Technology is improving almost everything. It is creating better phones, cars, televisions and online services. Spending too much money on tech is very probable without even knowing. When you spend extravagantly, it will be difficult for you to reach your financial goals. Thus, you need to revisit your budget and figure where you are going wrong. Technology is an area that many people spend a lot. Going by a report by the American Institute of Certified Public Accountants, most Americans spend around 17 % of their monthly rent on technology alone. Below are a few main areas where it is likely you are paying too much on.
High-speed Internet and internet cables
The cost of high-speed Internet and internet cables increase every year. It is now becoming a big budget to spend on. It is a good idea to save cost on it as well. According to Gigaom, a data consultant says the average price of United States broadband Internet provision is a staggering $700 annually. A cable bundle even costs more, approximately $200 per month, as a result of this, many US citizens are unsubscribing from the cable hook-ups entirely. An alternative to the expensive internet cable subscription is subscribing to Netflix or favorite shows by using cheap devices such as Chromecast or Apple TV that easily connects to the new high-definition televisions. By doing so, you will cut your expenditure on internet and TV by more than half. Isn’t it a remarkable way of saving your hard earned cash?
The technical know-how of assembling a car has dramatically increased over the last few decades with the improvement of the robots used in assembly. The question is, why is it that the average cost of a brand new car is increasing instead of decreasing? A car expert pointed out that the contributor to this is the new electronic offerings that come along with a new vehicle like in-car entertainment. Car prices should be on the fall.
Thus, when you are buying a new car, evaluate the cost of the add-ons, for example, the CD player system – mainly since CDs are being overtaken by the technology in the entertainment industry. Go for a car with fewer add-ons. It will be cheaper for you thus you save on something.
The cost of streaming music is another area of tech you need to find out if you are spending extravagantly. Services such as Pandora and Spotify are excessive bargains – they are usually free before you upgrade. Their limitation comes on their data consumption. They are heavy data consumers and take up a vast bandwidth thus can lead to higher Internet charges. Avoiding streaming music will cut your internet bills.
A study at Purdue University shows apps are designed in an oblivious energy manner thus consumes a lot of power from your smart devices. They come also track personal data. Sooner or later, the free apps transit to paid apps and might cut money from your credit card without your knowledge so watch for the charges.