How is AI changing how we manage our finances?
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MUSIC
Good morning and welcome to The Daily Oz. It's Sunday, the 26th of July. I'm Sam Kozlowski.
I'm Billie Fitzsimons.
Most of us are already doing it, but I'm not convinced that we're all actually talking about it. Asking AI about our money. From From getting ChatGPT to help us set up a budget, to asking Claude how much super we're going to have when we're older, to querying Gemini whether we should put our money into one ETF over another. There's a lot to this chat. The role of financial advice, how secure our data is, and the pros and cons of having AI and finance collide. So in the TDA spirit, I thought this was worth discussing out in the open. A quick note before we start. This episode was made possible by Australian Super, but everything you're about to hear was researched and written by us here at TDA, and it's entirely independent.
Sam, I want to start by asking a personal question.
Yeah.
What's your relationship like with budgeting?
My relationship with budgeting is intimate. Oh, okay. I'm a big fan of a spreadsheet.
How is AI already being used to help manage personal budgets and savings?
I'm a big fan of setting goals in ways that I want to save up for something, not necessarily like a big abstract thing I'm saving up for a house. Like that feels too big for me, but saving up for a holiday, saving up for a new piece of technology that I want. I like those shorter term goals.
And do you have a spreadsheet for that? Or for a lot of banks now, you kind of can do that within the app for the bank.
Yeah. So we have a, me and my wife have a saver account on our banking app, and that's got a goal that we try and work towards. But then I also have a spreadsheet where I keep track of how much our share portfolio is and- Wow, I did not know about that. How much money I've lost in crypto over the last couple of years and all of that kind of stuff. And yeah, I really enjoy looking at that and it being like the source of truth for us. Because your money is spread out over so many different apps on your phone these days that it's nice to have it all in one screenshot.
Wow. The things you learn. I had no idea that you had that. I don't know why I would know, but I guess after so many years of working with you, I feel like I know too much.
Do you do any of that?
I don't, but I'm interested in this episode because I do, I have had conversations with AI and I I'm interested if you're going to tell me if that's a good or bad thing, because I don't know the answer. But I have had conversations with AI where I kind of lay out my finances and say, how am I tracking?
I'm trying to move us away, like in conversations that we've had in the office and in conversations that I'm seeing play out online, I'm trying to figure out how to move everyone away from AI conversations that are necessarily just it's either good or bad. I think there's a lot of grey and I think that the most important conversations that we can have in 2026 is asking a lot of questions and exploring these topics in a bit more depth rather rather than making like a binary assumption of it straight away. And that's kind of what I wanted to do today with this question of, should you be using AI tools to help you with your finances? Where is it helpful and where is it not?
So do you use AI with your finances, with your Excel spreadsheet?
I don't ever give AI the concrete financial data and I don't plug it into, you know, I don't export our bank account details and put it into AI. But I say if we wanted to save $6,000 between now and September, what's a good framework for how much we should be saving each month?
Why wouldn't you give it the raw numbers?
I think because I don't see the full benefit just yet. Like I can control what information goes into AI if I'm typing it out myself. And I don't think that plugging it in will add a whole lot more to the benefit that I'm getting from AI just yet.
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