie
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Speaker 1: you like to subdivide, divide, just really compartmentalize all of
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Speaker 5: This strictly.
Speaker 4: Wow.
Speaker 3: I don't think I understood the connection and really until
Speaker 3: one second ago. Yeah you did it. It was a stretch,
Speaker 3: but really everyone should have a high yeld savings account.
Speaker 4: So see, and.
Speaker 1: Everyone you have an opinion on the nightmare before Christmas,
Speaker 1: and it doesn't have to be that. It's either or
Speaker 1: it can be both.
Speaker 3: And you're gonna hate what's about to come out of
Speaker 3: my mouth. I've never seen nightmare before Christmas.
Speaker 1: This is the only reason that you can get out
Speaker 1: and you can just turn off. Like, if you're offended
Speaker 1: by that, I totally understand. If you leave right now,
Speaker 1: that's fine, totally.
Speaker 4: I'm so sorry. I've heard of it. It was just
Speaker 4: never be good.
Speaker 1: Oh wow.
Speaker 3: Okay, and if you're like me, you too should have
Speaker 3: a high old savings account. Wowkle fendspodcast dot com, slash
Speaker 3: say Ida.
Speaker 1: If you haven't been total turned off, of this podcast. Wow,
Speaker 1: good for you. Welcome love Box.
Speaker 4: They're taking over because of me.
Speaker 1: We have some other episodes on how to save money,
Speaker 1: like three hundred and forty four of them. If I
Speaker 1: had to pull one out of a hat right now,
Speaker 1: that might be good to queue after this one is
Speaker 1: maybe how to save money on monthly bills. That's episode
Speaker 1: two sixty five. But honestly, there's so many just scroll.
Speaker 1: But let's get into our headlines. We love to scour
Speaker 1: the internet to see what it's saying about money saving topics,
Speaker 1: to see if they're right, test them out and if
Speaker 1: it's fluff or if it's actually helpful advice and so
Speaker 1: our very first article comes from cheapism dot com. Don't
Speaker 1: judge it by its name.
Speaker 4: I almost did. I kind of did I know right,
Speaker 4: but it is.
Speaker 1: It's a good blog from cheap flights to financial advice.
Speaker 1: Here's how to save money with chat GPT. Jill, had
Speaker 1: you heard of chat GPT before we researched this episode?
Speaker 4: Yes, I had.
Speaker 3: I have heard of chat GPT, but I, full disclosure,
Speaker 3: did not know as much about it as many others
Speaker 3: who are alive and an adult until like the past
Speaker 3: six to eight months. I know it's been around longer
Speaker 3: than that.
Speaker 1: Not much.
Speaker 3: Okay, Well, people were talking about AI and chat gpt before,
Speaker 3: but definitely a little before I got on the bandwagon.
Speaker 3: And my first introduction with chat GPT was actually in
Speaker 3: a course that I am adjunct. I'm an adjunct professor
Speaker 3: at a university and one of the students that I
Speaker 3: teach submitted a paper that was apparently written by chat gpt,
Speaker 3: and so I didn't even have a chat gpt account yet,
Speaker 3: had just heard about it. But that was actually my
Speaker 3: first introduction was with academic dishonesty within the higher education space,
Speaker 3: which was a little bit disappointed.
Speaker 4: I'm not gonna lie put a bit of a sour
Speaker 4: taste in my mouth.
Speaker 3: However, I'm learning, just like the Internet, to recognize the
Speaker 3: good with the bad.
Speaker 4: But here we go.
Speaker 3: For those who are maybe like me and haven't seen
Speaker 3: Nightmare before Christmas, maybe you don't know what chat gpt is.
Speaker 4: It's AI.
Speaker 3: It's artificial intelligence and essentially an AI chat bot, and
Speaker 3: you can ask it all sorts of questions and it
Speaker 3: will immediately regurgitate a response, which is super helpful, and
Speaker 3: we can use it like a personal assistant. So I
Speaker 3: think this article was helpful for me and kind of
Speaker 3: just framing all of the possibilities. We're not even going
Speaker 3: to go through an exhaustive list in this episode, but
Speaker 3: I think getting the wheels of brainstorming turning of how
Speaker 3: can we use it? What are the specifics, what are
Speaker 3: the themes and topics that we can be asking it about?
Speaker 3: And then how can we be asking it these things?
Speaker 3: But first of all, this article we're going to use
Speaker 3: to give us just a general sense of how can
Speaker 3: we treat it like a personal assistant? What categories can
Speaker 3: chat GPT be helpful with when it comes to our finances?
Speaker 1: Yes, so let's get started. The first thing that chat
Speaker 1: GPT can help you with, and you might have heard this,
Speaker 1: this is a big one, is meal plans. So you
Speaker 1: can tell chat gpt how much you have to spend
Speaker 1: for the week, what you want to eat, and even
Speaker 1: how many people you want to feed, and it can
Speaker 1: come up with a quote unquote cheap meal plan is
Speaker 1: what it says. This is the prompt they use. I'd
Speaker 1: like to spend eighty dollars for six meals for two people.
Speaker 1: Three meals should be breakfast, three should be lunch. I'd
Speaker 1: like one of the dishes to feature whale meat. Will
Speaker 1: you build me a shopping list? And it says, I'm sorry,
Speaker 1: but as an AI language model, I cannot provide a
Speaker 1: shopping list that includes a whale meat as it is
Speaker 1: illegal to seller purchase. But then it does come up
Speaker 1: with six breakfast options, and it doesn't it caps the
Speaker 1: picture at lunch, but it didn't come up with like amounts,
Speaker 1: but it says eggs, bread, bacon, butter. So more of
Speaker 1: like a shopping list, I would say, But that was hilarious.
