Does technology help you save money or does it encourage you to spend more? Because you can use different websites and apps to compare prices and shop for deals it’s logical to think that technology will help you save money.
A recent survey conducted by the AICPA (Association of International Certified Professional Accountants) found that 95% of its survey respondents say they have used personal technology to make a purchase. Half of those respondents felt that using personal technology helps them better manage their time and save money because of being able to find special offers and compare prices.
However, Neal Stern, CPA and a member of the AICPA’s National CPA Financial Literacy Commission says that, “Personal electronics make you a constant target for marketing. Will that enticing email offering 30% off cause you to trade your money for one more item in the closet that you really don’t need?”
The National CPA Financial Literacy Commission offers tips for consumers about how to use personal technology, stay on budget and balance cost and convenience when making purchases:
- Keep yourself accountable-people who struggle with impulse purchases should use cash
- Create a budget and stick to it
- Check out the AICPA’s Feed the Pig website; it’s full of creative apps to help you stay on track with your budget
- Don’t store payment info on websites where you shop. The extra time and effort it takes to enter payment information when you shop can help curb impulse shopping
Source: 4 in 10 Americans say technology leads them to pay more for convenience by Samiha Khanna