10 Finance Questions You Should Try Asking ChatGPT

With ChatGPT reportedly handling about 2.5 billion prompts per day, calling it a massively popular AI tool is quite the understatement. By comparison, Google receives approximately 5 trillion search requests each year, which breaks down to just under 14.9 billion daily search prompts. With ChatGPT's usage drastically increasing in recent years, it's not surprising that some see the AI app as an opportunity to improve various financial aspects of their lives. And yet, it's very likely that you're not getting the most out of the prompts you're using to create plans or answer specific financial questions—and you're not alone in this.

Though OpenAI, the AI research company behind ChatGPT, shared practical steps for getting the most out of its product, it's still very likely that many users aren't using the best possible prompts. Some observers have also raised concerns about the overall accuracy and quality of ChatGPT's answers, which is fair. You should always exercise caution when relying on any tool or service that isn't inherently designed by people trained and educated in whatever field you're asking about. Still, if you are open to the possibility and really want to try using ChatGPT to improve your finances, there are some questions you could ask the AI tool that may help you develop spending and saving habits.

As of 2025, there are nearly 35 million small businesses in the United States. The U.S. Census Bureau estimates that about 4.7 million new businesses launch every year. Unfortunately, it can be tough to make it, even if you're a sole proprietor operating within a minimal budget. To get a handle on their business finances and aspirations, some people turn to ChatGPT, hoping to get help starting and maintaining their businesses. 

It's easy to ask a question like, "What business should I start that will make millions of dollars?" But, you'll likely get very generic answers.  Starting with a particular prompt is much better. For instance, state that you are an aspiring small-business owner and share the degree or certifications you already hold. Add that you have extensive experience across one or more industries. Then, state outright that your goal is to create a business that generates millions of dollars each year. Finish your prompt by asking what particular business ventures it recommends based on your profile. Rather than a bland response, you're more likely to gain a series of suggestions specific to your background and what you already know you are capable of.

You could end things here, but it's a good idea to answer any follow-up questions that ChatGPT asks. Do you wish to remain a sole proprietor or do you intend to partner with at least one other person? Will you hire employees or work with freelancers? Share as many additional details as you can; this will help ChatGPT formulate suggestions that make your future business plans concise and actionable.

Getting a handle on retirement as soon as possible is never a bad idea. Americans are said to be in the midst of a retirement crisis, with about half the country lacking the necessary savings and financial security to ever completely to leave the workforce. There isn't an agreed-upon age that everyone uniformly considers perfect for stopping work for good. It's not uncommon for people to slow down their professional careers in their mid- to late 50s and then begin the process of retirement in their early 60s. That said, some people are determined to retire as early as possible, even before age 50. In doing so, it's not uncommon to ask ChatGPT, "How do I retire early?" or "Can I collect from my pension before 60?"

Aim for prompts that encourage you to take a plausible series of next steps. For instance, you could say, "I'm 30 years old and I have $5,000 in savings and $15,000 worth of stocks. I have a career in (chosen field), and make (your salary). How can I retire by 50?"

These prompt details will encourage ChatGPT to walk you through a series of steps relevant to your early retirement goals. Some likely suggestions will include annual savings, strategic stock investments, and career fields you can pivot towards if you're worried about the long-term viability of your current industry. In addition to these suggestions, don't be afraid to reach out to financial advisors for some human-based advice.

Finding housing in the current economy is very challenging. For upward of 70% of American households, homeownership might be permanently beyond their reach. As for rentals, prices continue to climb, making apartment hunting stressful at times. When you're buying a home, one crucial factor in affordability is your salary. Depending on where you live, the cost of living relative to your yearly earnings plays a near-direct role in the likelihood and ease of finding a place to live. As you prepare to house hunt, ChatGPT may offer actionable ideas worth your consideration.

