It’s easy to view new technologies as only a financial burden. That makes sense, because the newest tech is usually accompanied by a large price tag.
But, there are many ways you can actually save a good chunk of money with specific new technologies. While this might not cover the total cost of buying the related tech, it can help lessen the blow, or even earn you some extra cash in the future. Here are a few different ways technology can save you money or keep your wallet full of cash.
IoT Items Lowering Insurance Rates
The Internet of Things brings a lot of benefits to your home. Some allow you to ensure your home is safe, like smart locks and alarm sensors. Others let you control things to make life easier, like thermostats and televisions.
A major benefit a lot of people don’t know about is that some insurance companies will give discounts if you have and use certain IoT. That’s because many IoT devices make a home more safe and efficient. Conversely, some IoT companies also offer discounts if you have a specific type of insurance. So if have an internet of things connected home, this might be a way to save some money.
There are other forms of insurance other than home insurance you can save on thanks to IoT devices. Some health insurance companies will give major discounts to people who use fitbit and other heart rate devices and send them records that they are living a healthy lifestyle.
Energy Efficient Updates
For nearly a decade, every device has pushed to become more energy efficient. It’s why, next to nearly every electronic we buy, there is a yellow sticker that tells how much it costs to run for a month or year. The average monthly electricity bill is about $110, but more energy efficient tech, from large appliances to lightbulbs, can cut that down to a fraction of the costs. There are upfront investments, but over time, you will save both money and energy on everyday electric costs like lighting.
A simple change to start with is updating your lightbulbs. A traditional incandescent light bulb uses 60 watts while an LED uses 6 watts. That’s a tenth of the cost. Older large appliances also are huge energy drains that could be costing you an extra 10 to 20 dollars a month.
Selling Your Old Tech
As you buy new replacement tech, it might be tempting to hold on to the old stuff. It’s easy to have thoughts to justify it, like needing it later in case your new stuff breaks. The truth is that, more often than not, you won’t use it and it will just gather dust.
A good practice to get into is selling stuff as you get it’s replacement. Using sites like Craigslist, Facebook Marketplace, and eBay lets you earn cash back to help soften larger purchases. You’ll be surprised how much your money you can get for your outdated phone by selling it rather than trading it in or putting it in storage.
Some even take selling old tech a step further. If you have the skills to repair broken electronics, you can turn it into a business. Buy up slightly older tech, clean and fix it up, and sell it for a healthy profit. You can even keep selling on third party sites, or build your own website.
Abandoning Cash Draining Tech
Some tech comes with extra strings attached. Cell phones require an accompanying cell phone plan, TV’s need content to play, and some software needs to be renewed every year. Yet, as new technology is coming out, many businesses are abandoning subscriptions or lowering their costs to stay competitive. Updating your tech can resulting in lowering any accompanying costs.
If extra costs come from service providers, many competitors might offer deals if you switch to them. This can include lower starting costs, better access to for the same price, or perks you wouldn’t get otherwise. Another tactic is replacing a service with something different, like ending cable TV and only utilizing services like Netflix and Hulu. As more tech and software comes out, there is bound to be more cost effective solutions.
With some clever planning and forward thinking, it’s possible to have the newest and shiniest tech without breaking the bank. Got some ideas on different ways to save money? Share it in the comments below.