Finding the latest and best ways to use great modern technology will help your monthly spending budget stretch further, while also giving you a great deal of satisfaction. The good news is that you can now use modern technology to find deals and save money more easily than ever before.
Here’s how Modern Technology can be used to save money in SA
Use a Savings and Budgeting App
The last few years have seen mobile technology and artificial intelligence combined to give us apps that help us to save money and work out personalised budgets. Among the most popular money app titles in the country are Moneysmart, MyMoney, 22Seven and My Financial Life. The Stash by Liberty app also adds novel ideas such as linking your finances to a fitness app so that you save a small amount every time you complete a goal like burning calories or walking.
While they all have different features, the general idea is that they analyse your spending habits to help you work out what you could improve. Start by registering online for an account and then link all of your bank cards and credit cards to it. This lets you see your overall financial picture at a glance.
If we look at the example of 22Seven, it lets you invest from as little as R250 each month as well as generating a suggested budget based on your real-life spending. The 2021 Consumer Pulse SA Report confirmed that South Africans now put far more importance on savings than they did a year ago, so expect this trend to carry on growing. The importance of mobile apps to the fintech industry will keep on growing in this way too.
Look for Bonuses
Today, eCommerce is naturally competitive with many established and new parties competing against each other to get a market share with their audience. Luckily, this competition benefits the people who are looking to get a good deal or bonus. To help stand out from one another, sites will have offers or even bonuses to tempt you onto their site, which ultimately means you will be getting a better deal. This may mean you’re getting a discounted price, or you may be getting a bonus for open an account.
For example, let’s look at online casinos. This is a competitive industry with many sites competing. For players looking for a deal, this means there are plenty of bonuses to use. The best way to get started is to look for the best casino bonus for South Africans.
Welcome bonuses for new players can include free spins on a modern version of a slots machine, bonus cash added onto the first deposit made or no deposit bonuses (like on this page) before you add any funds. Examples at the time of writing include R15,000 + 300 Free Spins from Genesis Casino and 100% up to R1234 plus 10% cashback from Fun Casino. There are plenty of bonus types to watch out for too.
It is a good idea to check the full terms & conditions on any offer you choose. This will tell you details such as how many times you need to play through any winnings before withdrawing them, and whether there are any games that you can’t use the bonus funds on.
Take Control of Your Home’s Energy Use
South Africans spend a lot of their household income on energy, with 70% of those people who earn RS4543 or less paying out more than 10% of their income on energy. We could all do with cutting down on our energy costs, and there are now some clever ways of doing this.
A smart thermostat gives you control over the heating in your home, letting you set the temperature in each room. Smart bulbs give you a nice level of control over your home’s lighting even when you are out of reach of your home’s Wi-Fi network, as you can use a mobile app to switch them on and off whenever you want to.
Use a Fitness App Instead of Paying a Gym Membership
Research by Discovery Vitality has revealed that half of all South African adults aren’t active enough, which compares to the global average of one in four. A look at the cost of gym membership in the country reveals that prices start at R199 monthly and go up to over R1000 in some cases.
Downloading a fitness app is far cheaper and could work out to be just as effective. Among the most popular fitness apps here are Fitingo Fitness: Home Workout and Fitness for Muscles, which are both free to download. You might also like a motivational app that sends you positive messages exactly when you need them.
By making good use of the latest technology in these ways, you can carry on making the most of the things you most enjoy in life but do it in a way that makes more financial sense.
Watch this space for updates in the Hacks category on Running Wolf’s Rant.
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