The FTC's 'Click to Cancel' Rule Delay Could Make It Harder to Ditch Unwanted Subscriptions
The Federal Trade Commission extended the deadline for its "click to cancel" rule a second time to give servicers more time to come into compliance.
If you've ever had trouble trying to cancel a subscription, the FTC's Negative Option Rule is intended to make it just as easy to cancel a subscription as it is to sign up for one. The rule went into effect in January, but the FTC pushed back enforcement on some provisions until May 14. Now the FTC is giving businesses until July 14, saying in a statement that the extension was necessary because the "original deferral period insufficiently accounted for the complexity of compliance."
Here's how this delay could impact you and how to cancel subscriptions you no longer use in the meantime.
What the 'click to cancel' rule means for you
With the new rule, sellers must be more transparent and can't misrepresent material or mislead customers when marketing a service.
Previously, servicers could make it tricky to end a subscription by hiding the cancel button, including misleading language and forcing you to click through additional offers instead of making it a straightforward process to cancel.
Now, the rule requires businesses to conspicuously and clearly disclose terms and get your informed consent before charging for a subscription or membership. There must also be a simple mechanism to cancel the negative option feature and immediately halt charges.
Retailers that violate the rule will penalized with civil penalties and redress, according to the FTC. However, the FTC closed its statement with the caveat, "Of course, if that enforcement experience exposes problems with the rule, the Commission is open to amending the rule to address any such problems."
How to cancel subscriptions while this rule is delayed
Some companies have already put the click to cancel rule in effect. However, if you don't have to wait to see if this rule is implemented for one of your servicers to get rid of unwanted subscriptions. CNET Money editor, Kelly Ernst, used budgeting app Rocket Money to help her get rid of monthly services she know longer wanted, saving her $400 in 15 minutes.
You don't have to use a budgeting app to eliminate pesky subscription bills. Check your bank account and credit card statements from the past month and look for any recurring charges from services you no longer use. Then log into your service account and cancel or pause the service. If you're struggling to find an option to cancel, call the service's customer service phone number to end your account.
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Yahoo
an hour ago
- Yahoo
The most volatile major currencies in 2025
2025 has proven to be an unusually volatile year for foreign exchange movements. The Trump administration and ongoing conflicts have led to frequent exchanges between world leaders and policymakers, while record-high tariffs are affecting global trade more significantly than we have seen since the 2000s. Since 2020, the world has seen many disturbances compared to a much more geopolitically stable first part of the millennium. Between COVID-19, new conflicts around the globe, unprecedented central bank policies, and trade wars, there is a lot to digest for economists and individuals. However, for traders, with volatility comes opportunity. OANDA dives into major currencies that have seen the most volatility since the beginning of 2025. The euro once again attracted significant attention from the markets. After the Trump administration decided to impose a policy of U.S. exceptionalism on the rest of the world, European politicians showed a strong response. Particularly after a heated exchange between President Donald Trump and Ukrainian President Volodymyr Zelenskyy, European representatives issued strong statements. French President Emmanuel Macron, EU President of the Commission Ursula von der Leyen, and other European leaders successively spoke up and showed cohesiveness to tackle a more distant American partner. This led to a significant reversal of a six-month downtrend in the euro versus other currencies. Germany, Europe's largest economy, also announced a significant spending bill in March 2025, pledging $565 billion to an unforeseen infrastructure plan. Markets are seeing signs of Europe's strength with such policies, which underpin euro strength in the first part of this year. The euro has been on an impulsive move up since the beginning of Q2 2025 and formed an ascending daily channel after its March-end consolidation. The April 2, 2025 Liberation Day, when Trump announced his tariffs, led to weakness in the U.S. dollar and underpinned the euro in April to break through prior resistance at 1.0930, which then turned into support. Prices for the EUR/USD pair soared to levels unseen since November 2021. A tweezer top bearish candlestick pattern toward April 21 led the euro to correct back toward the low of the channel and eventually broke its support at the bottom line of the main ascending channel. The medium