The typical household is feeling the damaging effects of inflation. The cost of household energy bills has skyrocketed and is set to increase even further this winter. Could technology and personal finance applications be the answer to tightening budgets? Here we will discuss some simple ways to use tech and save on household costs.
Tech to Manage Your Budget
It is estimated that around 73% of smartphone users already use technology to manage monthly finances. Household or personal finances can be complex when trying to understand where each dollar goes. Nowadays, it is effortless to keep track of income and outgoings with apps that manage household costs and budgets. You can now find both free and paid budgeting apps.
Paid versions often have extra features, for example, that remove advertising. You can create budgets with different categories, set spending limits, and notify yourself when you have exceeded your limits. That said, even most free budgeting apps provide you with easy access to your income and expenses monthly and the ability to identify spending behavior. This gives you more possibilities to save. In addition, you have the option to link your credit or debit cards so that your expenses and income are automatically filed, and you save time.
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When budgeting, it is important to also reevaluate big picture expenses such as credit cards, loans, and mortgage repayments. For example, in the digital era, it’s easier than ever before to use technology as a means to get mortgage advice and ensure you are getting the best possible repayment option available to you. With an online mortgage broker like Trussle, you can take advantage of the latest tech and calculate the best interest rate available within minutes. These automated online calculators can access thousands of deals from many lenders to find the correct mortgage repayments for you. Many have successfully gotten themselves out of debt by keeping to a strict budget and making spending cuts.
Tech to Manage Your Spending
Don’t underestimate simple steps to make saves on your household expenses, like swapping branded clothes and food for cheaper alternatives using cashback and coupon apps. One of the most popular apps, Easy Budget, is designed to simplify budgeting and spending. With VIP Rewards, for example, users can buy discount coupons for everyday items like supermarket shopping, cinema trips, or gym membership. You can enter recurring monthly expenses without having to manually enter them.
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With energy bills skyrocketing, it is now possibly the biggest household expense. Thankfully, power-efficient technology has come a long way, and small devices such as smart thermostats and smart light bulbs don’t cost much but will help you save.
Financial management apps are beneficial for anyone with irregular earnings or on a tighter budget, as they make it easy to monitor income and expenditure and help people learn and practice good money habits. For everyone wanting to get on top of their finances, fintech apps can support a better bank balance. Thanks to technological advancements, we are now more in control of our finances than ever before.
