Technological innovations continue to make our lives more convenient. Various systems and apps make managing money less time-consuming and saving money has become simpler than ever.
Let’s take a look at five tech innovations that make money easier for you.
Online banking is revolutionising how we handle our money. Monzo, a UK-based mobile-only bank, centres everything around an app and aims to be “an intelligent hub for your entire financial life.”
The Monzo app interface shows you, in a visually appealing manner, where you’re spending your money.
On average, people can save between 10 to 15 percent when they’re able to easily monitor and track their spending. When you can see how much you’ve already spent that day, you’re more likely to consciously limit any further spending.
The smart bank recently introduced integration with the If This Then That platform. This connection with your bank account allows for the creation of helpful possibilities for automatic money management. Along with pre-built apps, users can easily build their own unique tools depending on their requirements.
In recent years, many automated advisors have been launched to help make money management more accessible.
A robo-advisor assists with online financial advice and portfolio management services. As these advisors are run via computer algorithms with minimal human interaction, it’s a mostly hands-off approach that’s low-cost. Since all the interaction is done online rather than face to face, you’re saving a ton of time.
Dubbed as a disruption to the wealth management industry, these advisors allow you to grow your portfolio while paying lower fees than typical financial advisors would set.
With our smartphones, we’re able to turn on and off almost every appliance in our home. If you’re a forgetful person, this innovation can really save you money. Never again will you receive a huge electricity bill because you went away for the weekend and forgot to turn the lights off.
Back in 2012, Philips created Hue, the first lighting system that could be controlled via iOS. It can now be controlled via the likes of Alexa and Google Assistant. Along with the uber-cool lighting effects, the LED bulbs last 10-20 years and significantly reduce your energy bills.
The recently redesigned Hue app for iOS and Android allows you to create routines for your lighting, including automation and remote control.
Lighting isn’t the only system in our home that we can take control of in order to save money. In 2018, our technology is smarter than ever.
Sensors can turn off sprinklers when rain is detected, air conditioning units can shut down when rooms are empty or windows are open, and smart plugs and power strips will also turn off devices that aren’t in use.
All of these innovations reduce running costs and save you money in the long run.