Modern technology is often brought up because it’s hip and fun. From content on delivery services, like Netflix, to cutting-edge virtual reality headgear, it’s definitely easier to chalk up technology’s social contribution to entertainment value. But one other benefit of modern technology that few people talk about is savings. With the proper use of online financial services, insurance calculators, and investment management apps, you can easily rack up hundreds of dollars in savings per year with minimal to no effort required. Here are five technologies that you should consider integrating to your personal finances:
Alert notifications on your phones and laptops are often dismissed and overlooked for more advanced features of the device. But it’s actually a pretty nifty tech feature that, when applied in the right context, can save you money. Your choice of eCommerce platforms most likely offer alert notifications that can send you an SMS or email every time there is a special deal on an item you saved on your shopping cart or searched for recently. In addition, some third-party apps, like Camel Camel Camel and Unimerc, help you monitor fluctuating product prices on the largest eCommerce platform, Amazon.
Not only is keeping paper records of your activities and transactions wasteful and environmentally irresponsible, but it’s also very expensive. Every year, people are spending money on printing services, printers, and ink refills. For businesses, this not only racks up unwelcome costs, but also takes up physical space for filing cabinets.
Although gas prices have been dropping lower and lower over the past few months, the daily commute to and from work can rack up significant costs over time. For instance, if you riding the subway or train in New York City, that’s $5.50 per day or $27.50 for the whole work week. That’s more than a thousand dollars each year, more if you go out on the weekends. Telecommuting is a viable solution to this age-old problem. And while telecommuting is more of a technique and less of an actual byproduct of technology, the task management and collaboration tools that are accessible today have made it completely possible to work from home.
A plethora of budgeting apps can be found on your app store, be it Android’s or iPhone’s. The increasing number of people who want to be more financially responsible has caused this category of software products to expand at such a fast pace. Today’s fleet of budgeting apps are not only capable of monitoring and creating systematized budget plans, but also come with complementary tools that can generate savings. For instance, some apps come with calculators or links that help you find more affordable auto insurance quotes. A similar category of apps that are helping people manage their personal finances wiser is in investment where apps, like Robinhood, are creating a new breed of self-dependent investors.
Communicating with family members, relatives, coworkers, and employees can now be done through VOIP or voice over internet protocol. In a nutshell, that means you can make phone calls through devices that are connected via a secure network. Apps, like Google Voice and Skype, are all free to use and allows users to communicate with their peers through chat, voice, and video calls.
Sure, entertainment has traditionally cost people to spend more money rather than save it. But with the slew of entertainment apps and tools, like content on demand services such as Netflix and Hulu, people can get their fix of entertainment without having to spend money on movie tickets or get stuck paying for five-star lodging and dining because it was the only option on the table. With technology, people now have the option to watch movies, travel for leisure, and partake in fun activities while keeping costs modest.
These are only six examples of technologies that are making life more budget-friendly. If you’re not using them yet, consider implementing them asap.