Speaker 3: They basically are highlighting not to sneak any illegal ingredients
Speaker 3: in there, because it's not going to help you there.
Speaker 3: But it's an odd one to choose.
Speaker 1: Yeah. It also put in I'd like to spend one
Speaker 1: hundred dollars less each month. What are some easy ways
Speaker 1: to get back on spending. Well that's for the next one.
Speaker 1: But Chatgypt cannot scour actual websites. It's only using the
Speaker 1: information that's already been put into it, which is a
Speaker 1: lot of information from a lot of websites. But if
Speaker 1: you ask it to look at like make a Walmart
Speaker 1: shopping list for me, that's one hundred dollars it's not
Speaker 1: going to be able to do that because it can't
Speaker 1: currently look at Walmart's like shopping portal today, but.
Speaker 4: Stay tuned, right who knows by the time.
Speaker 1: So the kind of meal plan it's going to give
Speaker 1: you is going to be kind of vague. But what
Speaker 1: I like is I know people have and I don't
Speaker 1: think this is further down, but no, it's not. People
Speaker 1: are taking pictures of what they have in their fridge
Speaker 1: and saying, what can I make for dinner based on
Speaker 1: what I have in my fridge? And so chat will
Speaker 1: look at the ingredients and create recipes from its archive
Speaker 1: of you know, recipes on the internet that have already
Speaker 1: been put in there, and you can use that in
Speaker 1: your meal plan. And so I would think that that
Speaker 1: is probably more beneficial than saying I'd like to spend
Speaker 1: eighty dollars for six meals for two people. If you
Speaker 1: can put in actual ingredients, even amounts, then it can
Speaker 1: formulate different recipes for your meal plans.
Speaker 3: Yeah, I think so much. We'll get to this a
Speaker 3: little bit later in the episode. Has to do with
Speaker 3: the prompts that we're giving Chat GPT, similar to how
Speaker 3: we google things, what is the best search function words
Speaker 3: to utilize when you're googling something. It's the same thing
Speaker 3: with chat GPT. There can be really well curated prompts
Speaker 3: that are going to give you the exact response and
Speaker 3: answer you want, and there are some prompts that might
Speaker 3: be a little bit more sloppy and it's not going
Speaker 3: to produce as much level of efficiency or benefit to you.
Speaker 3: So that is going to be a skill for us
Speaker 3: to hone in time. Is really that's where the human
Speaker 3: skill set comes into play with AI, is what are
Speaker 3: we submitting to it as a prompt to be able
Speaker 3: to get the most out of the response. So the
Speaker 3: second thing on this list a category that we can
Speaker 3: use it to save money and is budgeting strategies. So
Speaker 3: we can ask chat GPT to help us in various
Speaker 3: types of budgeting and creating a spending plan.
Speaker 4: For instance, you could.
Speaker 3: Tell chat GPT what you normally spend money on, how
Speaker 3: much you'd like to save. You can input any other
Speaker 3: financial goals and it's going to spit back out to
Speaker 3: you an idea of what you might be able to implement. So,
Speaker 3: for instance, I think you read this one already, Jen,
Speaker 3: but one of the examples they give is a prompt
Speaker 3: that someone submitted to chat GPT that says, I would
Speaker 3: like to spend one hundred dollars less each month. What
Speaker 3: are some of the ways that I can cut back
Speaker 3: on my spending? And it immediately lists out five different ways,
Speaker 3: from cooking at home to buying in bulk.
Speaker 4: To reducing energy usage.
Speaker 3: One of the things I'll add too, now that I
Speaker 3: do have a chat GPT account, is you can click
Speaker 3: that regenerate response button and it will almost redo the
Speaker 3: prompt and give you another list. If you don't like
Speaker 3: the things that are on the current list, you can
Speaker 3: just click it again or try modifying your prompt to
Speaker 3: get even better answers or a more comprehensive response from
Speaker 3: the platform.
Speaker 1: Yeah. I think something to note too is that chat
Speaker 1: GPT is kind of taking the place of Google. It
Speaker 1: is really just summarizing all of this stuff on the
Speaker 1: first page of Google. So whether it's doable, feasible, whether
Speaker 1: squeeze is worth the juice, it doesn't tell you that
Speaker 1: it's literally regurgitating what's already there, which is great because
Speaker 1: it takes time to if you're searching for something, it
Speaker 1: takes time to go through all those articles and realize
Speaker 1: that they're all saying the same thing. Whereas you can
Speaker 1: search in chat GPT and it just writes it out
Speaker 1: for you. It basically summarizes the Internet. I love it
Speaker 1: for that time saving aspect. So what I don't love
Speaker 1: is that a lot of the stuff on the front
Speaker 1: page of Google is just so generic and is said
Speaker 1: over and over and over, so you're not gonna get
Speaker 1: if you're looking for brand new, groundbreaking advice, chat GPT
Speaker 1: is not where you're gonna find it. So you kind
Speaker 1: of have to go into it knowing that if you're
Speaker 1: asking it for budgeting help, then you're gonna get kind
Speaker 1: of like the same old, same old stuff. If you've
Speaker 1: been doing this for a while, if you're brand new
Speaker 1: or you are practicing stuff but you're still getting the
Speaker 1: hang of it and it's good to have a refresher
Speaker 1: on the basics, then chet GPT can be really useful
Speaker 1: in that sense. So the next way this is, we
Speaker 1: say with a grain of salt, is investment advice. And
Speaker 1: we just wanted to say this before somebody on TikTok
Speaker 1: says it. You shouldn't be getting like your big picture
Speaker 1: investment advice or specific investment advice from chat GPT, but
Speaker 1: it's not going to actually give you any advice that's illegal.
