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How AI Financial Planning Can Help You Shop Sustainably

Updated: Aug 31, 2023

Illustration of AI assisting someone with their financial wellness

Using artificial intelligence (AI) to improve your finances isn’t new. One of the most well-known ways finance and fintech companies use AI is through robo-advisors and investing. Apps like Acorn and Ellevest use AI software to make investing effortless.

But what does that look like with financial planning? After all, there’s more to fostering financial wellness than running the numbers.

You must also consider your lifestyle, ambitions, family, and values. Investing in a sustainable company is one thing, but vetting and buying from one is another.

Let’s start with the basics: How AI financial planning works.

What is AI financial planning, and does it work?

AI financial planning stems from a tech-driven approach to creating and monitoring a savings strategy. This can include short-term budgeting and long-term savings. At the same time, it’s important to remember that while AI can accelerate and fine-tune savings plans, you still need human guidance.

Let’s look at an example.

The general financial planning process has 5 steps:

  1. Analyzing your current financial state

  2. Setting goals

  3. Drafting a plan to meet those goals

  4. Act on the recommendations

  5. Monitor and adjust your spending and saving

AI can take your current information and give you general statistics. It can also recommend how much you can save based on your current and predicted spending. And this technology can track your progress.

In some cases (like with Wallet Max), AI can personalize discount programs to help you micro-save and follow your long-term savings strategy.

Can AI-powered planning help me shop sustainably?

Yes! Just like AI investment options, including sustainable stocks or index funds, there are ways to use technology to sift through businesses rapidly.

But before we get to how this works, we need to consider what sustainability means.

One of the best ways to track sustainability measures is through the United Nation’s (UN) Sustainable Development Goals (SDG). There are 17 main objectives, and each is clearly defined. They can also be measured.

Overview of UN Sustainable Development Goals

Let’s look at a few of these goals. Here are some SDG objectives that Wallet Max promotes (and offer ESG awards for at our Emerald Summit):

  • Zero Hunger: There are numerous ways to reduce food insecurity worldwide, including providing equal access to resources, developing innovative agricultural solutions, and improving global collaboration through trade and technology. At our 2023 Emerald Summit, we have an award for Best Food Security Innovation for companies taking action to end hunger.

  • Sustainable and Inclusive Economic Growth: Our remote team is diverse, inclusive, and committed to driving sustainable market growth. We accomplish this through job creation, innovation, financial literacy, and supporting growing businesses. We also have a Most Sustainable FinTech Startup award for a company that integrates sustainability and equality into the fabric of their organization.

  • Urgent Climate Action: It’s essential for all organizations, whether private or public, to take immediate action to reduce climate impact. This often translates into including climate action in your business strategies, planning, and product. Wallet Max also recognizes businesses that take a climate-conscious approach to their operations with an Inclusive Climate Action Business award.

  • Quality Education: Every person requires knowledge and training to thrive. One way we support this initiative is by providing free, high-quality financial literacy resources and tools for both individuals and businesses.

  • Gender Equality: This can take many forms, such as ending discrimination against women and girls and helping women gain access to economic or entrepreneurship resources. Wallet Max is to be an inclusive, women-led organization with the aim to improve economic education and access for all genders.

Not only do we act upon these principles, but we support individuals and businesses looking to make a planet-positive impact.

Shop sustainable businesses within your budget

Sustainable products are 27.6% more expensive than regular goods. In fact, depending on the industry, you can pay up to 85% more. And this makes it difficult to budget for those looking to make an impact with their dollar.

And there are several good reasons sustainable businesses tend to have higher prices. They likely:

  • Pay a living wage

  • Use quality materials

  • Don’t order in bulk to reduce waste

  • Engage in an ethical supply chain

However, there are ways to reduce costs if you know where to look.

Card rewards and discount programs offer a way for shoppers to buy from sustainable brands without burning through their budget. The problem is that it’s easy to misplace, forget about, or find these offers.

This is where technology comes into play.

AI-driven platforms, like Wallet Max, can gather offers from eco-friendly businesses and send you relevant discounts based on your preferences. Not only that, but you can track your spending, cross-redemptions, and gain additional insights.

When combined with free financial tools, education, and a supportive community—it becomes easier than ever to shop sustainably.

If I use AI, do I need an actual financial planner?

If AI technology can effortlessly match shoppers with discounts for sustainable, climate-conscious, and inclusive brands, why do you need a financial planner? After all, you have your own budget.

But at the end of the day, it’s impossible to take people out of the equation. No algorithm can replace real-life experience and financial expertise. A financial advisor or coach doesn’t only offer recommendations, but they also help individuals navigate challenges so they can accomplish their goals. These advisors give context to the numbers. Many times, they may be able to help you find additional savings.

At Wallet Max, for example, shoppers and businesses can leverage financial coaching and our Wallet Max Hub for additional support. These resources, when combined with free tools, empower individuals to take control of their finances without sacrificing their values.

So, while AI can accelerate the process and provide insight, the best platforms still have people at the helm.

Join a sustainable and inclusive community

During good and bad economic times, maintaining a sense of financial wellness while also making a positive impact can seem challenging. But you don’t necessarily have to choose between sustainability and financial stability.

You can join our free, inclusive, and planet-positive community to jumpstart your journey toward financial wellness.


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