SCAMMERS recently used artificial intelligence to create a fake video of Money Saving Expert founder Martin Lewis endorsing a dodgy investment scheme.
But while the technology poses many potential risks, it can also be put to good use.
Liz Edwards of money comparison site finder.com says: “AI can be used to summarise the vast amount of information available online or as a clever calculator to create a savings plan based on your budget.”
From cutting bills to apps that scour the web for the best discounts, Leah Milner looks at how you can use the power of AI to boost your finances.
- Always check app terms to make sure you know what data you’re sharing and that your savings are protected.
SAVING
IF you want to put money away for a rainy day but aren’t sure how much you can afford to save each month, AI can help.
Chip is a free app that analyses the income and spending patterns in your current account to see how much you can comfortably save.
It then automatically transfers those small amounts into a savings account.
Options include an instant access account paying 4.51 per cent and one that works in a similar way to Premium Bonds, where you get an entry into a draw each month with a top prize of £10,000.
BUDGETING
KEEP on track of your finances, spot and cancel unwanted subscriptions and see where your money goes with the Emma app.
You can see how much you spend with a particular shop like Amazon each month, or how your outgoings are split between sections such as eating out and travel.
Plus it allows you to set budgets for different categories each month.
There’s a free version of the app as well as upgrades for advanced options.
Other apps including Plum, Snoop and Lumio have similar budgeting and saving features.
CUTTING BILLS
FINDING the best energy, broadband and mobile deals can be time-consuming.
Web-based tool Nous says it can save users £1,000 a year or more by showing where they could save money through switching.
Its new AI-powered assistant trawls your emails to pull out key details from your bills and tell you if you need to swap.
The company says it will only scan for messages sent by your utility providers and won’t take any other information from other emails in your inbox.
You can use the online app at Nous.co for free.
CLAIM BENEFITS
MILLIONS of people miss out on grants and benefits because they either don’t realise they are entitled to claim or they find the information confusing, according to Policy In Practice.
The consultancy has built a free tool at betteroffcalculator.co.uk to help you find benefits you might be entitled to.
It uses AI to trawl council websites and suppliers’ info on social tariffs and the eligibility criteria.
Enter your details then it will find and match you to any benefits you might qualify for.
FIND DISCOUNTS
SHOPPERS can track down voucher codes online and quickly test them to see if they work with AI-powered tools like Honey and Pouch.
You simply install them to your internet browser and they work in the background while you shop online – telling you when you can get money off.
Karma and Basket are also apps and tools you can add to your web browser to help you spot when prices drop.
And the Idealo app can help you compare prices on the go, just by scanning the product barcode with your phone.
MEAL-PLANNING
FREE online chatbot software such as Google Bard, ChatGPT and Microsoft Bing can help you with household queries.
Mum-of-two Hayley Brackley, 34, uses ChatGPT to help plan meals for her family.
Hayley, of Thrapston, Northants, who runs Great Minds Don’t, a neurodiversity coaching business, says: “You just type in something such as: ‘Please create a menu plan and shopping list for two adults and two kids.
“One doesn’t like spicy food. I have an oven and an air fryer’.
“Then it generates a menu and shopping list for you.”