Speaker 1: So that's nice, and you shouldn't be really taking it
Speaker 1: from anyone who's not a fiduciary certified financial planner. But
Speaker 1: the example that they give, the prompt they use is
Speaker 1: what are the best times to Oh gosh, I'm looking
Speaker 1: at the pictures after it doesn't happen. It doesn't happen. Yeah,
Speaker 1: but it's I lost a lot of money to a
Speaker 1: bad investment in something called zeppelins. What are some smart
Speaker 1: things to invest in this year? What are even zeppelins?
Speaker 1: I don't know. I think maybe they're just making it up.
Speaker 1: And then chat GPT says, I'm sorry to hear about
Speaker 1: your bad investment. It's important to do thorough research and
Speaker 1: seek professional advice before making any investment decisions. Here are
Speaker 1: some general investment ideas that made me worth considering. And
Speaker 1: these are all like solid things that you'd again hear
Speaker 1: from all over the internet. Index funds ETFs, real estate,
Speaker 1: and then technology and healthcare, which you can find index
Speaker 1: funds and ETFs for technology and healthcare and real estate.
Speaker 1: So yeah, if you are new to investing, and I
Speaker 1: think So this is the point I want to make
Speaker 1: on investment advice. Sometimes influencers and experts can give investment
Speaker 1: advice that is very confusing. We're using jargon, and people
Speaker 1: don't even realize they're using jargon because they've been using
Speaker 1: it for so long. So CHATCHP has this cool feature
Speaker 1: that you can ask them about like what's an index
Speaker 1: fund or what's a four oh one K or any
Speaker 1: of these questions, and if you don't understand, you don't
Speaker 1: understand the answer, you can add explain it to me
Speaker 1: like I'm a fifth grader. Yes, explain four a one
Speaker 1: ca is to me like I'm a fifth grader, And
Speaker 1: it will really, i guess, like not dumb it down,
Speaker 1: but it'll make it. It'll explain it more expansively. So
Speaker 1: this is super useful, not just for investment advice, but
Speaker 1: any any time where jargon is used and you don't
Speaker 1: understand what people are saying, you can go to chat
Speaker 1: GPT and you know, ask it to explain X like
Speaker 1: I'm a fifth grader or like I'm in elementary school
Speaker 1: or something like that.
Speaker 3: And I'm just gonna have that prompt copy and pasted
Speaker 3: always and forever. Yes, explain everything to me as if
Speaker 3: I am still twelve years old. The next thing on here,
Speaker 3: the category that we can use chat gpt for is
Speaker 3: travel itineraries. So everything from travel ideas to where you
Speaker 3: could find last minute flight deals to an expensive restaurants.
Speaker 3: Chat gipt can compile all of those details. You can
Speaker 3: give it the prompt of dates, maybe location, even how
Speaker 3: much you want to spend, everything that you need, types
Speaker 3: of food you might be interested in. They give an
Speaker 3: example of somebody going to Tokyo and wanting an authentic
Speaker 3: Mexican restaurant in Tokyo, and chat gpt gave a response
Speaker 3: of a couple of different recommendations of Mexican cuisine that
Speaker 3: could be found in Tokyo with high ratings.
Speaker 4: So, while it is like.
Speaker 3: Google, we can make it much more highly individualized and
Speaker 3: take out the timing that it can take us in
Speaker 3: searching all of the different articles based on our prompt.
Speaker 3: This is curating a response for the specific questions you have. Again,
Speaker 3: like you said, Jen, nothing's going to be ground breaking,
Speaker 3: earth shattering, but you can really make it individualized to you,
Speaker 3: which I think is fantastic.
Speaker 1: Yes, and so the last one that I will mention
Speaker 1: is says social media assistance. And I think this is
Speaker 1: mostly for like business owners, small business owners. It's say,
Speaker 1: I love these prompts that they're giving it kudos to
Speaker 1: the author. What are the best times to post on
Speaker 1: Instagram to promote my business? I sell handmade slippers, source
Speaker 1: from Lettuce I found behind the dumpster of my Taco Bell.
Speaker 4: We especially like that prompt.
Speaker 1: And you know what, chat GPT does not judge. You
Speaker 1: can ask chat GPT anything and chat GPT just response
Speaker 1: like they do. He she It does not you, and
Speaker 1: it just gives the author the best times to post
Speaker 1: on social media and then also follows up with analyze
Speaker 1: your audience to see when they're most active on the
Speaker 1: platform or what they most likely want. They want Lettuce.
Speaker 4: Slippers, I would say Taco Bell, right.
Speaker 1: So another thing you could do is you can use
Speaker 1: it kind of to source, kind of to curate your
Speaker 1: feed on your Instagram or your TikTok. So I was
Speaker 1: typing in a few different prompts, so I tried what
Speaker 1: are the personal finance influencers to follow? And it gave
Speaker 1: me a list of twelve of them, and they're all
Speaker 1: the big ones that you've definitely heard of.
Speaker 3: Again, like frugal Friends showed up on that list twice, actually.
Speaker 1: Not on this time. Just kidding, but here's something fun.
Speaker 1: I'd followed it up with best budgeting influencers. I didn't
Speaker 1: try any other ways. I just wanted to keep it
Speaker 1: broad and it gave me other influencers that are also
Speaker 1: big but not as big. And you know, she didn't
Speaker 1: make the top ten, but coming in at number eleven
Speaker 1: is modern frugality, which is me.
Speaker 4: Oh that is you, look at you, Jen Smith.