term outlook still looks bullish as long as prices are maintained above the pivot zone—situated between 1.1070 and 1.1130—that served to slow down the April breakout move. For bullish continuation, look for a break above the 1.14 psychological level and a re-entry into the ascending channel. For a further bearish reversal, look for a close below the pivot zone around 1.1050. The yen has had quite a volatile performance in the past few years. The Bank of Japan has been stuck in a dovish stance, particularly in the past 13 years, notably with its infamous Yield Curve Control policy. Installed in 2012, this policy aimed to maintain low interest rates on their yield curve, which is made to stimulate a sluggish economy that hasn't seen much improvement since their dominant 90s decade—particularly when it pertains to a quasi non-existent inflation, much needed for GDP growth. This policy has led to a substantial depreciation of the yen relative to other currencies. Effectively, since the beginning of global hike cycles led by central banks, the USD/JPY has gone from 102.53 in January 2021 all the way to highs of 161.95 attained in July 2024. Since then, a more dovish stance by central banks supplemented by a weaker U.S. dollar bolstered the yen, which is now trading around the 145 handle. Since the start of 2025, with frantic American policies, the yen has appreciated by 7.7%, though it remains volatile. The yen has found buying momentum after tumultuous price action. USD/JPY has been in a downtrend since the beginning of 2025 with consistent lower highs. Prices eventually corrected in March, when the downside pressure materialized on the U.S. dollar against the JPY. These lows serve to form a daily descending channel. April and Liberation Day also served as a support for the yen, as prices extended their moves lower to an extreme of 139.86 attained on April 21, 2025—levels unseen since September 2024. From these prices, the yen found sellers again (buying USD/JPY) with a swift reversal all the way to the pivot zone that served as a magnet for prices. The zone is established between 147.10 and 148.50. A move below that would imply a bearish continuation, which can be confirmed if prices enter back into the descending channel below the major support at 146.50. On the other end, to pursue the reversal move, bulls would be looking to break and close above 148.50, looking to extend toward the major resistance at 151.20. The greenback has had a powerful performance at the beginning of this decade. Between ever-so-strong U.S. companies powered by record highs in most major U.S. indices, the advent of artificial intelligence technology, and an economy that has sustained one of the fastest hiking cycles in its history, the U.S. has asserted its economic dominance. From September 2024 to Trump's ascension to the White House, the dollar has shown a stellar increase of close to 10% against its major counterparts. Though, as mentioned earlier, the Trump administration has scared global markets, and fears of the United States backing off from the international scene have made the dollar give back its year-end run. After the May 7, 2025 meeting, a more hawkish than expected Federal Reserve has stopped the bleeding from the U.S. dollar, which gave it some strength. The markets now await further news concerning tariffs and a potential continuation of the cutting cycle in upcoming FED meetings. Looking back at July 2024 serves a decent purpose for the dollar index. Effectively, the USD was in bearish momentum from July 2024 to October 2024, as markets started to price in the Trump victory in the U.S. elections, which led to a swift reversal. The rally began with very few corrections and lasted until its inauguration speech in January 2025, with highs at 110.14. The end of the impulsive bullish move formed the head of an infamous head and shoulders pattern. The right shoulder was formed in March 2025, as markets feared that unprecedented tariffs would isolate the greenback—this price action sent bearish fears and led to a breakdown below a precedent pivot level at 103.250. A further breakdown led to a swifter slump, which stopped at a measured move from the neckline, on Liberation Day at 101.27. There was a continuation of this move as the index found a bottom at 97.94 on April 21, 2025. Since then, prices have reverted toward the last pivot at 101.750. The trend is now unclear as prices are close to precedent confluence zones. A further continuation of this bullish reversal in the DXY points at the next resistance of 103.25. For a resumption of the downtrend, bears would look to break below the psychological level of 100.00 and the ascending trendline formed in the reversal. The British pound has a case of its own. After a strong hiking cycle, similar to other central banks in the U.S. and the EU, economic activity has remained fairly strong. The Bank of England has been reluctant to cut interest rates due to a mix of factors, including persistent inflation (particularly in the services sector). This gave the pound a fundamental advantage relative to the euro, for example, where stronger interest rates allow for a better yield and support currency strength. Furthermore, the U.K. Prime Minister Keir Starmer has maintained particularly strong relations with Trump, which has allowed to limit overall tariff uncertainty and led to the conclusion of a U.S.