Technology has transformed modern society and improved the lives of people all around the world. Keeping up with the latest technology trends can be expensive, but tech can reduce your monthly outgoings. Here are four ways tech can save your money:
1. Install a smart thermostat
Energy is the most expensive monthly utility for most households and the cost of gas and electricity has been increasing over the past 10 years. Installing a smart thermostat will give you more control over your home’s heating and help you reduce your monthly energy bills.
According to whatissmartenergy.org: “Smart thermostats can save customers between 10-12 percent on heating and 15 percent on cooling, meaning the average customer can expect to save roughly $140 per year on energy bills.” Installing a smart thermostat can slash your energy costs and help the environment by lowering carbon emissions.
2. Compare car insurance online
The internet allows car owners to compare hundreds of insurance providers and find the best deals online in minutes. Some insurance companies have even created apps to help drivers save money on their insurance.
Root Insurance, for example, allows you to download their app and take their test drive which evaluates your driver behavior using sensors in your smartphone. You will then be given a car insurance quote based on the safety of your driving rather than your demographics. The Root app could save you up to $900 a year on your car insurance.
3. Cancel your gym membership
Most gym memberships cost around $50 a month, but this can be much higher at premium gyms and fitness centers. If you are struggling to get to the gym, then consider buying fitness tech like Nintendo’s Ring Fit Adventure, a Fitbit, or home gym equipment like a treadmill. This will give you the freedom to exercise at home at a time that suits you.
Fitness equipment can be expensive, but it will give you years of use after you’ve made the one-off payment. Cancelling an unused gym membership is a great way to save money every month and there are plenty of ways to keep fit at home.
4. Buy a coffee machine
Buying a coffee on your way to work in the morning might not seem like a big expense, but it quickly adds up! A recent survey by Amerisleep revealed that people aged 25-34 spend an average of $2,008 a year at coffee shops.
Making coffee at home is an easy way to save money each month. The best part is, there are loads of high-tech coffee machines on the market today that can make barrister style coffee at home.
The latest tech and gadgets are often expensive but investing in tech can save you large sums of money over time. One off payments will generally be overall cheaper than smaller but longer term payments – just make sure that you fully research what you want to buy.
The internet can also slash your outgoings by allowing you to compare prices and find the cheapest deals. There are many ways that you can use tech to save money!