Speaker 1: I know I did not anticipate that. Actually, I just
Speaker 1: was trying out things. But so if you are feeling
Speaker 1: like maybe you want a little bit more retirement content
Speaker 1: or investing or meal prep, freezer meals, whatever your goal
Speaker 1: is right now for saving money or spending wiser, get
Speaker 1: really granular with chat ept because the broader you go,
Speaker 1: you're getting answers like Dave Ramsey, Susie Orman, ramat SETI
Speaker 1: you know, like nobody knew. But when you get granular,
Speaker 1: I'm sure budgeting for groceries, we'd get a whole new group.
Speaker 1: And you can always do regenerate to get more recommendations.
Speaker 1: But I really love the use of social media for
Speaker 1: motivation encouragement, just curating a feed on social media that
Speaker 1: brings you closer to your goals and unfollowing people that
Speaker 1: make you feel guilty about your goals or make you
Speaker 1: second guess what you're pursuing. Get rid of those people,
Speaker 1: not as friends, just in your feed, and fill it
Speaker 1: with people who are going to teach you new things
Speaker 1: and really help you get to where you want to be.
Speaker 3: Our next articles, which there's going to be two of them,
Speaker 3: come from well, the first one's five best chat GPT
Speaker 3: prompts to use for money saving. That comes from Yahoo Finance,
Speaker 3: and we want to use this one to look.
Speaker 4: At how to.
Speaker 3: It's a pretty short article, and then we're going to
Speaker 3: go off script a little bit by adding in a
Speaker 3: third article. We don't normally do that because well, because
Speaker 3: both of these are short, we're going to do on both.
Speaker 3: The first article is going to be a how to,
Speaker 3: the second article is going to be examples, because again,
Speaker 3: so much of our ability to utilize chat GPT to
Speaker 3: its fullest is our ability to ask good prompts. So
Speaker 3: I think it's worth going through some examples. So first
Speaker 3: Yahoo Finance they give examples of how to and so
Speaker 3: they are really highlighting here.
Speaker 4: That keywords are gold.
Speaker 3: That the prompt must be pretty specific that we want
Speaker 3: to use when it comes to utilizing this platform for
Speaker 3: saving money to be asking it for tips, strategies, savings.
Speaker 3: Using words like that are going to yield more fruitful results. So,
Speaker 3: for example, provide me ten tips on saving money while
Speaker 3: grocery shopping, or what are five strategies for lowering my
Speaker 3: monthly electric bill? By incorporating some numeric elements to this,
Speaker 3: it can really get you a quite specific But also
Speaker 3: when you list even a larger number than maybe even
Speaker 3: what you're looking for, that's when you can get a robust,
Speaker 3: comprehensive answer.
Speaker 1: Yeah, it does matter. Also what the AI is learning from,
Speaker 1: so chat GPT is super broad. We recently found a
Speaker 1: few different AI fintech companies. One of them caveat that
Speaker 1: they have sponsored the friend Letter parthion specifically AI for
Speaker 1: saving money and giving financial answers. Again, it's not a
Speaker 1: substitute for a financial advisor, but that also requires, I mean,
Speaker 1: it requires less of the right prompts.
Speaker 2: Right.
Speaker 1: If you're using chat GPT, you have to be super
Speaker 1: granular because it's processing information that's not just personal finance,
Speaker 1: but if you're finding if you're using all of these
Speaker 1: strategies YadA YadA, those words and you're not getting the
Speaker 1: answers that are right, you may want to try out
Speaker 1: like free apps like Parthyon p A R T H
Speaker 1: E A N. I should know how to spell that.
Speaker 1: That is how you spell it. It's solely focused on
Speaker 1: personal finance answers, so I'll caveat to that because the
Speaker 1: next one is asking the right questions. So as an
Speaker 1: AI system, the article says check GPT doesn't actually save
Speaker 1: money itself. Founder of AI writing hacks dot com. It
Speaker 1: provides informations to users based on prompts, so it says,
Speaker 1: break down the questions.
Speaker 3: So it can help to also have like follow up questions.
Speaker 3: I think is some of what they're looking at with
Speaker 3: the break it down that if you submit a response
Speaker 3: it's not quite what you want, you can ask it
Speaker 3: follow up questions. They're saying that sometimes chat GPT can
Speaker 3: get lost in its own overload of information, making it
Speaker 3: harder for you to sift through the results and find
Speaker 3: what you're looking for. So you can even refine your
Speaker 3: question within that same prompt. It's not even as if
Speaker 3: you have to start over. You can then get even
Speaker 3: more specific in your follow up and your request if
Speaker 3: the initial response is a little bit too vague, so
Speaker 3: you can follow up with the exact specifics you're looking for.
Speaker 1: Yeah, I actually love that about chat gpt because with
Speaker 1: an account it's free. Obviously it remembers your past questions too,
Speaker 1: so you can always go back, Like if you get
Speaker 1: an answer, you can go back to that answer, or
Speaker 1: if you like the recipes or shopping list or list
Speaker 1: of influencers it's given you, you can and this is
Speaker 1: a side tangent, but you can click on the little
Speaker 1: clipboard at the top next to at the top of
Speaker 1: the response and copy the response and paste it somewhere else.
Speaker 1: So and you can even give it feedback if it's
Speaker 1: a good or bad answer. But so, yes, break it down.
Speaker 1: And something chat gpt does really well is making lists.
Speaker 1: So that's another thing they say, So you can ask
Speaker 1: give me step by step instructions, or give me a
Speaker 1: list like a grocery list, give me frugal meal plans
Speaker 1: for a family of four. So I don't know how
Speaker 1: when they're saying give me a frugal meal plan for
Speaker 1: a family of four. One hundred dollars a week. I
Speaker 1: wouldn't trust it putting in actual dollar amounts. I'm sure
Speaker 1: it's gonna look, it's gonna probably tell you to buy
Speaker 1: turkey lunch meat instead of a full you know, Thanksgiving turkey.