-U.K. Trade Deal. The pound has been holding firm against the greenback and its other major counterparts. Particularly since 2025, cable has been in a rally from 1.2098 all the way to 1.3440, highs attained in the last days of April, where a tentative breakout was found with a slight reversal. Since the end of April, prices have been consolidating toward the highs of the daily ascending daily channel and remain not more than 2000 pips from the highs, a minimal correction relative to moves in other currencies. A small daily head and shoulders pattern can be identified, though it would need a break below the psychological level of 1.32. Bears can then look toward the 1.30 level and its confluence with the bottom of the ascending channel. On the other hand, bulls would be looking for a push toward the highs of the channel which also coincide with the April 2025 highs—further confirmation as long as prices do not fall below the pivot level of 1.32. The Loonie has had a rough year-over-year performance. From March 2022 to July 2023, the Bank of Canada engaged in a hiking cycle that was even faster than the one made by its historic trade partner and neighbor due to exceptionally strong inflation. In 2024, the more cyclical Canadian economy was affected by higher rates, lower energy prices, and political turmoil, sending the Canadian economy into a slump that has accelerated its cutting cycle—resulting in signs of a significantly weaker Canadian dollar. USD/CAD went from 1.31 in January 2024 to a spike of 1.47 in February 2025. On a year-to-date perspective, though, the CAD has recovered from its weakness in February when fears of record U.S. tariffs were announced. Factually, U.S. and Canada trade tensions increased notably, with the U.S. president calling its northern neighbor 'the 51st State' and menaces of +100% rises in energy tariffs were announced by Canadian counterparts. Recently elected Prime Minister Mark Carney has engaged in discussions relating to tariffs, immigration, and other key subjects with the United States, which remains Canada's most strategic partner. This has reduced uncertainty and volatility in the pair. Furthermore, the new Canadian prime minister was once head of both the Bank of England and the Bank of Canada, which may have contributed to some strength in the CAD. USD/CAD has been volatile in the past year, to say the least. Similar to the move seen in the DXY, the pair has seen a relentless rally with few corrections. The rally found its base after a double bottom in October 2024. Prices moved from 1.3445 to 1.4650, where they consolidated in a 2000 pip range between December 2024 and February 2025. As explained earlier, fears of record-high tariffs led to a massive gap in the loonie on Feb. 3, 2025, where it found some relief. Prices moved toward 1.41650 and formed a more volatile range, as prices eventually broke support after Liberation Day. Since the beginning of April, the Canadian dollar found buyers (sellers of USD/CAD), though prices consolidated toward the most recent pivot of 1.37800 and saw a 2000 pip reversal. Canadian dollar aficionados would now be looking for a fall to the lows established by the pivot, with continuation on a breakout on the downside. However, a break above the key 1.4000 medium-term psychological level may see the resurgence of USD/CAD bulls for the next resistance to come in at 1.4155. 2025 has been a rollercoaster year for financial markets. Trump and his infamous tariff policies concern economic players, as reviewing supply chains creates swift changes in monetary flows. Q1 of 2025 was a test of strength for currencies that were mostly weaker against the U.S. dollar in previous years. The theme of U.S. economic activity being stronger than the rest of the world is one of the past. Markets are now looking forward to who might be the winners of these trade wars. This article is for general information purposes only, not to be considered a recommendation or financial advice. Past performance is not indicative of future results. Opinions are the author's; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. This story was produced by OANDA and reviewed and distributed by Stacker. Sign in to access your portfolio
Miami Herald
an hour ago
- Miami Herald
The most volatile major currencies in 2025