Start with your yearly salary. In many places, it's either recommended or required by law that you make at least three times what you expect to pay for housing. If your annual income is about $120,000, then you may want to find a city where you can reasonably expect to pay $40,000 per year in rent or mortgage payments. You could ask, "In what US states could I find a home that costs me $40,000 per year in mortgage payments?" When this question is asked, ChatGPT begins making a series of relevant assumptions, such as that you agreed to a 30-year fixed mortgage with a 7% interest rate after making a 20% down payment. From there, it suggests you can afford a $500,000 home, with $400,000 in financing.

As for location, you may be able to find a an affordable area of the country by expanding on the prompt, such as if you work remotely or are seeking a job. You should also ask questions related to property taxes and the cost of commuting to work.

With tuition averaging $38,270 per year, according to the Education Data Initiative, it's never too soon to save for college. Yet even as parents try to set aside money for their children's educational future, uncertainties will inevitably arise that make you question whether you're doing enough. You may, for instance, worry about their ability to afford an out-of-state education or if they will need off-campus housing. If you have financial questions about college savings, using ChatGPT can make things more straightforward.

First, avoid being too broad. A prompt that asks, "How much money will I need to save toward my child's college fund?" is far too unspecific to yield truly useful information. A better prompt is, "My child is three years old. If I were to start saving this year, how much money could I reasonably expect to have accumulated by the time they're 18?" From there, you'll want to address ChatGPT's follow-up questions. Are you using a high-yield savings account? You could also consider setting up a trust fund and ask ChatGPT how to create one for your child's educational needs.

When crafting questions, remember to mention your child's age and how many years you have for fund building. You can also include whatever information you feel is relevant, such as the state where you live, your current savings, and whether the child or teen has already expressed interest in a chosen career field. You should also remember to be flexible with your planning, as your child may prefer a certification over a degree. With that in mind, you should try to keep your children in the loop regarding college savings and get their input over time.

An alarming study released by the Financial Industry Regulatory Authority (FINRA) found that 26% of Americans are spending more than their incomes allow. They not only struggle to make ends meet, but also do not have the earnings to save. Some of this may be blamed on wages failing to keep pace with the cost of living. However, some Americans are turning to more frugal lifestyles and finding that by cutting unnecessary spending, they can pay down debts, keep up with bills, and begin building emergency funds. 

You might start with a question like, "How can I save an extra $100 per month?" but it's not very helpful without clarifying details like your monthly income and a thorough breakdown of how you spend your money. Similarly, your questions may address everyday expenses such as rent or mortgage payments, utilities, and groceries; you may mistakenly overlook spending $10 to $30 per week on mobile games. This expense ranges from $500 to $1,500 per year, money that could be put into savings. 

To get around blind spots and ask truly probing questions, look at your bank statements, Google Play account, etc., to track what you're paying each month. Then, when writing ChatGPT prompts about frugality, you can have an accurate picture of what you're actually spending, and the AI's suggestions will be based on a complete financial profile.

The importance of quality life insurance cannot be overstated. Few things are worse than passing away suddenly and leaving your loved ones not only to grieve, but also to struggle to cope with unexpected financial burdens tied to your loss. Yet, despite its importance, life insurance is probably not the first finance-related topic someone might think to ask ChatGPT about. The subject can be uncomfortable, and so many people outright avoid it. The upside of talking to AI is that you're not communicating with a person, which could help you avoid feelings of judgment or fear. That said, at some point, you should expect to communicate with another person, whether it's a family member or an insurance agent.

If you're working your way up to a discussion, communicating with ChatGPT can be good practice. Consider the question, "How do I broach the topic of life insurance with my children?" ChatGPT can then help you come up with thoughtful questions to assess their readiness to discuss the topic and address any related concerns they might have. Moving on, consider financial prompts such as, "I am (state your age). How much life insurance should I buy? Let's say I purchase $300,000. How long will it take me to pay down the premium so the money is available?" ChatGPT can then recommend how much life insurance you should buy based on your income, age, and number of dependents.

When it comes to securing a loan, it's surprising how many people don't consider getting a co-signer. Sometimes, this one factor can make the difference between having your request for extra finances approved or denied. But it's a tricky situation as you're relying on someone else's credit and payment history. Although 1 in 6 Americans has reportedly co-signed for a loan in the past, you may find it hard to find help when a parent or sibling isn't readily available. You need to consider a less-than-conventional approach. Consider using ChatGPT to ask creative questions that could help you find a co-signer in a manner you wouldn't otherwise consider.