Speaker 1: Maybe that's kind of how they're using this, but I
Speaker 1: probably wouldn't trust it to give like actual amounts.
Speaker 3: So this next article comes from click up and is
Speaker 3: titled chat GPT Prompts for Personal Finance. And I found
Speaker 3: these really helpful because I think one of the things
Speaker 3: that we can get tripped up in is what do
Speaker 3: I ask it? How do I even go about making
Speaker 3: the most of this platform? So I think that these
Speaker 3: are really helpful, and we're going to go through two
Speaker 3: of our favorites.
Speaker 1: Mm hm. The first one is the prompt would be
Speaker 1: I need to set up a budget that will help
Speaker 1: me reach my financial goals within timeframe. It says this
Speaker 1: prompt is an effective way to create a budget that
Speaker 1: will help you reach your financial goals and a timely matter.
Speaker 1: I wouldn't go that far, but the timeframe thing is important.
Speaker 1: So when you can specify the amount of time that
Speaker 1: you need to reach a financial goal, such as within
Speaker 1: one year or five years. Chat GPT can do the
Speaker 1: math for you, especially if you're inputting its like maybe
Speaker 1: you want to pay off a credit card with a
Speaker 1: twenty five percent interest. You can put that in there
Speaker 1: and say I want to pay it off in one year,
Speaker 1: what should my plan be? It can do the math
Speaker 1: for you. So using that prop ensures that you can
Speaker 1: do something that you can get to a place that's
Speaker 1: realistic for your budget, especially if you don't want to
Speaker 1: use all of the formulas and stuff in a calculator.
Speaker 1: This I think would be really good for buying a
Speaker 1: house if you are saving to buy a house and
Speaker 1: you want to calculate whether a house is a good
Speaker 1: investment for you, because so many times people will look
Speaker 1: at the price and think they can afford the mortgage,
Speaker 1: but then they forget about escrow, SO taxes, insurance, home insurance,
Speaker 1: flood insurance, so PMI. So chat GPT if you're putting
Speaker 1: in numbers and locations can help you figure out maybe
Speaker 1: what your estimated payment savings cost should be in reality.
Speaker 3: Yeah. Number three is the next example. I am going
Speaker 3: to highlight, and the prompt that they give chat GPT
Speaker 3: is I'm looking for strategies to reduce my debt and
Speaker 3: improve my credit score over the short term and long term.
Speaker 3: I love this prompt because I think it's really short, sweet, succinct.
Speaker 3: It includes one of those keywords that we talked about
Speaker 3: already of strategy. It includes details about what is being
Speaker 3: looked to reduce and improve. So we've got debt and
Speaker 3: credit score and then a timeframe of short term and
Speaker 3: long term being given to the platform. I would even say,
Speaker 3: though my one critique here is that I think it
Speaker 3: could be even better to put in very specific timeframes
Speaker 3: what does short term mean to you?
Speaker 4: What does long term mean to you?
Speaker 3: But overall I would say, yes, this is a really
Speaker 3: good prompt, and so chat GPT then gives a response
Speaker 3: back on each of those details of reducing debt and
Speaker 3: giving examples of things that can help in reducing debts,
Speaker 3: such as strategies for reducing debt, making a budget, creating
Speaker 3: a debt repayment plan, potentially considering consolidating debts, and then
Speaker 3: improving credit score, where they're talking about identifying specific strategies
Speaker 3: to improve such as paying bills on time, monitoring credit
Speaker 3: reports for errors, using a zero percent balanced transfer card.
Speaker 3: So different types of things being then given back as
Speaker 3: a result of that very specific using a lot of keywords.
Speaker 1: Prompt next one that I'll go over just it's my
Speaker 1: least favorite. It's the I'm looking for advice on how
Speaker 1: to make smart decisions about investments and retirement planning for
Speaker 1: the future, and the advice it gives is just very broad.
Speaker 1: I think it's much more useful to ask chat gp
Speaker 1: specific things about investing jargon. So when I was playing
Speaker 1: around with it, I asked what index funds should go
Speaker 1: in a four oh one k. This is something that
Speaker 1: we get asked all the time. I'm picking out funds
Speaker 1: for my four oh one K? What should I put
Speaker 1: in there? And legally we can't give that advice. But
Speaker 1: chat GPT is clearly beholden to nobody because they go
Speaker 1: right out there and they give you all of the
Speaker 1: index funds and they're very you know, commonly recommended on blogs.
Speaker 1: So and I wouldn't choose all of them, but they
Speaker 1: are a great place to start. I also asked should
Speaker 1: I invest pre tax or post tax if I have
Speaker 1: no state tax? Because this is actually something I wonder
Speaker 1: about sometimes I have a strategy, but sometimes I wonder
Speaker 1: if you always wonder if your strategy is right or not.
Speaker 1: So I asked them this and chat GPT came back
Speaker 1: with yes, a very generalized answer, but actually very helpful answer.
Speaker 1: So it says it to depends on several factors, so
Speaker 1: not just whether you have a state or city tax,
Speaker 1: but your current financial situation, future goals, and tax brackets.
Speaker 1: So it gives the most important thing is your current
Speaker 1: tax bracket for most people, but then also tax diversification
Speaker 1: and future tax race or future tax bracket, and access
Speaker 1: to funds. So it gave really good information and information.
Speaker 1: I actually I wouldn't have thought of all of this
Speaker 1: if somebody was asking me that question, even the first one,
Speaker 1: I wouldn't have. I wouldn't have thought of all these
Speaker 1: index funds to put in a furrow one K. But
Speaker 1: I don't think you need to come up with ten answers,
Speaker 1: so it usually comes up with like ten to fifteen answers.
