The recent explosion in AI apps and technology has presented exciting opportunities for those of us looking to get our finances in order. Their ability to read, organize, and analyze documents in multiple languages and currencies can significantly simplify our financial lives here in Israel.

Most of the actions presented in this article were tested using the paid version of ChatGPT ($20/month). The free version is also useful, but it’s less powerful and has significant limits on the number of documents you can upload per day. Grok is currently offering many of these features for free (with no file upload limits)—though that probably won’t last forever. Many employers now offer access to a paid AI application to their employees. For others, paying for a monthly plan—especially when working on specific projects—may be worth it.

If you are in the process of or have recently made Aliyah, be sure to check out our guide “An easier Aliyah with AI“. We hope to publish many more guides on this topic in the future and update them regularly!

AI basics

For those new to using these tools, here are some key tips for success:

• Task – Focus on a specific task rather than tackling a whole project at once. Ask the AI to do one thing at a time, and build on the progress you make from each task to the next.
• Context is king – The more information the AI has about the task you’re asking it to do, the more specific and accurate the results will be.
• Format – Tell it how you want to see the results—whether in a chart, Excel file, PowerPoint, etc. Include other relevant formatting details, like which currency, language, or style you prefer.
• Iterate – Before moving on to the next task, ask the AI to make small tweaks to the current one until you’re fully satisfied with the results. Don’t hesitate to make as many adjustments as necessary.

AI is a great tool for organizing, categorizing, and translating, but it can’t (yet?) be relied upon for sound financial advice. Don’t make investment, tax, or legal decisions based on AI output alone—it’s often completely wrong. Be especially wary of services or products touting “AI investment strategies”—many are scams.

And no—you don’t need to say please or thank you to the AI chatbot, but it’s a good habit, so why not?

How to start

First, you need to gather your documents—specifically, all your credit card and bank statements from recent months. Most banks and credit card companies offer a way to export transaction data, either as a PDF or Excel file—both formats work fine. Three to four months of statements is usually enough for this purpose, but you can go broader if you think a longer timeframe is needed for greater accuracy.

If you’re using ChatGPT (paid version), start a new project and upload all the files to “Project files.” Next, tell the AI about yourself, your family, your financial situation, and what you’re hoping to achieve. (If you’re using GPT Projects, include this in the “instructions” section.) Here’s an example of what such a prompt might look like:

I am 25 years old, married with one kid, and living in Givat Shmuel. The goal of this project is to help me better understand my spending, income, and overall financial picture. Please show all results in NIS. Keep answers short and focused.

Breaking down your spending

The first step is to get a solid understanding of your spending habits—where is all your money going? To do this, you’ll need the AI to analyze and categorize your spending based on the statements you provided. The key is to work through each group of statements separately and ensure the AI understands them properly. A prompt might sound something like this:

Let’s start by taking a look at my Israeli Max card #345. This is where I do the bulk of my spending each month. Look at these statements from the last 3 months. Help me identify any spending items you don’t understand or might have trouble categorizing.

For any transactions the AI is unclear about—or asks you to confirm—provide more context for each item it flags. Also, make sure it doesn’t mistake a transfer between your own accounts for actual spending.

You can repeat this process for all your cards and accounts (including those of your spouse). This is especially useful if you have spending across multiple countries and currencies. For example:

Now I want to take a look at my USD spending on my American Capital One card #1234. I usually use this card for Amazon and other purchases abroad. Help me identify any spending items you don’t understand or might have trouble categorizing. When I include this data in my budget, I want the purchases reflected in NIS, based on the exchange rate on the day of the transaction.

If you have other types of spending, such as direct bank transfers, follow the same process with your bank statements. Once this step is complete, the AI should have a solid understanding of your spending habits and be ready for deeper analysis. You can start by asking it to perform some basic computations.

Categorizing your spending

Most people don’t know exactly how much they’re spending in each category. By sorting your expenses, you can get a much clearer picture of where your money is actually going each month. You can now ask the AI to break down your monthly spending into general categories and visualize what percentage of your spending goes to each one.

Another approach is to use our free Spending Mirror Sheet to chart your expenses. You can export the data to Excel and then upload it to your chat with the AI. A sample prompt might look like this:

Here is the Spending Mirror Sheet that I will be using to organize my spending plan. For now, focus on the expenses section of the sheet. Help me break down my current spending habits into the categories listed on the sheet. Note that some expenses should be listed as “₪ Per Month” while others should be listed as “₪ Per Year.” Give me the results in the same order and format as the sheet so I can easily copy and paste them in.

You can try asking the AI to fill out the sheet directly for you, but keep in mind that you may lose some of the design and formatting along the way. Sometimes, copying and pasting is simply the most efficient option. If you don’t have it already, enter your email address below and we’ll send you our Spending Plan Worksheet.

