Managing personal finances can be an ordeal if not done right. Living from paycheck to paycheck might be the norm in these modern times, but there are certain things you could do to improve your personal finances. Although these tips will not exponentially double the money you have in your bank account, they should go a long way in cutting down your monthly spending. Technology has helped humanity in several ways, and if done right, you should be able to improve your personal finances with these tech tips.
1. Use Budgeting Apps
This is a no-brainer, but everyone should have budgeting apps installed on their devices. Chances are that you already do this with pen and paper, but you probably are still not able to effectively manage your budget. Using the traditional method of writing it all down is even harder when you’re horrible at mathematics and economics. Using a budgeting app solves all these problems and lets you stress less. There are lots of these apps available on the Play Store and the App Store, but they all have common features.
These mobile applications usually help with cash flow monitoring, bills management and tracking, personalized financial insights, expense tracking, and more. In short, you can manage your finances better and stay on budget without overspending.
2. Always search for coupon codes
The internet isn’t just to read the news and socialize on Facebook, there are helpful tools made to help us in one way or the other scattered all over the internet. If you plan to buy a particular item or service from a well-known platform, it wouldn’t hurt to search the internet first for a coupon code. Who knows, you might find one that lets you buy the item or service for 10% less. Although you are not going to find a coupon for everything, you should at least give it a shot.
There are mobile apps created to help you search for coupons and earn cashback on your purchases. Some of these include Ibotta, Coupons.com, Honey, and Flipp. They are all available for Android and iOS.
3. Conserve energy
You already know that you should turn off the lights when they are not in use, but have you considered using energy-saving bulbs? When shopping for new appliances, do you take the time to check how much power they consume? Do you turn off appliances when they are not in use? There are several ways to ways to conserve energy, and the goal here is to cut down the bills at the end of the month.
4. Consolidate your debt
If you are neck-deep in several debts and you’re trying your best to service them all at once, you may find it frustrating trying to cope. When student loan debt, credit card debt, and mortgage are all trying to get a piece of your monthly income, perhaps it’s time to consider debt consolidation. This usually lets you access a new loan with better interest rates, lower monthly payments, and generally more favorable terms in order to pay off existing debts. A quick Google search should show you a bunch of websites offering this service, but if you are new to this, click here to learn more about how debt consolidation works and what your options are.
5. Used items are not as bad as you think
This may sound like a piece of terrible advice, but take a moment to think about it and picture this scenario: someone bought a computer monitor last month only to find out they don’t even like how it looks. You are in the market looking for the exact monitor and this person is willing to sell it for 35% less than the actual market price. Wouldn’t it make sense to grab the offer and save some money? This is where applications like OfferUp come in. These platforms are designed to help people buy and sell used items. The aim is to connect local buyers with sellers.
It goes without saying, but you should be careful when using platforms like these. Scammers and individuals with questionable intentions often use such platforms to deceive unsuspecting buyers.
Of course, there are other steps you should take to effectively improve your finances. For instance, taking a look at your monthly subscriptions and canceling those you could do without should be considered. With the tips listed above and following your own good judgment, you should see an improvement in your finances over time.