Advances in technology can be exciting to witness with an impact explosive enough to change the world. Some technological breakthroughs make you sit up and take notice and nudge you to find out more.
Living in a technologically sound era with machines and innovations rapidly adopted in our everyday lives is a blessing. These innovations have transformed the way we work, learn, communicate and live, bringing convenience and ease at every step.
But have you ever given a thought about how these new and advanced technologies impact your finances? Do they put pressure on your pursestrings or lighten the load on your pocket? Can they change the way you look at money?
Let’s explore some of the familiar tech innovations and what they mean for your pocket.
1. Solar Technology
Solar panels offer a sustainable solution to reduce your reliance on traditional energy sources. By installing solar panels on your home or commercial premises, you can tap into a renewable energy source that is both abundant and environmentally friendly.
With enough energy to power up your devices, you can look into saving a substantial amount on energy bills. UK’s Smart Export Guarantee (SEG) scheme can help you fetch extra cash from energy suppliers for the energy you generate but don’t use.
The only caveat to installing this technology is the high upfront costs of the solar panel system, which may take a few years to break even. With around 1.5 million solar panels installed in UK households, using this renewable technology in the long run holds a lot of promise.
2. Smart Devices
Living smarter has become easier and more convenient with the help of smart devices for homes and offices. Just install the devices and connect them to your smartphone to enable voice-activated commands. For some devices like the “Alexa”, simple verbal commands like “Alexa, switch off the lights” can turn off your smart LED light. Add scheduling and automation, and you further rid the unnecessary waste of electricity and save on energy usage.
On a similar vein, consider investing in a smart faucet with a sensor to save water and bring down your water bills. Equipped with a sensor, this innovative smart device dispenses water only when its sensors detect your hands and shut off once you retract them.
Other smart devices you may want to consider for your home or office include automated sliding doors, smart leak sensors, sprinkler controllers, and smart thermostats.
3. Remote Work Technology
The global pandemic has reshaped the way organisations work. Once perceived as a difficult feat, remote work technology or telecommuting has ushered in a new era of hybrid and remote working job roles across multiple industries globally.
Remote working not only offers employees the freedom and flexibility to work from anywhere but also saves companies and their employees a lot of money. Employees save money and time spent commuting to and from work and also reduces the need for creating unnecessary meetings. Organisations also save up on overhead costs such as utilities, cleaning services, security, food, office supplies, tax and other frills.
4. Wearable Tech
After smartphones and personalised mobile apps, wearable technology and devices have transformed the way we live. Wearable devices include smart watches and smart rings, but they are not limited to tracking your steps and calculating how many calories you burn. Smart wearable devices can help you track your spending, set goals, and budgets and pick up on financial trends.
Smartwatches and other wearable devices allow you to make contactless payments by leveraging near-field communication (NFC) technology to power seamless and contactless payments. When you wear a digital wallet on your wrist, you can forget about carrying cash or credit cards, fumbling with your smartphone, or remembering the transaction PIN.
Wearable devices also support AI tools to track, manage your spending and analyse your income and expenditure. These tools learn about your financial data to give you a quick overview of your debts, investments, and financial standing.
To Sum Up
In an era of unprecedented and awe-inspiring technological innovations, the sky is the limit. Technology can turn what’s once considered an impossible dream into a living, breathing, tangible reality.
Along with the positive impact on our daily lives, technology is poised to shape the way we see finance, particularly personal finance. Smart devices, wearable tech, remote work technology, and renewable energy systems are among the few ways to leverage tech innovations to keep costs under control. These four innovations are just the tip of the iceberg when it comes to the immense innovative potential of modern-day technology.
