AI Powered Tips For Your Travel Budget
Summer is here, and a well-deserved vacation is on many minds. If you're looking to make your travel dreams a reality without breaking the bank, Artificial Intelligence, specifically ChatGPT, might be your new planning assistant. This guide explores how you can use AI to get savings advice for your next adventure.
Need some guidance while saving for a vacation? AI could help. Akinbostanci/Getty Images
I turned to ChatGPT for help budgeting a trip to Montreal and Québec City, drawing on positive experiences using it as an AI coach for other life areas. It's important to note that while helpful for general advice, it's not ideal for complex financial planning.
When using ChatGPT for vacation planning, you can ask about more than just finances. Consider inquiring about destinations, travel timing, and strategies for finding the best deals and affordable options that fit your budget. Let's embark on this AI-assisted adventure planning.
How to Prompt ChatGPT for Budgeting Success
To get useful savings recommendations from ChatGPT, provide as much context as possible. Include your travel goals, dates, and clear financial parameters. Specifically, share your destination, trip length, desired budget, and some information about your current financial situation.
If you use a financial tracking app, you can often download three months of spending activity to upload. If not, this is a good opportunity to start a personal budget. There are many budgeting apps available, along with CNET's expert savings tips, advice on sticking to savings goals, and common saving mistakes to avoid.
See also: Is AI the Answer to Your Money Problems? We're Starting to Find Out
Alternatively, you could manually compile your last 30 days of financial activity into a spreadsheet, categorizing your spending. However, always be cautious about sharing sensitive personal or financial information with AI tools due to security risks. For this example, I used estimates to protect my financial data.
Crafting Your First Savings Prompt for AI
For my initial prompt, I informed ChatGPT about my plan to visit Montreal and Québec City for a week, with an estimated trip cost of $3,000. I also provided my approximate yearly post-tax earnings, monthly take-home pay, and monthly expenses (rent, groceries, dining, yoga, subscriptions). I included how much I set aside for investing and savings, leaving about $1,200 per month for trip savings. Remember to also include minimum monthly credit card payments and any other debt obligations.
ChatGPTs Savings Strategies Example
ChatGPT suggested several saving strategies, such as ordering in and dining out less, reducing grocery spending, pausing yoga classes while saving, temporarily cutting subscriptions, and limiting spontaneous purchases. Here's a glimpse of its suggestions:
Screenshot by Amanda Smith/CNET
Always double-check ChatGPT's numbers, as they can sometimes be incorrect. Use ChatGPT as a starting point, but don't solely rely on it for financial advice.
Refining AI Budget Advice with Details
You can get even more specific advice by uploading meal receipts to see where you can save on eating out, or by asking ChatGPT to identify types of meals you spend most on (and then try to make them at home instead).
After your vacation, you could also save all trip receipts, load them into ChatGPT, and identify spending trends to help budget for future travels.
Beyond Budgeting AI Travel Recommendations
I also inquired if ChatGPT had travel tips for visiting Montreal/Québec City in the summer. The advice was somewhat generic, like booking early and avoiding tourist traps, but it did suggest checking out Passeport MTL for discounted attractions.
Probing further for non-local insights, ChatGPT provided ideas such as cheaper neighborhoods and restaurants, BYOB spots to avoid alcohol markups, and confirmed the excellent quality of tap water in Québec City, making it safe to drink.
Important AI Usage Considerations
AI won't provide all the answers, but it can spark ideas for savings both before you leave and during your vacation. You could even use the ChatGPT app on the go for money and travel questions.
Remember that any information you input into ChatGPT may not remain confidential. It will be used to train the AI model for better future responses, unless you disable chat history (though OpenAI still saves it for 30 days). Reputable budgeting apps often have stronger security and might provide better answers than AI at this stage. (Disclosure: Ziff Davis, CNET's parent company, in April filed a lawsuit against OpenAI, alleging it infringed Ziff Davis copyrights in training and operating its AI systems.)