The most volatile major currencies in 2025 2025 has proven to be an unusually volatile year for foreign exchange movements. The Trump administration and ongoing conflicts have led to frequent exchanges between world leaders and policymakers, while record-high tariffs are affecting global trade more significantly than we have seen since the 2000s. Since 2020, the world has seen many disturbances compared to a much more geopolitically stable first part of the millennium. Between COVID-19, new conflicts around the globe, unprecedented central bank policies, and trade wars, there is a lot to digest for economists and individuals. However, for traders, with volatility comes opportunity. OANDA dives into major currencies that have seen the most volatility since the beginning of 2025. Major currency performance since 2025 Euro - the biggest major performer The euro once again attracted significant attention from the markets. After the Trump administration decided to impose a policy of U.S. exceptionalism on the rest of the world, European politicians showed a strong response. Particularly after a heated exchange between President Donald Trump and Ukrainian President Volodymyr Zelenskyy, European representatives issued strong statements. French President Emmanuel Macron, EU President of the Commission Ursula von der Leyen, and other European leaders successively spoke up and showed cohesiveness to tackle a more distant American partner. This led to a significant reversal of a six-month downtrend in the euro versus other currencies. Germany, Europe's largest economy, also announced a significant spending bill in March 2025, pledging $565 billion to an unforeseen infrastructure plan. Markets are seeing signs of Europe's strength with such policies, which underpin euro strength in the first part of this year. EUR/USD: Technical analysis The euro has been on an impulsive move up since the beginning of Q2 2025 and formed an ascending daily channel after its March-end consolidation. The April 2, 2025 Liberation Day, when Trump announced his tariffs, led to weakness in the U.S. dollar and underpinned the euro in April to break through prior resistance at 1.0930, which then turned into support. Prices for the EUR/USD pair soared to levels unseen since November 2021. A tweezer top bearish candlestick pattern toward April 21 led the euro to correct back toward the low of the channel and eventually broke its support at the bottom line of the main ascending channel. The medium term outlook still looks bullish as long as prices are maintained above the pivot zone-situated between 1.1070 and 1.1130-that served to slow down the April breakout move. For bullish continuation, look for a break above the 1.14 psychological level and a re-entry into the ascending channel. For a further bearish reversal, look for a close below the pivot zone around 1.1050. Yen-finally showing signs of strength The yen has had quite a volatile performance in the past few years. The Bank of Japan has been stuck in a dovish stance, particularly in the past 13 years, notably with its infamous Yield Curve Control policy. Installed in 2012, this policy aimed to maintain low interest rates on their yield curve, which is made to stimulate a sluggish economy that hasn't seen much improvement since their dominant 90s decade-particularly when it pertains to a quasi non-existent inflation, much needed for GDP growth. This policy has led to a substantial depreciation of the yen relative to other currencies. Effectively, since the beginning of global hike cycles led by central banks, the USD/JPY has gone from 102.53 in January 2021 all the way to highs of 161.95 attained in July 2024. Since then, a more dovish stance by central banks supplemented by a weaker U.S. dollar bolstered the yen, which is now trading around the 145 handle. Since the start of 2025, with frantic American policies, the yen has appreciated by 7.7%, though it remains volatile. USD/JPY: Technical analysis The yen has found buying momentum after tumultuous price action. USD/JPY has been in a downtrend since the beginning of 2025 with consistent lower highs. Prices eventually corrected in March, when the downside pressure materialized on the U.S. dollar against the JPY. These lows serve to form a daily descending channel. April and Liberation Day also served as a support for the yen, as prices extended their moves lower to an extreme of 139.86 attained on April 21, 2025-levels unseen since September 2024. From these prices, the yen found sellers again (buying USD/JPY) with a swift reversal all the way to the pivot zone that served as a magnet for prices. The zone is established between 147.10 and 148.50. A move below that would imply a bearish continuation, which can be confirmed if prices enter back into the descending channel below the major support at 146.50. On the other end, to pursue the reversal move, bulls would be looking to break and close above 148.50, looking to extend toward the major resistance at 151.20. US dollar-the elephant in the room The greenback has had a powerful performance at the beginning of this decade. Between ever-so-strong U.S. companies powered by record highs in most major U.S. indices, the advent of artificial intelligence technology, and an economy that has sustained one of the fastest hiking cycles in its history, the U.S. has asserted its economic dominance. From September 2024 to Trump's ascension to the White House, the dollar has shown a stellar increase of close to 10% against its major counterparts. Though, as mentioned earlier, the Trump administration