How AI Is Changing the Way We Manage Money

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If you’re still managing your money like it’s 1999, you’re getting left behind. Artificial Intelligence (AI) is a lot more than some buzzword, AI is here, and it’s here to stay while it continually keeps evolving. AI is also already deep in your wallet, your credit score, and believe it or not even insurance premiums. From budgeting apps that know how you are spending better than you do, to those prick scammers that are cloning your voice to fool loved ones and steal your cash. AI is totally rocking the personal finance world, for better and worse. We’re gonna dive into how AI is changing the way we manage money, what you can do to keep up, and how to avoid getting burned in the process.

Smart Budgeting Tools

Remember when budgeting meant writing in a notebook, using a calculator, and for me a blistering headache? Today, pretty much all the tools, apps and platforms like YNAB (You Need a Budget), Monarch Money, and Copilot are almost completely built around AI and algorithms to make budgeting way more intuitive—and way less boring.

These apps:

• Track your spending in real time

• Predict future expenses

• Send you reminders before you blow your rent money on DoorDash

• Offer personalized insights based on your personal behavior

Some even let you talk to a chatbot that roasts you for dumb purchases.  These AI budgeting tools are kinda like hiring a personal money coach, without the awkward meetings or hourly fees. They’re great for keeping your financial life tuned and tight.

Robo-Advisors & AI Investing: Cool or Creepy?

Investment platforms like Betterment, Wealthfront, and even Fidelity’s AI-driven planning tools use AI and algorithms to guide your investments based on things like your own risk tolerance, short and long-term goals, as well as market trends. This is automated, data-backed investing. For the average person, this can be pretty solid. But don’t get too chill.

There are risks! Such as:

• AI doesn’t understand your personal story like a human advisor might

• Algorithms can totally make mistakes in volatile markets

• Over-relying on automation can lead to blind spots

Pro tip: While you let AI play rhythm guitar, you still need to be the lead break!.

Scams & Deepfakes: The Dark Side of AI

Just when you thought AI was your money’s best friend, along comes its evil twin. (Insert killer Anthrax tune)

Scammers, High tech criminals, and just plain pieces of shit are now using AI to:

• Clone voices (yes, they can imitate your spouse or kid with as little as 3 seconds of audio)

• Send deepfake videos of influencers endorsing fake investments

• Write pretty realistic phishing emails that look totally legit

These aren’t your grandma’s “Nigerian prince” scams. These are wicked-advanced, focused and targeted, and can be super hard to spot—until your savings vanish.

Case in point: In 2023, a family lost over $15,000 because a scammer used AI to clone their daughter’s voice, claiming she’d been kidnapped. Terrifying. Please stay skeptical. Verify every weird phone call, text, or email. Use safe words. Lock down your online accounts like your digital life depends on it—because it does.

Pro tip: Establish a code word or phrase that only your close loved ones or family knows. If your kids call you saying they are in trouble and need you to send money because they are stranded on the side of the road somewhere, you can verify using this code word or phrase to confirm identity and legitimacy.  

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