Send me the Worksheet

Analyzing your income & savings rates

Now it’s time to focus on how much you’re bringing in each month. If you’re using GPT Projects, start a new chat where you can reference the bank statements you’ve uploaded to the project files. If you receive significant monthly income outside of your bank accounts—such as cash payments, investment income, etc.—be sure to share the relevant details or statements with GPT.

Breaking down your income

Start by giving the AI some context about what you (and/or your spouse) do for a living. Then ask it to calculate your monthly and annual income. You can also request a chart summarizing all your income sources so you can “eyeball it” and make sure everything looks right.

Keep iterating until the AI has the full picture. In other words, make sure it isn’t mistakenly including internal transfers as income. If it is, ask it to exclude those and recalculate. You can also ask it to break down your income into the categories listed at the top of the Spending Plan Worksheet.

How much am I saving each month?

Now that you have a comprehensive breakdown of your income and spending, it’s time to ask the AI how you’re doing financially. A prompt might look like this:

Am I saving money, breaking even, or losing money each month (on average)? What is my current monthly savings rate?

Once you have the answer to this key question, you’ll know what to focus on next in your deeper analysis.

Deeper analysis

You’ve finished the hard part—gathering all the information and fine-tuning the analysis until you have an accurate financial picture in place. Now you can take things further and ask for real insights, suggestions, and feedback from your AI assistant.

Some of the ideas it suggests may not be useful, but others might offer genuinely practical insights you hadn’t considered.

Is my spending normal?

If you’re interested in cutting some expenses—or spending more in a different category—AI can help. Start with some simple prompts like:

• Does any of my spending seem unusual?
• Is there a category I might be spending too much in?
• Say I wanted to increase my savings rate—what categories might be easiest for me to cut back on?
• Here is an export of my estimated cost of living from The Oleh Budget Calculator. How does my actual budget compare to this benchmark?

Doing this exercise can also help you reflect on how you want to be using your money, and begin building a new spending plan that aligns with those goals.

How does my income compare?

You can also use AI to get meaningful feedback about your income. Some of the following prompt ideas might be helpful:

• Based on where I live, my experience (describe it if you haven’t already), and my current position—how does my salary compare?
• Based on my current income sources, do you have any ideas for how I can increase my income? List them in order from easiest to hardest.
• What other careers should I consider, based on my skill set, that have higher earning potential?
• Can you help me identify side gig ideas that fit my background and time availability?

Trend & Pattern Analysis

Another thing AI is really good at is identifying patterns and anomalies in your financial data. Here are some ideas you can test:

• Which of my expenses are on the rise?
• Are there months where I spend significantly more in certain categories?
• Are there any unusual or interesting trends you noticed when analyzing my financial data?
  • (Tip: You can also try using a very general prompt like this to explore further and see what the AI comes up with. Sometimes a broad question can uncover things you might not think to ask on your own.)

What if scenarios

One of the most powerful uses of AI in financial planning is testing what-if scenarios. AI can calculate in seconds how changes in your financial life might affect your situation. While it won’t account for every factor the way a professional financial planner might, it can give you a very useful baseline for comparison. Here are a few use cases to get you started:

• We’re looking to buy a home in Israel as soon as possible. We have ₪500,000 saved for a down payment. Based on our current savings rate, how long will it take us to save enough for a down payment (25–40%) on a ₪3.5 million home? What if we’re able to save ₪1,000 more per month?
• Our yishuv is charging us an entrance fee when we move in. The fee can either be ₪35,000 upfront, or ₪9,000 down plus ₪255/month for 10 years. Which is the better option, assuming we invest the difference? What if we can negotiate the monthly payment down to ₪250?
• My wife and I hope to go on an epic vacation 10 years from now. Every month I set aside ₪100 and invest it in a low-cost index fund that tracks the global markets. How much will we have in the account assuming typical market returns? What if I increase the monthly amount by ₪50 each year?

It’s powerpoint time

It’s extremely common in marriages for one spouse to be less “numerically inclined” than the other. Some people love a good spreadsheet, while others completely tune out when presented with one. The good news? AI can help you turn all the data you’ve just compiled into a visual presentation. (Thanks to Gidi Domnitz for the suggestion.) Here is an example:

My husband absolutely hates spreadsheets, while I can’t get enough of them. Can you help me build a visual presentation of the key data points using PowerPoint so we can go over everything together?
Let’s start by creating an outline of what should be included in the presentation. Some of the key points I think we should include are: how much we’re spending and earning, which categories we’re spending the most on, and where we might want to cut back in order to increase our savings rate. What else do you suggest? Please generate the outline.

Make adjustments to the outline as needed, then have the AI start building the visuals. Feel free to give it suggestions about design and color—it will provide download links along the way so you can see how things look. Iterate, rinse, and repeat!