has scared global markets, and fears of the United States backing off from the international scene have made the dollar give back its year-end run. After the May 7, 2025 meeting, a more hawkish than expected Federal Reserve has stopped the bleeding from the U.S. dollar, which gave it some strength. The markets now await further news concerning tariffs and a potential continuation of the cutting cycle in upcoming FED meetings. Dollar index: Technical analysis Looking back at July 2024 serves a decent purpose for the dollar index. Effectively, the USD was in bearish momentum from July 2024 to October 2024, as markets started to price in the Trump victory in the U.S. elections, which led to a swift reversal. The rally began with very few corrections and lasted until its inauguration speech in January 2025, with highs at 110.14. The end of the impulsive bullish move formed the head of an infamous head and shoulders pattern. The right shoulder was formed in March 2025, as markets feared that unprecedented tariffs would isolate the greenback-this price action sent bearish fears and led to a breakdown below a precedent pivot level at 103.250. A further breakdown led to a swifter slump, which stopped at a measured move from the neckline, on Liberation Day at 101.27. There was a continuation of this move as the index found a bottom at 97.94 on April 21, 2025. Since then, prices have reverted toward the last pivot at 101.750. The trend is now unclear as prices are close to precedent confluence zones. A further continuation of this bullish reversal in the DXY points at the next resistance of 103.25. For a resumption of the downtrend, bears would look to break below the psychological level of 100.00 and the ascending trendline formed in the reversal. Canadian dollar-the forgotten brother The Loonie has had a rough year-over-year performance. From March 2022 to July 2023, the Bank of Canada engaged in a hiking cycle that was even faster than the one made by its historic trade partner and neighbor due to exceptionally strong inflation. In 2024, the more cyclical Canadian economy was affected by higher rates, lower energy prices, and political turmoil, sending the Canadian economy into a slump that has accelerated its cutting cycle-resulting in signs of a significantly weaker Canadian dollar. USD/CAD went from 1.31 in January 2024 to a spike of 1.47 in February 2025. On a year-to-date perspective, though, the CAD has recovered from its weakness in February when fears of record U.S. tariffs were announced. Factually, U.S. and Canada trade tensions increased notably, with the U.S. president calling its northern neighbor "the 51st State" and menaces of +100% rises in energy tariffs were announced by Canadian counterparts. Recently elected Prime Minister Mark Carney has engaged in discussions relating to tariffs, immigration, and other key subjects with the United States, which remains Canada's most strategic partner. This has reduced uncertainty and volatility in the pair. Furthermore, the new Canadian prime minister was once head of both the Bank of England and the Bank of Canada, which may have contributed to some strength in the CAD. USD/CAD: Technical analysis USD/CAD has been volatile in the past year, to say the least. Similar to the move seen in the DXY, the pair has seen a relentless rally with few corrections. The rally found its base after a double bottom in October 2024. Prices moved from 1.3445 to 1.4650, where they consolidated in a 2000 pip range between December 2024 and February 2025. As explained earlier, fears of record-high tariffs led to a massive gap in the loonie on Feb. 3, 2025, where it found some relief. Prices moved toward 1.41650 and formed a more volatile range, as prices eventually broke support after Liberation Day. Since the beginning of April, the Canadian dollar found buyers (sellers of USD/CAD), though prices consolidated toward the most recent pivot of 1.37800 and saw a 2000 pip reversal. Canadian dollar aficionados would now be looking for a fall to the lows established by the pivot, with continuation on a breakout on the downside. However, a break above the key 1.4000 medium-term psychological level may see the resurgence of USD/CAD bulls for the next resistance to come in at 1.4155. 2025 has been a rollercoaster year for financial markets. Trump and his infamous tariff policies concern economic players, as reviewing supply chains creates swift changes in monetary flows. Q1 of 2025 was a test of strength for currencies that were mostly weaker against the U.S. dollar in previous years. The theme of U.S. economic activity being stronger than the rest of the world is one of the past. Markets are now looking forward to who might be the winners of these trade wars. This article is for general information purposes only, not to be considered a recommendation or financial advice. Past performance is not indicative of future results. Opinions are the author's; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. This story was produced by OANDA and reviewed and distributed by Stacker. © Stacker Media, LLC.
