[Annual income]: $75,000
[Emergency fund savings]: $5,000
[Retirement savings]: $12,000
[Monthly rent]: $1,200
[Dining out]: $200
[Goal 1]: Buy a house in 2 years
[Goal 2]: Increase retirement fund by $5k annually
This allows the user to tailor the prompt by inputting their specific income, expenses, savings, and financial goals. The personalized inputs will result in a detailed financial analysis and savings optimization plan from ChatGPT.
Financial Audit and Recommendations
Based on your $75,000 annual income, current expenses, and savings of $5,000 in emergency and $12,000 in retirement, here are my recommendations:
- Dining out costs of $200/month are higher than average. Decreasing dining out to $100/month would save $1,200 annually.
- Shopping expenses of $150/month could be reduced by setting a strict budget of $100/month, saving $600 annually.
- By decreasing dining and shopping costs, you can increase retirement savings by $1,800 annually to meet your goal of contributing an additional $5k.
- Your emergency fund should be increased to $10,000 to cover 6 months of expenses. I advise transferring $2,000 from checking this year to achieve this target.
- Forecasted savings from changes allow you to increase your monthly house savings fund from $500 to $800 monthly. This will help you meet your 2 year timeline for a down payment.
This demonstrates how the prompt's personalized analysis and recommendations aim to optimize the user's budget and spending to achieve their savings goals efficiently.