For example, lead with the prompt, "Let's say I need a co-signer for a loan. Who are some unconventional options for me if I don't have a parent, grandparent, or sibling whom I can ask?" Some answers to this question include reaching out to a roommate, a trusted mentor, or a community leader. You might be able to find a co-signer through your church or employer. You may also be able to expand or narrow down your network of potential co-signers by telling ChatGPT exactly what type of loan you need or what you anticipate using it for.

Even after taking these steps, you could find that a co-signer just isn't available. If that's the case, consider pivoting to asking ChatGPT for alternatives. When prompted, alternative ChatGPT offered was to work with community development financial institutions (CDFIs) to obtain a loan.

A 2022 survey by Harvey Poll found that 15% of its engaged or newlywed respondents signed a prenuptial agreement. A similar poll from 2010 found that just 3% of those surveyed signed a prenup. Though many still consider the topic to be taboo and anti-romantic, such an increase suggests that a growing number of Americans see these contracts as a practical means of financial protection, or at least a guideline to figure out what to do should one or both parties decide to end their marriage. 

If you wish to use ChatGPT to help develop a prenup, you'll want to strongly consider how much you intend to rely on this AI tool for legal advice and assistance. One reason legal experts caution against using ChatGPT is that you may end up with an unenforceable contract. Likewise, the prenuptial agreement could cause you to have to pay far more in a divorce settlement than expected or even necessary.

To avoid an unfortunate scenario, you should aim for efficiency and transparency. Use prompts that mention whether it's your first marriage or if you are previously divorced. You may want to know what stipulations you should add regarding infidelity, child custody, or how to split marital assets. Even if you are very confident in the quality of what ChatGPT helped you create, it is still a good idea to reach out to an attorney for feedback.

Perhaps you've never owned a credit card before and want to figure out which option is best for you. Or you have a basic idea of how credit cards work, but can't decide whether to pay your minimum balance each month or the total amount owed. ChatGPT can be a helpful resource for finance questions about credit cards. A prompt like, "Should I get a credit card?" doesn't give ChatGPT enough basic information to determine how best to help you. 

You should instead write, "I have no credit history, but want to work my way to a 750 credit score. What is the easiest credit card to qualify for, and how quickly can I raise my score?" This prompt alerts ChatGPT that you haven't yet established a credit history and also shares your future goal of building a good credit score. From there, you can find out what type of cards are realistically attainable and how long it will take for you to earn an excellent credit rating. 

When asking ChatGPT for actionable steps to improve your credit, if you're not sure about ChatGPT's suggestions, you could always connect with a financial advisor. If you need help addressing credit card debt instead, reach out to a reputable credit counseling service.

As of 2024, student loan debt in the United States exceeds $1.8 trillion. Even if your individual debts make up a comparatively minor part of that total, that doesn't mean you don't feel the weight of having to pay off so much money. If you aren't sure where to start, you could move forward by bouncing a few questions off ChatGPT. Beginning with a straightforward question like, "How long will it take me to pay off $50,000 in student loans?" might seem helpful at first glance. In actuality, such a prompt doesn't acknowledge that you have other financial obligations to consider, such as mortgage or rent payments, utilities, or groceries.

By creating a prompt that shares how much you owe, what you pay toward your student loans, other financial responsibilities, and your annual salary, ChatGPT can then provide solutions based on a more complete picture of your finances. This includes breaking down your yearly income month by month, identifying your expenses, and acknowledging any savings goals. From there, you can determine how long it will take to pay down your student loan based on abiding by your agreement or how much sooner you could eliminate the debt by increasing the monthly payment. 

For follow-up questions, include your interest rate, as this will help ChatGPT provide a more accurate payment timeline. You should also ask about how to refinance a loan or if there are specific payment plans to consider that will make staying on top of your loan much easier.