CNET
4 hours ago
- CNET
ChatGPT Built a Budget for Me ASAP, but It Has Several Limitations
ChatGPT can help you set budget categories, spending limits and savings goals. But it still leaves much to be desired. Getty Images/Zooey Liao/CNET Artificial intelligence can help you manage your money in lots of different ways. It can show you how to cut grocery costs, save for a vacation and even negotiate your bills. But just because it can doesn't necessarily mean it succeeds. And with something as important as your finances, it's essential to know where it falls short. Last year, I asked ChatGPT to help me create a budget, a task that can be tedious and overwhelming. It was useful in some ways, but not so great in others. I tried the experiment again this year, and while I noticed minor improvements -- mainly that icons and improved formatting made the answers more visually appealing -- the overall result was still mixed. Here's how it went. Read more: How to Create and Master Your 2025 Budget Building a budget with ChatGPT These are the steps I took to test ChatGPT's budget-making abilities. 1. State your monthly income, expenses and savings goals To get started, you'll need to give ChatGPT your monthly financial numbers: take-home income, expenses and savings goals. I already have a budget I made using Rocket Money, so to see how ChatGPT builds a budget from scratch, I had it create one for a hypothetical person. My prompt: "My monthly income after taxes is $3,500. Each month, I spend $1,000 on rent, $15 on renters insurance, $100 on utilities, $300 on my car payment, $150 on car insurance, $100 on gas, $200 on my student loans, $40 on my phone bill, $300 on groceries, $100 on personal items and $100 on dining out. I'd also like to put some money toward savings." The result: Screenshot by Kelly Ernst/CNET ChatGPT ran the numbers and told me I'd have $1,095 left each month. I'd intentionally left my savings goals vague to see what ChatGPT would recommend. It suggested ways to allocate this amount toward savings, including building an emergency fund, contributing to retirement savings, paying down debt and making extra student loan payments. It also showed me how I could split my $1,095 between these savings buckets. 2. Clarify and adjust I'd also intentionally left some spending categories out of my initial prompt -- something someone creating a budget for the first time might easily do -- to see if ChatGPT would catch them. It didn't. So I asked it to help me. My prompt: "Have I missed any other common budget categories?" The result: Screenshot by Kelly Ernst/CNET ChatGPT generated a list of potential additions and asked if I wanted it to create a revised budget with placeholders for these categories. The revised budget, including estimates for savings goals and budget categories ChatGPT recommended adding, left me with $5 remaining. That's not a ton of wiggle room, but I could always ask the AI to tweak things to give me a bigger cushion. Pro tip To avoid forgetting expenses, review your bank and credit card statements from the past 12 months to spot your regular monthly, seasonal and annual expenses. 3. Import the data into a spreadsheet There are several ways to track your spending and monitor how well you're sticking to your budget, including budgeting apps and the old paper-and-pencil method. One easy -- and free -- method is to create a spreadsheet, which ChatGPT can also help you with. My prompt: "Create a Google spreadsheet for my budget." The result: ChatGPT created some code I could copy and paste into Google Sheets. Screenshot by Kelly Ernst/CNET It also provided instructions on how to format it. Screenshot by Kelly Ernst/CNET I followed these instructions, but all the data showed up in column A of the spreadsheet, and I couldn't figure out what to do next. I had to ask ChatGPT how to fix this. Screenshot by Kelly Ernst/CNET It was more work than I was hoping to do, and I still had to make some formatting changes to the spreadsheet so it was easier to read. But in the end, I did have a working budget I could adjust as needed. Pros and cons of creating a budget with ChatGPT Using ChatGPT to create a budget was fairly simple. It required some fine-tuning on my part, but overall, the AI's recommendations made sense and were easy to understand. That said, it's not for everyone, and it has its pitfalls. Here's what you should keep in mind. Pros It's free. ChatGPT doesn't cost anything, and neither does Google Sheets if you choose to move your budget numbers there. ChatGPT doesn't cost anything, and neither does Google Sheets if you choose to move your budget numbers there. You can keep it simple. ChatGPT's initial budget suggestions are basic, which can make budgeting more approachable if you're a beginner. You're free to dive deeper into any answer, but you can also use it to create a basic budget to get started. ChatGPT's initial budget suggestions are basic, which can make budgeting more approachable if you're a beginner. You're free to dive deeper into any answer, but you can also use it to create a basic budget to get started. It can help you customize your budget. ChatGPT can suggest everything from how to save on utilities to how much to put toward retirement at various ages. But you need to ask it to do so. It probably won't offer these tips unprompted. Cons Its answers are only as good as your prompts. If you don't word your prompts correctly or you provide incomplete or inaccurate information, ChatGPT's answers won't be as helpful as they could be. For instance, when I omitted some common budget categories, it identified them only when I asked it to. It didn't automatically alert me that I may have left something out. Many budgeting apps offer preset categories you can use as guidance. If you don't word your prompts correctly or you provide incomplete or inaccurate information, ChatGPT's answers won't be as helpful as they could be. For instance, when I omitted some common budget categories, it identified them only when I asked it to. It didn't automatically alert me that