What ChatGPT Says About Being Frugal
Financial Management

What ChatGPT Says About Being Frugal

I thought I would try this for fun where I asked the ChatGPT AI on the best ways to remain frugal. First off, these were the points that were mentioned by it:
Remaining frugal means being mindful of your spending and finding ways to live within your means while still enjoying your life. Here are some of the best ways to remain frugal:

Create a budget: The first step to remaining frugal is to create a budget. List out all of your monthly expenses and income, and allocate your money accordingly. Make sure to account for savings, debt payments, and unexpected expenses.

Cut unnecessary expenses: Look for areas where you can cut back on expenses. Cancel unused subscriptions, switch to a cheaper phone plan, and consider downsizing your home or car.

Shop smart: When you need to make purchases, always look for the best deals. Use coupons, shop during sales, and buy generic brands instead of name brands.

Cook at home: Eating out can be expensive, so try cooking at home as much as possible. Plan your meals in advance, buy ingredients in bulk, and use leftovers creatively to save money.

Avoid debt: Debt can quickly spiral out of control, so try to avoid it whenever possible. If you do need to take on debt, make sure you have a plan to pay it off as quickly as possible.

Use cash: Using cash instead of credit cards can help you stay mindful of your spending. When you see the physical money leaving your wallet, it can make you think twice about making unnecessary purchases.

Focus on experiences, not things: Instead of spending money on material possessions, focus on experiences that bring you joy. This could be spending time with loved ones, taking a hike, or exploring your local community.

By following these tips and remaining mindful of your spending, you can live a frugal and fulfilling life.

Most of it sounds pretty general. But the point that always gets me is how people say use cash instead of a credit card to save money. Realistically, you can make money through cashback rewards by using a credit card instead of plain cash. So if you actually develop the discipline to only spend what you actually have it makes more sense to use a credit card. It makes me wonder what information these AI bots are basing their answers on.

I did ask it about credit cards afterwards and then it said this:


While it is possible to save and make money by using a credit card, it is important to be cautious and use credit cards responsibly. Here are some ways credit cards can be used to save and make money:

Cashback rewards: Some credit cards offer cashback rewards on purchases. By using a credit card for your everyday expenses and paying it off in full each month, you can earn cashback on your purchases.

Travel rewards: Many credit cards offer travel rewards, such as airline miles or hotel points. If you frequently travel for work or pleasure, using a credit card with travel rewards can help you save money on flights and accommodations.

Sign-up bonuses: Some credit cards offer sign-up bonuses, such as a large number of bonus points or cashback when you spend a certain amount within a certain time period. By taking advantage of these sign-up bonuses, you can earn rewards quickly.

Building credit: Using a credit card responsibly and paying it off in full each month can help you build a strong credit score. A good credit score can help you save money in the long run by qualifying you for lower interest rates on loans and credit cards.

However, it is important to remember that using a credit card can also lead to debt if you do not use it responsibly. It is crucial to always pay your credit card bill in full and on time each month, and to avoid spending more than you can afford to pay back. Additionally, be aware of any fees or interest charges associated with your credit card, and avoid using credit to make unnecessary purchases.


Can you imagine a robot AI replacing financial management professionals as an example?

Leave a Reply

Your email address will not be published. Required fields are marked *