Speaker 1: So another recommendation I might make is, if you already
Speaker 1: have too many options, ask for a specific number of answers.
Speaker 1: So what are five index funds that I should put
Speaker 1: in my four oh one K, or five of this,
Speaker 1: five of that or even three. I wouldn't say one,
Speaker 1: but I'd go anywhere from three to five.
Speaker 3: The final example I'm going to highlight on here number
Speaker 3: four is I need advice on how to save money
Speaker 3: and build an emergency fund to cover unexpected expenses in
Speaker 3: the future. Again, I've got a critique on this one.
Speaker 3: I think that we could get even more specific implementing
Speaker 3: the tips already given to us of giving it a
Speaker 3: number and using one of those keywords. So I would
Speaker 3: alter this prompt to be more like, I need five
Speaker 3: strategies to save money and build an emergency fund to
Speaker 3: cover unexpected expenses. I think that's going to give us
Speaker 3: even more specific responses and be just more helpful and beneficial.
Speaker 3: But of course then the prompt is going to give
Speaker 3: different steps. They gave an example how it came back
Speaker 3: with assess your current financial situation, set a goal, create
Speaker 3: a plan, stick to the plan, And of course, again
Speaker 3: none of it's going to be groundbreaking, earth shattering, but
Speaker 3: you can really individualize it to you and it can
Speaker 3: just be that helpful reminder. And sometimes there are tips
Speaker 3: that come up that we wouldn't have thought about on
Speaker 3: our own, or we can feel encouraged and validated in
Speaker 3: the steps we're already taking to know. Yeah, there is
Speaker 3: nothing else out there. This is what the podcast, the blogs,
Speaker 3: and even the bots are telling me.
Speaker 4: I need to do so better.
Speaker 3: Just start building an emergency fund.
Speaker 1: Yeah, the best ways to save money are not sexy,
Speaker 1: they're not groundbreaking. Somebody asked me last night, like what
Speaker 1: my best saving hack was, and I said, I said,
Speaker 1: go back to your ninety day transaction history, so that
Speaker 1: you can see what you've been spending money on that
Speaker 1: you don't want to so that in the future you're
Speaker 1: cognizant and you spend less on it. And then some
Speaker 1: other girl was like, oh, I do Walmart grocery pickup
Speaker 1: and I save a ton because I don't impulse spend.
Speaker 1: In the story, I was like, so, yeah, I do that.
Speaker 1: But that's not groundbreaking. So when you ask people questions
Speaker 1: and they give you answers, they may need a different
Speaker 1: place than you, so they may not be giving you
Speaker 1: one hundred percent of the answer you need. So I
Speaker 1: think that's kind of where chat GPT comes in is
Speaker 1: there's no bias in chatty. I want to give chat
Speaker 1: g a name. I know that's probably wrong.
Speaker 4: Yeah it's such a mouthful.
Speaker 1: I know, but there's no bias there, so they're going
Speaker 1: to that's why they're giving you all of the tried
Speaker 1: and true things that work. They're not going to steer
Speaker 1: you into anything illegal or unethical. And I mean, it's
Speaker 1: just going to give you sometimes things that you already
Speaker 1: knew but you hadn't been taking advantage of, and maybe
Speaker 1: you were likeugh, I'd like to avoid that. But if
Speaker 1: chat GPT says it's one of the best five ways
Speaker 1: to practice this thing, then I need to like just
Speaker 1: bite the bullet and try it. So it's kind of
Speaker 1: good for that.
Speaker 3: Speaking of tried and true but also groundbreaking and earth shattering,
Speaker 3: it's time for the bill a week.
Speaker 6: That's right, it's time for the best minute of your
Speaker 6: entire week. Maybe a baby was born and his name
Speaker 6: is Williams. Maybe you paid off your mortgage, Maybe your
Speaker 6: car died and you're happy to not have to pay
Speaker 6: that bill anymore. Dust bills, Buffalo bills, bill clon. This
Speaker 6: is the bill of the week.
Speaker 5: Hello. My name is Emily from the lovely state of
Speaker 5: North Dakota. I'm a relatively new listener and I found
Speaker 5: you guys about three weeks ago and have been randomly
Speaker 5: listening to different podcasts, and so far I love what
Speaker 5: I hear. I do have a son with a middle
Speaker 5: named William, but that is not my bill of the week.
Speaker 5: My bill of the week is actually a huge bill
Speaker 5: we were able to avoid. Last Monday, our car died. Specifically,
Speaker 5: the transmission went out.
Speaker 1: My husband and I.
Speaker 5: Were so upset, but we had saved up and we
Speaker 5: put on our adult pants and we started shopping around
Speaker 5: for online for a new car. We had even made
Speaker 5: a time and booked a babysitter to go and look
Speaker 5: at a new car. And when I say new car,
Speaker 5: I mean new to us, we always buy used cars.
Speaker 5: The night before we were going to look at the cars,
Speaker 5: I remember one of the episodes that said make sure
Speaker 5: to organize your papers and read your warranties. And so
Speaker 5: I spent three hours locating our car warranty and read
Speaker 5: through it, and to my utter surprise, we were one
Speaker 5: thousand miles within our warranty. That means the place we
Speaker 5: bought our car from needs to replace our transmission. So
Speaker 5: it said of the cost of a new car, we
Speaker 5: are going to pay a two hundred dollars deductible and
Speaker 5: be able to use our old car. We are beyond
Speaker 5: thrill that we don't have the cost of a new
Speaker 5: car coming at us. And I'm so thankful that I
Speaker 5: listened to that episode. The timing was absolutely amazing. Thank
Speaker 5: you so much, and I look forward to hearing more
Speaker 5: episodes in the future.
