It’s no secret that technology has changed our world in so many profound ways. From healthcare tech, to communications, to even personal devices, it’s hard to imagine how different the world would be without it.
While many associate technology as an expense, technology can actually help individuals save money in a variety of ways. From shopping online to taking advantage of digital coupons, there are a lot of ways to save money with technology. But did you know there are even more ways to use technology to your financial advantage? Read on for 8 unique ways tech can help you save.
Smart Home Devices
While these smart home devices may cost you a bit upfront, the long-term savings you can maintain by having them is well worth the initial cost. In fact, long term, you can save thousands of dollars.
Unlike typical features in a home, most smart home devices have energy consumption and monitoring features that you can utilize to track your energy consumption and habits, and they also don’t suck up unnecessary power when they’re not in use.
Smart thermostats, for example, can be programmed in a variety of ways to maximize energy efficiency and lower your utility bills. Smart lighting systems can also be used to reduce energy consumption while still providing adequate lighting when and where you need it. With these technologies, you can easily monitor and adjust your energy consumption in order to keep costs low.
Solar energy has become an increasingly popular alternative for generating power in the United States. In fact, according to Pew Research, 8% of homeowners have installed solar panels on their roof, and that number is only expected to rise as homeowners look for alternate sources of energy in order to reduce their reliance on traditional electricity providers.
Installing solar panels may require an initial investment, but the long-term savings can be significant over time. Plus, many states offer incentives or tax credits for installing solar panels on your home, making the process even more affordable. Plus, you’ll sleep well at night knowing that you’ve done your part in helping to reduce greenhouse gas emissions.
Online Banking Tools
One often overlooked way to use technology for saving money is through online banking tools. Many banks now offer budgeting tools which allow you to track your spending habits and set up automatic payments so that you never miss a payment again.
These same tools can also help you identify areas where you might be able to cut back or make adjustments in order to improve your overall financial health.
In addition, there are numerous applications like Qapital, Acorns, and Wally that help you track your spending habits, help you to get your start in investing, or round up your spending to the nearest dollar in order to help you quietly save your money.
Electric cars, like the Tesla, are becoming increasingly popular due to their convenience and cost-effectiveness. Fuel costs can be drastically reduced when maintaining an electric car over time, as electric cars do not require the same type of fuel as traditional gasoline cars. Electricity is generally much cheaper than buying gasoline and some states have deals with certain electricity providers that offer even lower rates for charging vehicles.
Electric cars may also require much less maintenance since they lack complicated parts from an internal combustion engine such as spark plugs and fuel injectors which need regular replacing. Additionally, electric vehicles offer great tax incentives for owners in many states including California, where full credits are available depending on the model bought. With all these benefits, choosing to go electric is quickly becoming a wise financial decision.
Access to Unlimited Entertainment
Technology gives individuals access to all kinds of entertainment possibilities that weren’t available previously. Streaming services are readily available, inexpensive, and give users the ability to read books, listen to music, and watch their favorite movies and television shows.
You don’t have to pay for every streaming service either. Many libraries offer apps that allow you to check out media with your library card.
There are plenty of ways that tech can help us save money if we take the time to explore them! From smart home devices that help reduce our energy costs, to online banking tools that make it easy for us to stay on top of our finances—technology has opened up a whole new world of opportunities when it comes to saving money. So don’t wait any longer—start using technology today and start saving tomorrow!