Dr Prem Tech and Web Services Logo

How to balance your budget and cost of technology

Grow with Dr Prem

Technology is making our lives better in the form of better TVs, laptops, cars and Smartphone. However, we also have to keep in mind that our costs are also increasing with the increased use of technology in our day-to-day life. As per a recent study by AICPA, in US most people spend money as much as 17% of what they pay as their mortgage dues every month.

71086535

The total amount we spend on technology keeps moving up, as people become habitual of new technologies, such as satellite radio facility in cars or getting additional add-ons in the cable facility. AICPA or the American Institute of Certified Public Accountants states that technology related spending accounts for around 5.5% of all discretionary spending we do and it is more than the amount we save every year, which is just 4% of our income. Let us look at some of technology advancements on which we spend most:

ht_chromecast_nt_130724_16x9_992

Cable & Broadband Internet:

This cost seems to go up every year and you cannot just control it. One solution that people are trying out is cutting their cable connection and start using subscription on less expensive devices such as Chromecast or Apple TV. According to statistics, this year saw a surge in use of such subscription video services by as much as 35% indicating a change in user behavior towards cutting costs.

Dr Prem Tech and Web Services

P6772A-1

Car Technology:

A car costs $31,000 on an average this year but it could be a far lesser figure if you cut down on some of the technology that is added. For example, a CD player will cost about $2,000 that could be replaced by cheaper options where you can plug in the pen drive functioning as a music device. Other things that you can opt out include things like controls, which use voice commands, smart phone systems or the power-assisted operations of the doors.

131404860

Apps:

Nowadays, there are a number of apps available, which you can use on your Smartphone. Most of them are paid and some free that you can upgrade to a paid version and avail advanced features. Young kids are more prone to click on advertisements on these apps and purchase other advanced software, price for which can range from few dollars to hundreds.

security-shield

Security Software:

Computer systems come packed with security software, this has increased considerably in the last decade due to privacy threats people face. However, most of these have hardly any beneficial use and you can do without them. Many of these software applications cost as much as $100 to be used on a single computer. Just by configuring your browser for private browsing, you can mitigate many security threats and reduce your reliance on such security software.

Dr Prem Tech and Web Services
Scroll to Top