Speaker 1: That is amazing.
Speaker 3: I'm shuck, I'm shocked, and I'm shuck Wow, mouth drop.
Speaker 1: This is an instance where we know, housing, transportation, food
Speaker 1: are biggest expenses and the fact that you were able
Speaker 1: to take some extra time looking for warranties and looking
Speaker 1: through paperwork is such a hassle, but you took the
Speaker 1: time to do it and it paid off in probably
Speaker 1: more ways than you'll ever realize, because driving the car
Speaker 1: you already have saves you so much money. It's just
Speaker 1: the best way to save money on a car. I
Speaker 1: know we have an episode and how to save money
Speaker 1: on your next car purchase, but driving the car you
Speaker 1: have for as long as you can is the best way.
Speaker 1: So kudos.
Speaker 4: This is wild to me, Emily.
Speaker 3: There's so many I almost just want to call you
Speaker 3: up and chat about so many of the things you've
Speaker 3: just said. First of all, you're from North Dakota. Don't
Speaker 3: think I've ever met anyone from there. It's one of
Speaker 3: the states I've not been to yet. That's a sidebar.
Speaker 3: You have a son named William, which is amazing because
Speaker 3: that is the most Bill adjacent you can possibly get
Speaker 3: in being a human. But you just glossed over that
Speaker 3: for the more important factor of just doing the hard
Speaker 3: work putting in the time to save thousands of dollars.
Speaker 3: What an amazing combination of bills. If you all listening
Speaker 3: have just the trifecta of kids named Bill and saving
Speaker 3: money and listening to the podcast and saving more money
Speaker 3: and living in states I have not been to, or
Speaker 3: literally anything because we keep it vague. Visit Frugal friendspodcast
Speaker 3: dot com, slash Bill, leave us a bill. We get
Speaker 3: so excited about it every single time.
Speaker 4: And now it's.
Speaker 1: Time for the lightning around. So in today's lightning round,
Speaker 1: we are going to talk about how we're currently using
Speaker 1: chat GPT or would use chat GPT to save money? Jill,
Speaker 1: would you like to go first?
Speaker 4: Sure?
Speaker 3: I am currently using chat GPT to help me write
Speaker 3: the friend letter. I don't know if I'm giving away
Speaker 3: too many of our trade secrets here.
Speaker 4: Don't worry.
Speaker 3: It is highly curated Chat GPT is nowhere near as
Speaker 3: funny or punney or Giffy as us, but they do
Speaker 3: get us started in some good ways, and it's helpful
Speaker 3: for me in that brainstorming process of content creation to
Speaker 3: be able to go to chat GPT and utilize it
Speaker 3: in that way. But you should still get the friend
Speaker 3: letter because again we're better than the bots hashtag frugal
Speaker 3: friendspodcast dot com slash friendly.
Speaker 1: We look at what the bots are saying to make
Speaker 1: sure we're better than them. We just have to suss
Speaker 1: out the competition. Is what we're doing.
Speaker 3: Frugal friends better than bots, better than bots, that's some alliteration.
Speaker 1: Next merch, maybe that's the next merch better than a bot. Okay,
Speaker 1: So for me, I actually have been having fun with this.
Speaker 1: I love to say that investing early and often saves
Speaker 1: you more money on your million than waiting to save
Speaker 1: when you quote unquote have more money. So I put
Speaker 1: in this prompt, the series of prompts just to kind
Speaker 1: of test out how chat GP could do this quicker
Speaker 1: than if I found an investment calculator and kind of
Speaker 1: finagled it to find out my answer. But I wanted
Speaker 1: to know how much money I would save. So, if
Speaker 1: we currently have two hundred thousand dollars invested and we
Speaker 1: want to get to a million, how long it would
Speaker 1: take us to get there with various monthly investments, and
Speaker 1: how much I would save on that million by using
Speaker 1: these different invests amounts. So, just in general, if I
Speaker 1: have two hundred thousand dollars invested, how long before I
Speaker 1: get to a million if I invest five hundred dollars
Speaker 1: per month? And so it explains this whole investment formula
Speaker 1: to me. I don't care. And at the end, it
Speaker 1: says it would take approximately two hundred thirty six months,
Speaker 1: or about nineteen years and eight months of investing five
Speaker 1: hundred per month at an interest rate of six percent
Speaker 1: to grow from two hundred to a million. And so
Speaker 1: it just keeps in mind that this calculation assumes a
Speaker 1: consistent six percent return. If you want to use anywhere
Speaker 1: between seven and ten, which is totally feasible, you can
Speaker 1: just put that in there. I just wanted to see
Speaker 1: what chat GPT would give me. So then my next
Speaker 1: prompt was what if we invest six hundred per month?
Speaker 1: And then it does it all over again with still
Speaker 1: using the question that I just put in and it
Speaker 1: gets seventeen years and seven months. So then I ask
Speaker 1: how much money do I save by investing six hundred
Speaker 1: per month rather than five hundred, and it literally it
Speaker 1: takes all the formula compares the two and it says
Speaker 1: my total contributions with six hundred per month is one
Speaker 1: hundred and twenty six six and my total contributions with
Speaker 1: five hundred per month or one oh five five. Uh
Speaker 1: So to find how much you save, YadA, YadA, YadA
Speaker 1: by investing six hundred dollars per month instead of five hundred,
Speaker 1: you save twenty one thousand dollars over the period it
Speaker 1: takes to get you to a million, which I don't
Speaker 1: know how it looks like I pay more with six hundred,
Speaker 1: but then it's just giving me like now, to find
Speaker 1: how much you saved ya dada. So I'm not reading
Speaker 1: the whole thing, but it says that I save twenty
Speaker 1: one thousand dollars by oh, because I get there quicker
Speaker 1: with six. Okay, I'm investing less time. I guess Chatchep
Speaker 1: does math. I don't, but I like to see. This
Speaker 1: is how I would use it is to do these
Speaker 1: complicated formulas and math expressions in a quicker way without
Speaker 1: trying to make different investment calculators work to be what
Speaker 1: I want. I would just ask, like, my budget right
Speaker 1: now is four hundred dollars a month for investing. When
Speaker 1: will I get to a million? And if I upped
Speaker 1: it to one hundred dollars in ten years, what would
Speaker 1: I get or how much would I save? If I'm
Speaker 1: doing six hundred dollars per.
