Technology is a powerful thing, no matter what form it comes in. One of the best aspects of technology’s versatility is that it can help you save money in many different ways. From apps to internet speeds, you’ll find plenty of resources that bring you the best money savings. Here are 10 steps you can start on immediately:
1. Download Financing Apps
Since technology is an inherent part of our daily lives, especially apps, it’s only right to use those platforms to find ways to save money. Financing apps are invaluable for helping you keep track of how you’re spending your money.
Sometimes, it’s hard to stay on top of your money, but visualizing it on free apps gives you the full picture. You have plenty to choose from as well. If you want the full banking experience, you can get apps that correspond to your bank or credit cards. For instance, the Wells Fargo and American Express apps help you track everything.
Moreover, you can go for platforms like Mint that show you the categories where you spend the most money — groceries or entertainment, for example — as well as how much you spend per month and what your credit score is.
Once you understand the numbers, it’s easier to start saving. Let the apps organize your budget for you.
2. Cut Back on Subscriptions
Subscriptions pile up sneakily, and it’s easy to lose track of them. Netflix, Hulu, HBO, Disney+, Spotify, Apple Music — the streaming service wave has brought countless fees. On top of monthly bills and charges, these subscriptions can become wasteful.
It’s a good idea to take a step back and find out which ones you use the most and which ones you no longer need. However, if you can’t part ways with any of them, don’t worry. Use these services to find better plans.
Spotify, for instance, has lower payment plans you can opt for instead of premium subscriptions. Know how to work with the tech to get the best savings.
3. Forget the Gym Membership
Cutting off memberships is the next step after changing your subscription plan. One membership, in particular, is easy to nix and replace for free — the gym. While gyms do come with equipment and machinery that help you stay active, they can also bring a hefty price.
Instead, turn to apps and the internet. You’ll find countless free videos on YouTube that walk you through every type of workout you can imagine. The same goes for apps — find the free ones and get started. You can exercise in your home at no cost.
4. Use Insurance Calculators
Insurance is a big one. From life insurance to health insurance, these costs add up quickly. Many plans are expensive, becoming harder and harder to afford. However, one way you can get on top of these costs is through free online calculators.
If you’d like to figure out how much you should be paying for life insurance, use tools like the one from Fidelity Life. You can input your situation and then compare the estimate of what you should be paying versus what you do pay.
If you could be paying less, it’s time to switch to a new plan to save money. This step is easy and comes without a cost.
5. Try Smart Gadgets
Smart gadgets are the best thing a home can have. From home assistants to smart thermostats, you can revolutionize your house in no time. While these gadgets will make your life easier, they also have the power to save money in big ways.
For instance, a smart thermostat uses geofencing technology after it connects to your smartphone. It works with your location to turn the HVAC system on and off when you’re away. This will save a significant amount of money.
Other gadgets like smart leak detectors and smart plugs will save water, energy and money as well.
6. Install Smart Lighting
Smart lighting is in a league of its own. You can find lights in all sizes — from small, decorative track lighting to regular bulbs — that you can control right from your smartphone. Change the brightness and colors and schedule them to shut off automatically to save energy.
Smart lighting often uses LED bulbs instead of incandescents. With LEDs, you’ll get 75% more energy conservation and roughly 25 times more use than you would with incandescent lightbulbs.
Alongside decorating your home, using smart lighting is another big way you can save. Your monthly electricity bill will drop by a big chunk after making the switch.
7. Use Remote File Storage and Sharing
Using technology these days is all about remote storage and sharing. People like to transfer documents and photos across their devices wirelessly. Using the cloud is one way to do so, but when it comes to storage, you may need to expand. External hard drives cost a lot, which makes them impractical.
However, you can use online cloud storage and sharing services like Google Drive or Dropbox. You’ll get a certain amount of storage free. If you break your documents and photos up onto different platforms, you can optimize the amount of free space you have.
8. Buy a Coffee Maker
Coffee makers are another subtle place where you can save a lot of money in the long run. If you go out and buy your daily coffees, those charges will add up. Instead, you can find plenty of high-tech coffee makers on the market that will bring you the best homemade coffee you can imagine.
From cappuccinos to iced lattes, you can get the ingredients and then make your own coffee or use online recipes that replicate your favorites from Starbucks or Dunkin’ Donuts.
9. Reduce Your Internet Speeds
Your internet speeds could be an unnecessary cost you can cut back on. However, it depends on your needs. To avoid data charges on your smartphone, you may want to improve your home’s bandwidth.
Conversely, if you find you don’t need the speeds you currently have, it could be time to downsize. If you live alone and only have a few devices, you won’t need the most expensive, high-tech router. If you live with several people, it may be time to upgrade. Going off the Wi-Fi means charging more on your data plan once you exceed it.
Weigh your circumstances and then decide how to proceed.
10. Get Thrifty
Even when you’re shopping, you can be saving. You’ll find plenty of websites and browser extensions that help you get the best deals. During the holiday season — or when online shopping at any point of the year — use platforms like Honey to scan for deals. Happy savings!
Get Tech-Based Savings
With these steps, you’ll start saving money in no time. Remember, each price tag adds up. It may not seem like a lot from month to month, but when you combine your savings, you’ll see the difference. Use technology — from online calculators to exercising apps — to start saving today.
Last Updated on February 3, 2021.