4 ways AI can help you save or make money

From negotiating better deals to reducing your food bill, AI has the potential to help you save or make thousands. 

Over the past year or so, Artificial Intelligence (AI) has exploded in popularity. ChatGPT, known as a “generative” AI tool, led the charge when it launched in November 2022. Just two months later the chatbot had reached over 100 million monthly users, making it the fastest-growing consumer application in history at the time. (This record was broken by Threads six months later.)

The popularity of AI shows no signs of slowing down. Generative AI is set to become a $1.3 trillion market by 2032, according to a report by Bloomberg Intelligence. There are plenty of ways AI can help make life easier including helping you fatten your wallet. No doubt the opportunities to use AI to boost your finances will continue growing as technology evolves but in the meantime here are four ways you can use AI to help you save or make money.

1. Reduce your food bill

Canstar’s 2023 Consumer Pulse Report found that the price of groceries was the biggest financial concern for Aussies heading into 2024. There are several ways you can harness the power of AI to reduce your food bill.

One option is to ask a chatbot such as ChatGPT to put together a meal plan and shopping list for you based on your budget. Make a note of any dietary requirements or allergies and see what it spits out. You can type something along these lines: “Please create a meal plan and grocery list for a family of x adults and x children with a budget of $x at x supermarket. X allergy.”

You can also tap into AI to help you reduce food going to waste. A study by WRAP and Hellmann’s found that Aussie households throw away between $2,170 and $2,700 worth of food on average, every year.

A chatbot or AI-powered recipe generator can tell you how to turn the ingredients you have at home, including leftovers, into a delicious meal. Simply enter a list of ingredients and ask for recipe ideas.

→ Related: How to save money on groceries

2. Negotiate better deals

When you are trying to secure a better deal whether it’s on your home loan, electricity bill or car insurance there are two ways you can go about it. You can take your business somewhere else or you can ask your current provider what they can do for you. Taking the second route can save you the hassle of switching but it can be tough to know what to say. Enter AI…

I typed “What should I say if I want a better deal on my home loan?” into ChatGPT and within seconds out popped a suggested script broken down into a series of points. The third tip, for example, was to “present research” and this is what it recommended I say: “I’ve done some research and noticed that other lenders are offering competitive rates. However, I’d prefer to stay with [lender’s name] if we can come to a mutually beneficial agreement.”

Give it a go to see if you can haggle your way to a better deal.

3. Score a better-paying job

Nearly half of Aussies have used AI tools to help them find and apply for a new job, according to a survey by Indeed. “They are using AI to align themselves with suitable roles, refine their CVs and cover letters, rehearse interview responses, and even facilitate salary negotiations,” said Career Coach at Indeed, Sally McKibbin.

It’s worth a shot given that 52% of those who used AI tools said it increased the success of their job search and 74% said they received a job offer faster.

You need to be careful, though, when it comes to your resume and cover letter. It’s important that it reflects your personality and if it was entirely written by AI that’s unlikely to happen. Experts suggest using AI as a starting point to get the structure right but then adding your own words and tailoring it to represent you.

4. Find the best price

Launched last year, AI-powered comparison tool Little Birdie scans the internet while you shop and will let you know if there’s a lower price for the product you’re looking at. You can add a browser extension or shop in the Little Birdie app.

I was on the Dyson website looking at the Dyson gen5detect Absolute Cordless Vacuum which would cost $1,499 when Little Birdie popped up to tell me I could save $148.99 by shopping at MyDeal. I had no such luck when I was checking out a pair of Air Jordan 1 shoes for my son.

Cover image source: Andrey_Popov/Shutterstock.com

Thanks for visiting Canstar, Australia’s biggest financial comparison site*