AI is a practical tool we can use to understand and improve our finances. From analysing spending habits to uncovering hidden ways to save, technology like ChatGPT, Claude and Manus, can help you engage with your money in smarter ways.

But first — a quick caveat: AI tools like ChatGPT aren’t licensed financial advisers and can’t replace personalised, regulated advice. I’ve used it to test, and it does not always get it right due to biases, inaccuracies in thresholds and financial data and other limits.

Think of them as powerful assistants that help you explore your finances, research financial strategies, increase your knowledge and build awareness before you make financial decisions or speak with an expert.

Always remove identifying details and treat responses aseducational, rather than personal financial advice.

Now that’s out the way, I’m going to share how I use technologyto manage and analyse my cashflow.

1. Analyse My Spending

One of the most practical ways to start using AI is by analysing your historical spending. Judgement and shame-free responses. Have you ever said or thought “I don’t know where my money goes, it justgoes..” Well, now AI can TELL you where it’s been going in a very quick amountof time and little effort by you.

Here’s how:

📌 Download your banktransaction history (last 6–12 months) as a CSV or Excel file from youronline banking.  Remove all of youridentifying information ie bank account numbers, name etc

📌 Upload the file orpaste it into your AI tool and ask questions such as:

• “How would you rate my spending and saving over this period?”
• “Do you see any patterns or trends — like times of the month or categories where spending spikes?”
• “Where could I reduce discretionary spending or fixed costs based on this data?”

The AI can group transactions, highlight trends and give you actionable insights on areas to cut back. This level of analysis used to take me 2 hours — now AI can summarise your spending behaviour in minutes.

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Try my example prompt:

Here’s my bank statement for the past 12 months. Pleaseanswer the following questions:

1) Identify categories where I spent the most?

2) Has my grocery spending increased over the past 12 months? By how much?

3) What is my average monthly surplus or shortfall

4) Suggest ways I can reduce both discretionary and fixedcosts.

5) Benchmark my spending against ratios against generalfinancial planning guidelines

AI can benchmark your spending ratios against generalfinancial planning guidelines, helping you see if you’re stretched — orcomfortable and identify how much you can save.

You can then use this data and analysis to plan your 2026.

2. Cashflow Smoothing & Buffer Planning

Want to understand how much you may need in your emergencyfund or how to plan for your lumpy costs?

Ask:

“Based on my spending patterns, how large should myemergency fund be?”

“What is my average monthly surplus or shortfall?”

AI can calculate:

• True surplus (not estimated surplus)
• Seasonal spikes (rego, school fees, insurance renewals)
• Suggested buffer size based on actual behaviour

This insight can help you plan for what’s coming over the rest of the year.

3. Get Smarter About Your Bills

Your energy bill isn’t just a cost — it’s data waiting to be analysed.

If you can access your recent energy usage or billing statement (even a PDF or screenshot), you can ask AI:

• “Can you review my last energy bill and break down my usage and costs?”
• “What patterns do you see that might help me reduce the cost?”
• “Based on my usage, what simple changes could lower my next bill?”

AI can help spot things like peak usage times, unusually high charges, or even suggest behaviours that might reduce costs — especiallyif your supplier provides smart meter data or time-of-use pricing.

Example prompt:

“Here is a copy of my last electricity bill. Please summarise my usage patterns and cost. Suggest 3 ways I could reduce my next bill (e.g., change tariff, use appliances at different times, or reduce standby power).”

4. Subscription & Direct Debit Audit

Upload 6–12 months of transactions and ask:

“Please identify all recurring subscriptions and directdebits. Are there any I may have forgotten about or that appear duplicated?”

AI can:

• Highlight unused streaming, apps, gym memberships
• Identify annual renewals you may not notice
• Flag creeping increases in insurance premiums

This alone can save hundreds (sometimes thousands) per year.

5. Superannuation Review Preparation

Download your latest super statement, remove identifyinginfo like, member number, name and address then upload the statement and ask:

“Please summarise my fees, investment allocation andinsurance cover.”

“Based on my age (xx) and my ideal retirement age (x) and my employer making similar contributions indexed for CPI , will I be able to generate ($X) in retirement?”  How does my current beneficiary nomination work?

AI can:

• Forecast your account balance to retirement age
• Explain confusing terminology – such as what is salary sacrificing and what are the pros and cons?
• Break down investment allocation
• Identify whether you're heavily concentrated in one asset class

Important Tips for Using AI Safely

✔ Verify what the AI tells you: AI can make errors, present outdated information, or misinterpret your data. Treat it as a helpful guide — not a final authority.
✔ Protect your data: Don’t share sensitive personal information publicly. When uploading transaction data to any tool, make sure privacy and security are top of mind.
✔ Use AI to prepare, not recommend: professional advice — especially for complex decisions like tax planning, investing or super.

But, I truly think when it comes to reviewing your cashflow and spending, it’s an absolute gamechanger. There’s absolutely no reason know why you can’t get a better handle on your day-to-day, monthly and annual spending and saving.

Our cashflow is a significant foundation to our financial well-being, so use technology to it’s advantage to make it simpler tounderstand and manage.

If you want more info about the dangers of using AI for financial advice, listen to this podcast. I’m a regular listener of this show, so while you’re there explore other episodes.

My guest today is an AI bot - The Money Puzzle, James Kirby- Apple Podcasts

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