As the years go by, so too does the progress and advancement of technology. Over the past few decades, the sheer number of new devices and tech we’ve developed as a civilization is phenomenal, and many of these items can significantly improve our quality of life, from our health to our bank accounts. In fact, there are many ways in which technology can be utilized to save us money. To help you to adopt some of these methods, we’ve listed some of our best examples below.
A big drain on our funds is often subscriptions to things we either don’t use or need. Often, this is things like gym memberships. Many people sign up for a gym and then rarely get much use out of their membership compared to what they pay for it. However, while the machines at the gym can be very useful, there are plenty of at-home workouts you can do to achieve your fitness goals. For example, you could invest in your own home workout tech, such as exercise machines. Combine this with a smartwatch, and you’ll find that you have everything you need to have an effective workout without the need to visit your local gym.
Knowing how much you’re paying for your essential utilities is an important step in being able to reduce those outgoings effectively. Most of us have experienced the sting of high energy and water bills, and finding ways to reduce these costs is ideal. The way to do this is by having smart meters installed in your home. These will identify everything that uses your electricity and show you which things are the most expensive to run. The information that this provides you with will then allow you to reduce your usage of those things and therefore reduce your outgoings significantly.
A more direct way of saving your money is by actually investing it. We cannot recommend enough to actually do something specific with your savings rather than leave it all in standard savings account with your bank. These saving accounts almost never provide you with enough interest payments to cover inflation, let alone make you any form of profit. Instead, you can invest your money in various things, creating a diverse investment portfolio to manage. You could buy Ethereum with PayPal in exchange platforms, put money into an ISA, and even purchase government bonds, all of which vary in risk accordingly. Remember that your capital is at risk whenever you’re investing, and you should use your own judgment when making these financial moves.
Make Coffee At Home
Common expenses throughout the day may seem small, but they can add up significantly when these become regular payments. Buying a coffee every day on your way to work may seem fairly affordable, but if you do this five times a week at around $3.60 for a regular latte, you’re spending roughly $90 each month. While a coffee machine at home isn’t exactly free, it can cut your costs significantly to take your own cup of coffee to work in a travel cup instead. There are some great coffee machines available on the market today too, and making your own exactly the way you like it is easier than ever.
A huge drain on your finances may actually come from your household appliances which you run regularly. If these appliances are older models, there’s a chance that they aren’t as energy efficient as newer ones. This means that it’s going to be using too much power compared to what is required. A newer model will be able to use the power it takes to do the same job as your older appliances, if not a better one. You should strongly consider upgrading your appliances when you get the chance, as it can significantly save you some money. Identify which ones have the lowest energy ratings and start with the first to have the most significant impact. Of course, it’s important to weigh up the long-term cost versus the cost of buying a potentially expensive new appliance, so check those smart meters to figure out how much your appliances are adding to your monthly bills.
Use Finance And Budgeting Apps
One of the best and simplest ways that you can save your money is to simply reduce your spending. This might, of course, seem like it’s easier said than done, but you’d be surprised at how much you can resist excessive spending once you put together a budget for yourself. There are plenty of apps out there that can help you with this, and separating your finances into different pots for things like bill payments, rent, and groceries first to ensure that essential things are covered is the best start here. Then having a few pots for things such as an emergency fund and money set aside for luxuries and discretionary purchases is also very important. An emergency fund can help you to deal with unfortunate situations that cannot be predicted, such as your car breaking down or even losing your job.