Technology has changed and helped the world in many ways. For instance, its various forms in healthcare assist doctors and nurses to provide care more efficiently to patients. Technology also allows people to work from home amid a pandemic. Employees can do their work on their personal computers in the comfort of their own homes. And they can use video conferencing apps to hold meetings instead of meeting in person. These are only a few examples that show how important technology is to society.
It can be argued that technology does come with disadvantages. One example is cost. Because technology keeps upgrading, it becomes more expensive. For instance, smartphone prices continue to rise. Apple priced their iPhone X at $1,000 back in 2017. And in recent years, there are smartphones worth $2,000.
But with everything, there are always two sides: the good and the bad. Though technology might make people spend more, it can also help them save money.
Track Your Finances Easily
Technology can make financial management easier. Smartphone apps allow users to track their finances. For example, business owners that use fuel management solutions can download an app to track their fleet’s fuel purchases and carbon footprint. Due to the easy monitoring that the app allows, business owners can analyze the data and make changes to save money.
There are also free budget management apps. A user can input their monthly budget and log their daily purchases. This way, the user can keep track of their budget and control their spending.
E-wallet apps also make finance tracking easy. All transactions are recorded, so people can monitor where their money comes and goes.
Thanks to technology, people can now go paperless. While event tickets are sometimes still printed, most organizers now accept entry through QR codes. Attendees need to present their QR code through their phones and have it scanned to enter an event.
Also, these days, documents can just be sent through email. They can also be digitized and saved in a cloud database instead of being printed and stored in drawers. This digitization cuts down paper use. And for businesses, this means less spending on paper and related items, such as printers, ink, and storage.
Save on Electric Bills
Smart technology has become more popular recently. Many homeowners are converting their homes into smart homes. By 2025, the number of smart homes in the global market will reach 478.2 million.
The acquisition of smart devices often comes with an expensive price tag. But these devices help homeowners save money in the long run. For example, a smart outlet can be controlled via a smartphone or a smart speaker. So a homeowner can disable the outlet’s power when it’s no longer in use. Even if appliances are left plugged on the outlet, they won’t consume energy.
Also, most modern appliances are energy-efficient. They use less energy, which means homeowners can save money on their electric bills.
Save Money through Online Shopping
Most people shop online because of the convenience. With just a few clicks, they can find whatever they need online, buy it, and then have it delivered to their doorstep. Online shopping removes the commute to a store, which means they don’t need to spend much on gas.
But online shopping doesn’t just make things more convenient for shoppers. It can also help them save money. For example, a browser extension called Honey browses the web for voucher codes. At the checkout page in an online e-commerce site, Honey will provide available voucher codes that the shopper can use to save a few bucks. Even more interesting is that this extension is free.
Other browser extensions can generate price comparisons of certain items within an e-commerce site. These comparisons can help online shoppers get the best deal available.
Work Out Without a Gym Membership
Technology can also help people save money in terms of fitness. Even if a person doesn’t have a gym membership, they can find videos on YouTube to guide them through their workout.
Also, game consoles can double as exercise tools. Both Nintendo Switch, Xbox, and PlayStation have games that require physical activity. Nintendo Wii is also popular because of its physical games. Someone with this console can do Zumba, do yoga, and play sports, such as tennis, archery, and bowling.
Technology does come at a cost. It’s up to a person to control themselves with how they spend their money on devices. But technology can also help a person save money in the long run.