Speaker 3: Month and you're telling it the rate of return you're anticipating,
Speaker 3: so it's.
Speaker 1: Just using six. Yeah, if it's just using six percent
Speaker 1: as a standard, But if I did it again, i'd
Speaker 1: probably use a seven or eight because I think so
Speaker 1: even with what the market's doing right now, it's still
Speaker 1: at about a ten percent, you know, thirty year average,
Speaker 1: or at least some of them are at seven percent,
Speaker 1: So I would probably use seven. Put that in for myself,
Speaker 1: but especially if you're using tax advantage accounts. If you're
Speaker 1: not using tax advantage accounts, I would stick with six.
Speaker 1: But that's just me personally. Obviously, I don't know what
Speaker 1: you're invested in or you know what your money's like,
Speaker 1: So that is how I would use chat GPT.
Speaker 4: Is it good money? Hard earned money?
Speaker 3: Right?
Speaker 1: Are you money laundering, because then I can't make any
Speaker 1: promises about the protection of those investments and.
Speaker 3: Be doing it with the dirty money. It's got to
Speaker 3: be good, right, clean, hard earned money, stuff that you earned. Yes, yeah, wow,
Speaker 3: I mean it sounds like chat GPT might be a
Speaker 3: little bit dangerous for you, Jen, I just too many calculations.
Speaker 3: Chat GPT is to you what my spreadsheets are to.
Speaker 1: Me, probably because they will best calculators. Yeah. Yes, and
Speaker 1: chat GPT has just made this a lot simpler, So yeah,
Speaker 1: I love it for that. Simpler but still time consuming.
Speaker 4: Depends on how you use it. If you're jam I.
Speaker 1: Mean, I guess maybe, but like for a normal person
Speaker 1: like that just took me, you know, thirty seconds, and.
Speaker 3: Then I ran it with this number, and then I
Speaker 3: ran it with this number, and then I compared those
Speaker 3: two numbers, and then I compared that with the third
Speaker 3: and fourth number, and then I never went to bed.
Speaker 4: Thanks for listening everyone.
Speaker 3: Hey, if you don't already know, we have a modern
Speaker 3: frugal living ebook.
Speaker 4: That is free. We love free chatch epts free, This
Speaker 4: is free podcast free. We're just we're giving it all
Speaker 4: away for free, so you don't even have to.
Speaker 3: Spend your good money. It's available for you all to
Speaker 3: grab all year round. And we wanted to give a
Speaker 3: shout out to this friend who gave the e book
Speaker 3: a sweet sweet review. This one came from Judy S,
Speaker 3: who wrote terrific advice. Even though I have always been frugal,
Speaker 3: I found new ways of saving and ways to be
Speaker 3: happy not deprived. Short sweet the saying Judy S. I
Speaker 3: bet you write great chat ChiPT prompts and amazing reviews
Speaker 3: for this ebook, so definitely check it out. Frugal Friends
Speaker 3: podcast dot com slash ebook.
Speaker 1: Yeah, it definitely wasn't written when chat GPT was a thing,
Speaker 1: so you're gonna find You're gonna find some good, unique
Speaker 1: things in this e book.
Speaker 3: And chat ept doesn't have access to the e book either,
Speaker 3: so it's it's not like they can scrape it for
Speaker 3: advice to give to you.
Speaker 1: This is true.
Speaker 4: We're better than bot.
Speaker 1: It's true, better than bots. See you next time. Frugal
Speaker 1: Friends is produced by Eric Sirianni. Better than bots, better than.
Speaker 4: Better than butts, better, better, better, better, better, better than bots.
Speaker 4: Bots can't sing, bots can't dance. Bots can't tell you
Speaker 4: romance how to.
Speaker 1: Button up your pants they can theyll How do you
Speaker 1: feel about pants with only buttons, no zippers, no zippers?
Speaker 1: That's a thing.
Speaker 4: Yeah, I do have a pair.
Speaker 3: Yeah.
Speaker 1: Oh I refuse to buy them.
Speaker 3: Yeah, I didn't have that same boundary, but I will
Speaker 3: say it's Yeah, it's definitely annoying. Right for the amount
Speaker 3: of times that I visit the loo, right.
Speaker 1: Oh yeah you do. Yeah, I just can't be bothered
Speaker 1: with putting them on and off.
Speaker 4: I feel like you can't be bothered with zippers or buttons.
Speaker 1: This is true.
Speaker 4: It's athleisure all the way.
Speaker 1: This is true. I'm wearing ath leisure all the time
Speaker 1: and I like it. It's comfortable. But it's not like
Speaker 1: bad looking ath leisure. No, I think it looks nice.
Speaker 1: It's up leveled athleisure.
Speaker 4: That is what athleisure is.
Speaker 1: Yeah, it doesn't have to be all or nothing, you know, like,
Speaker 1: you don't have to be a shell of yourself to
Speaker 1: wear athleisure. You can be fully confident. It can be
Speaker 1: both and just like, just like, just like the Nightmare
Speaker 1: Before Christmas can be both a Halloween and a Christmas movie.