The progress and development of technology has been incredible. As the years go by, the total number of new gadgets that have been developed is remarkable and they tremendously improve the way we live, from the health to the financial aspects. As a matter of fact, there are many ways in which technology can be used to save us money. Here are some noteworthy ones:
A.) Use smart gadgets and smart home appliances.
Smart gadgets and smart home appliances not only help make life easier, they work great in reducing extra expenses. A big drain on your finances may come from your household appliances which you regularly use. 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. Identify which ones have the lowest energy ratings and start with the first to have the most remarkable effect.
B.) Using finance and budgeting apps.
In the past, ledgers and other physical tools were used to manage finances and keep track of expenses. Now, because of technology, we can use different money managing applications to help us manage our finances, and thus, save money. These apps can track our expenses anywhere we are, at any time. We also get notifications when we spend lots of money. Furthermore, there’re apps that separate your finances into various pots for things like rent, groceries, bills payment, and other essentials. Pots for an emergency fund and other purchases is also important and should be tracked.
C.) Cancel your gym membership.
Many people sign up for a gym and then rarely get much use out of their membership. However, while the machines at the gym can be very useful, there’re a lot of exercises that you can do at home to get fit and achieve those weight loss goals. You can invest in your own exercise machines and watch those workout videos in Youtube.
D.) Use trading apps.
Investing is a great way of saving your money directly. Standard savings account will not provide enough interest to make you any profit. A better way would be to invest your money in different things like creating a diverse investment portfolio to manage. Buy government bonds or put money into an ISA. But always keep in mind that your money is at risk when you’re investing, think carefully before you make financial investments because you might end up losing your money and not make any profit at all.
If you do decide to save in the bank instead, one option is a certificate of deposit or CD over a savings account. CDs are a type of savings account with a fixed interest rate and a set maturity date. You can use the CD Rate Calculator at Savings Calculator to know the future value of a CD investment along with the effective APR you earned.