I may have left something out. Many budgeting apps offer preset categories you can use as guidance. It's more work on your part. Budgeting apps can import your bank account transactions, sort them into common categories and suggest monthly spending limits based on your past spending. With ChatGPT, you must enter your numbers yourself. And if you move your budget to a spreadsheet, you'll need to manually track each transaction and sort it into the right category, which can be tedious. Budgeting apps can import your bank account transactions, sort them into common categories and suggest monthly spending limits based on your past spending. With ChatGPT, you must enter your numbers yourself. And if you move your budget to a spreadsheet, you'll need to manually track each transaction and sort it into the right category, which can be tedious. It's not suitable for ongoing budget maintenance. ChatGPT can generate your budget, but it won't track your transactions. And if you want to adjust your budget categories, you'll need to do it manually on your spreadsheet or ask the bot to generate a new budget. (Thankfully, ChatGPT saves your previous chats if you're logged in, so you can ask it to tweak the information in your initial chat rather than having to enter everything all over again.) If you want ongoing help managing and maintaining your budget, you're better off with a budgeting app. ChatGPT can generate your budget, but it won't track your transactions. And if you want to adjust your budget categories, you'll need to do it manually on your spreadsheet or ask the bot to generate a new budget. (Thankfully, ChatGPT saves your previous chats if you're logged in, so you can ask it to tweak the information in your initial chat rather than having to enter everything all over again.) If you want ongoing help managing and maintaining your budget, you're better off with a budgeting app. Its answers may vary. I created a couple of budgets in ChatGPT to see how consistent its suggestions were, and its answers differed from chat to chat. If the initial answer ChatGPT gives you is confusing, seems incomplete or doesn't feel right to you, ask it to restate it. I created a couple of budgets in ChatGPT to see how consistent its suggestions were, and its answers differed from chat to chat. If the initial answer ChatGPT gives you is confusing, seems incomplete or doesn't feel right to you, ask it to restate it. Your information is not confidential. Anything you tell ChatGPT could be used to train the AI model, which means it could become publicly available. In addition, ChatGPT is susceptible to hackers and information leaks and doesn't have the security measures you'll find with reputable budgeting apps. You can disable chat history to prevent your info from being used to train the bot, but OpenAI still saves it for up to 30 days. Pro tip Don't give ChatGPT any sensitive financial details, such as your Social Security number or bank account number. If you wouldn't want to see certain personal information published online, don't enter it into your prompts. Tips for using ChatGPT to build a budget AI is powerful, but you need to know how to use it for the best results. Here are some best practices for creating a budget with ChatGPT. Double-check everything. Make sure your prompts have the correct information and that ChatGPT's answers make sense. Do the numbers add up? Do the recommendations seem reasonable? A quick Google search of your question can help you compare ChatGPT's advice against reputable sources. Make sure your prompts have the correct information and that ChatGPT's answers make sense. Do the numbers add up? Do the recommendations seem reasonable? A quick Google search of your question can help you compare ChatGPT's advice against reputable sources. Be specific. The more information the chatbot has, the more fitting its answers will be for your financial situation. Including details like your age, where you live and the hobbies you prioritize spending on can help it customize its recommendations. The more information the chatbot has, the more fitting its answers will be for your financial situation. Including details like your age, where you live and the hobbies you prioritize spending on can help it customize its recommendations. Clarify. Don't hesitate to ask ChatGPT to clarify or reword its answers. It doesn't always state information in a way that's easy to understand. Don't hesitate to ask ChatGPT to clarify or reword its answers. It doesn't always state information in a way that's easy to understand. Drill down. ChatGPT can not only help you create a budget; it can also help you stick to it. For instance, you can ask it how to reduce your phone bill, boost your income or free up more money for savings. ChatGPT can not only help you create a budget; it can also help you stick to it. For instance, you can ask it how to reduce your phone bill, boost your income or free up more money for savings. Adjust. Revisit your budget regularly to make sure it's still serving you well. If anything changes -- for example, you get a side hustle that brings in more income -- update your budget to reflect that. Verdict: Should you use ChatGPT to build a budget? While ChatGPT can help you create a budget, it has plenty of limitations, and there are easier and more effective ways to do it. If you're new to budgeting, simply Googling "basic budget" will give you lots of template ideas and tips. If you'd like more guidance, budgeting apps are designed to do a lot of the work for you and help you stick to your budget on an ongoing basis. That said, ChatGPT can help you with some of the basics you need as you tweak your budget, such as suggesting ways to trim common expenses and how much you should save each month for a particular savings goal. However, you should double-check any advice it gives you on more complex financial topics, such as how much you should put toward retirement for your personal situation. Rocket Money See at Rocket Money Perfect your 2024 budget with CNET's Editors' Choice budgeting app pick
