When it comes to saving money there are plenty of strategies one can adopt. In this article we will be looking at how technology can put more money into your savings accounts, helping you to reach a specific goal or protect you from a rainy day.
Your mobile phone and saving.
A good place to start when thinking about how technology can help you save money is your mobile phone. First of all, you can use your bank’s mobile app or internet banking platform to automate savings, making sure a regular amount goes into separate savings accounts at the start of each month. Beyond that there are plenty of apps out there to help you create and manage a budget. These can help you build a better understanding of what you are spending your money on and where you can cut back to save more.
Technology throughout your home
If you take a look around your home, there’s bound to be ways in which technology can help you cut back on ongoing costs, leaving more cash in your pocket which can go towards saving. Some of this tech, like LED lighting and rechargeable batteries, has been around for years but pretty much all household appliances are now ‘smart’. This means that you are better able to control their use and energy consumption, generating significant savings on your utility bills. Smart fridges can tell you what food is about to expire while dishwashers can now work according to their load, all things that can contribute to a more financially efficient household. Smart plugs and leak detectors can also enhance your ability to save more.
Making tech work harder for you.
A final consideration to keep in mind is that you can use the technology at your fingertips to make other changes in your life that save you money. For example, why are you paying for a gym membership when your phone or gaming console can give you plenty of workouts. Also keep in mind that communication networks and devices are always becoming more powerful. This means that the best available connectivity (and most expensive contract) is now probably beyond what you really need for daily domestic use. With technology advancing so much, you can probably think about downgrading without compromising the experience you are already used to.
Keeping the money you save.
Technology can help you cut costs but make sure that the money you save is put to good use. It’s not just about not spending it but also making it grow so that its value keeps up with inflation. With MeDirect you can choose from a range of attractive term deposit accounts as well as our instant access MeMax Savings Account which offers 2 per cent interest per annum, paid monthly. For more information on all our savings options, go to https://www.medirect.com.mt/save/
The MeMax account is available in Euro and rate quoted is gross of tax, paid on a monthly basis and is compounded. Account holders can deposit up to €2,000 per month up to a maximum account balance of €50,000.
Term Deposit accounts can be opened with a minimum of €100 and deposit must be kept in the account for the duration of the term. Terms and Conditions apply and are available upon request.
MeDirect Bank (Malta) plc, company registration number C34125, is licensed by the Malta Financial Services Authority to undertake the business of banking in terms of the Banking Act (Cap. 371). The Bank is a participant in the Depositor Compensation Scheme established under the laws of Malta.