How to Use Technology to Save Money

August 27, 2023

Let's be honest, managing your finances can feel overwhelming. Between bills, subscriptions, and the constant temptation to spend, it's easy to lose track of where your money is going. But what if I told you that technology could actually help you save money? It's true! We’re surrounded by tools that, when used smartly, can seriously improve your financial situation.

Forget the spreadsheets (though they still have their place!), let’s look at some practical ways to use technology to boost your savings.

1. Budgeting Apps - Your New Best Friend

Gone are the days of manually tracking every penny. There’s a budgeting app for almost everyone, and they’re incredibly powerful. Here are a few popular options:

Mint: (mint.intuit.com) - Completely free! Mint connects to your bank accounts and credit cards, automatically categorizing your spending. It also helps you set budgets, track your progress, and even offers alerts when you're nearing your spending limits.
YNAB (You Need A Budget): (ynab.com) - YNAB uses a “give every dollar a job” philosophy. It’s a paid subscription, but many users find it incredibly effective.
PocketGuard: (pocketguard.com) - Similar to Mint, but with a focus on simplifying your budget.

2. Savings Apps – Earning Interest on Your Savings

Don't just let your money sit in a regular savings account earning practically nothing. There are apps designed to help you earn more:

Acorns: (acorns.com) - Acorns rounds up your purchases and invests the spare change. It's a super easy way to start investing, even with small amounts.
Digit: (digitapp.com) - Digit analyzes your spending and automatically transfers small amounts of money from your checking account to your savings account.
Qapital: (qapital.com) - Qapital allows you to set up different savings goals and “rules” for how your money is saved (e.g., save a percentage of every paycheck).

3. Smart Home Technology for Savings

You might be surprised, but your smart home devices can actually save you money!

Smart Thermostats (Nest, Ecobee): These learn your heating and cooling habits and automatically adjust the temperature, saving you energy and money.
Smart Lighting (Philips Hue): Control your lights remotely and set schedules to reduce energy consumption.

4. Price Comparison Websites & Apps

Before making any purchase, use tools that compare prices.

Google Shopping: (shopping.google.com) - Quickly compare prices from various retailers.
CamelCamelCamel: (camelcamelcamel.com) - Specifically for tracking Amazon prices and setting up alerts for price drops.

5. Subscription Management Tools

We all have subscriptions we’ve forgotten about.

Truebill (truebill.com) – Automatically identifies and cancels unwanted subscriptions.

The Bottom Line

Technology doesn’t have to be intimidating when it comes to managing your finances. By leveraging these tools and apps, you can gain control of your spending, automate your savings, and ultimately, achieve your financial goals. Start small, experiment with different tools, and find what works best for you!