How To Use Technology To Save Your Household Money
There is no doubt that technology has changed our lifestyle. What are your thoughts about it? Do you know technology has an impact on each aspect of our lives? For example, it impacts how we connect with friends, entertainment, and the news. So, why shouldn’t we use it to improve our life? When it comes to finances and saving money, technology can help us in many ways. If we consider examples of technology that we are using in our homes, then the internet, cell phones, modems, and Wi-Fi routers come to our mind. So, here we’ll find out how all these things can help us save household money.
Does Wi-Fi Save Money?
As you know, this technology can help users to connect their cell phones to the internet without using wires. Compared to cellular networks, using Wi-Fi seems to be the cheaper option. More importantly, your smart phone will run more efficiently in the long run. Let’s discuss the benefits of using Wi-Fi on Smart phones.
There are various benefits of using Wi-Fi on smart phones, such as:
• Data Usage Stay Under the Cap
When you’re at home, and your phone is connected to the Wi-Fi, it means you will not use bundled data. You get internet for paying a handy amount on cellular networks, but when you cross that data limit, they charge extra. So, when you use Wi-Fi at home or anywhere where it’s available, you can save your mobile data for crucial times when you don’t have access to Wi-Fi. In this way, you can save household money.
• Better Speed
There is no doubt about that. Most of the time, a dedicated Wi-Fi connection provides a much faster speed than cellular networks. You might not feel the difference in speeds when you read emails or check a web page. But when you transfer or download larger files, you’ll feel the difference. Moreover, it’s quick and smooth to download and stream media on your smart phone by using Wi-Fi, especially when you’re in a hurry.
• Lower Cost
Nowadays, you have access to free Wi-Fi at most places. So, you can use this free internet but remember there is always a risk of a data breach when connecting to the public internet. When you use mobile data, they charge more, and there is always a risk when your data limit ends, you’ll lose your money. But in the case of a Wi-Fi connection, you can get unlimited internet. So, it’s cheaper, and no risk of losing money.
• Longer Battery Life
Do you know when you use mobile data on your smart phone, it drains the battery quickly? On the other hand, connecting your cell phone to Wi-Fi will drain less battery. As mentioned earlier, Wi-Fi connections are generally faster than cellular networks, so you can do your work quickly and help you save battery.
Your Internet Service Provider (ISP) always gives you a modem-router combo on rent, and they mostly charge a monthly fee for it. But if you want to save money, we recommend purchasing this combo box instead of paying rent each month. Moreover, you'll find this combo box limited when you try to do more with this network. In this situation, buying the router and modem separately seems the best option.
Remember, a combo of modem and router gives you convenience, but when you get them separately, you can enjoy more features, and it provides more control over customization. But here, we’ll discuss the pros and cons of both these options so that you can choose wisely and save household money.
Remember, the choice of renting a modem-router combo or purchasing your own depends on you because it has nothing to do with your ISP. Therefore, it’s essential to understand the benefits of both options before making the investment.
• The combo box takes only one power outlet. Moreover, it needs fewer cables and room.
• When you get the combo box from ISP, they set this up for you, so you don’t have to do anything.
• Some ISP offers advanced features when you get their combo-box on rent. But you can’t enjoy these features when you purchase your own equipment.
Now, let’s discuss the advantages of using Modem and Router separately.
Now, you’re familiar with the advantages of using a combo box. Let’s find out how they can benefit us when used separately?
• In standalone routers, there are more features and customization options.
• When you want to upgrade any of these two devices, you can easily replace them. For example, when you upgrade the internet, you can simply replace the modem. Similarly, you can replace the router as well.
• A monthly rental fee is never a good option whether you’re renting a combo box or getting separate devices. Purchasing your own equipment is always the best option.
The basic setup for both modem and router isn’t complicated. But when purchasing a modem, keep your internet service in mind so that you can buy the right model. There is a difference between a fiber-optic modem and a DSL modem. Similarly, choose a router and then connect them as they were connected in a combo box. Both these devices take almost 5 minutes to recognize each other, so be patient.
Now you understand how technology can save household money. We’ll share some examples that will help you understand the role of technology in managing finances.
• Online Banking
If we go a few years back, you were visiting banks to deposit or withdraw your money from the banks. It was a very time-consuming process. But now, you can use the internet and smart phone to make transactions online. All you need to do is ask your bank for a one-time mobile banking setup. You can check your balance and bank statement through a mobile app.
More importantly, you can pay your utility bills through it. Now you might be wondering, how can you save money? For visiting the bank, you need a vehicle and time. But in online banking, you can save time and money because everything can be done from home by using the internet.
• Budgeting Has Become Easy
With budgeting, you can maximize your savings, control cash flow, and, more importantly, avoid debts. By using cell phones and the internet, you can use various applications to monitor spending, expenses, and savings. More importantly, now you can forecast your expenses based on previous expenditures. These online tools can help you track your budget even when you make online transactions.
• Investing for Future
Along with expense management, it’s essential to plan for your future. Look for ways that can help you create wealth. In the past, you were visiting financial advisors to seek help. But due to technology and the internet, now you can do it by sitting at your home. There are various websites to help you build a DIY investment portfolio. Don’t let technology fool you. Ensure that you have the financial literacy to make informed financial decisions. Nowadays, there are lots of fake websites and applications that can ruin your savings. But, technology has enabled everyone to make their financial decisions without relying on financial advisors.
You can learn from people’s experiences and implement them in your life so that you can save money as well. More importantly, technology can improve your financial awareness. But as mentioned earlier, don’t rely on and don’t trust everyone on social media because cyber crimes are also increasing day by day.
After that, you can decide whether a combo of modem and router is best for you or if you need separate devices. You can read the advantages of both these options to make the best decision. Overall, we can conclude the article by saying that technology has not only changed our lifestyle, but it has also provided us with an opportunity to save household money.