In the financial climate nowadays, we all feel the crunch, especially after the significant financial impact that Covid-19 had on people worldwide. In today’s post, we are sharing how to use technology to save money that you can consider to reduce your monthly expenses. The reality is that even if we get a salary increase every year when compared to the rising costs of things like rent, petrol, food, school fees, and more, the sums don’t really add up. That is why it’s up to you to do whatever you can to reduce your expenses. Even the smallest changes can have a positive effect on your monthly budget.
7 Ways To Use Technology To Save Money
Using an Online Savings Calculator
We all know the importance of saving, even if it’s just a small portion of your monthly income. SavingsCalculator.org is the perfect tool for calculating how much money you would have saved up during a set savings period. It also accounts for things like inflation, taxes, and how interest is compounded. The currency on the website is in US dollar, however, the calculation for determining compound savings remains the same for just about everywhere because the calculator permits different compounding frequencies.
If you haven’t started saving yet, you can use the savings goal calculator to figure out how much you need to put away monthly to reach your savings goal. It is never too late to start saving, especially with the ever-changing financial environment.
Think About Installing a Smart Thermostat
One of the biggest financial expenses for homeowners is hefty energy bills every month, particularly in colder months when surviving without heating is just not an option. More and more suppliers have started developing smart thermostats that allow you to take control of your home’s heating system. There is a broad range of excellent options on the market nowadays to consider. You can even fine-tune radiator controls to monitor heating for different rooms in your home. It allows you to ensure your home is heated efficiently and save money by lessening the excess.
Ditch Unnecessary Subscriptions
If you have multiple memberships, for example, a gym membership alongside Apps like YouTube, Netflix, and online fitness apps, it is time to start ditching some of them. Instead of a gym membership, you can rather save money and do other forms of exercise like yoga, taking the dog for a walk every day, or doing aerobic exercises while playing your favorite tunes. Instead of having more than one movie subscription, choose one you cannot see yourself living without and stick to that one.
Invest in A Coffee Machine
A coffee machine might sound like a significant expense, but the long-time benefits will definitely give you a good return on your initial investment if you’re buying Starbucks coffee every morning on your way to work. Some of us just cannot start a productive day before a cup of joe in the morning. Making a cup of coffee with a coffee machine is more cost-effective than buying takeaway coffees every day.
Consider Energy-Saving Appliances
Now that you’ve curbed your coffee expense somewhat, it’s time to start looking at the rest of your kitchen. Maybe your dishwasher is ancient and makes a major contribution towards your electricity bill every month. Older dishwashers take forever to run their cycles and use a massive amount of water. On the other hand, smart washing machines and dishwashers can be set to run cycles according to your needs and use less water per cycle. Even appliances like ovens or fridges are designed to use less energy and save you a few bucks on your monthly utility bill.
Swap Out Old Lightbulbs For LED Lights
This is an easy and relatively cheap way to make your home more cost-efficient. You can save money by replacing old lightbulbs with smart LED lights that are not just more energy-efficient but last longer. Both benefits are pocket friendly because you will change out lightbulbs less frequently and use less energy each month. Another advantage to consider is the broad range of features. You have different color options according to your preference, plus you can switch them on and off with your smartphone if you’ve forgotten to switch them off on your way to work.
Buy a Leak Detector
This is one technology investment that can really save you hundreds if not thousands of dollars. Water damage doesn’t happen regularly, however, when it does happen, it can take a huge chunk out of your wallet when you don’t detect it quickly. Several smart home systems come with leak detectors that are highly useful features because of their early-warning systems that could save you from significant repair bills.
We hope you have found our post about using technology to save money insightful and that you will consider at least a few of them to try and reduce your monthly expenses. Sometimes the smallest changes prove to be the most fruitful.