Like a lot of you guys, I've always tried to look for ways to either automate or digitize various aspects of life. Millennials catch a lot of grief about it from older generations – but to me, leveraging the internet to make life easier is just…smart.
Technology isn't evil, and our generation gets that more than any other before it. I make more money from my computer than I EVER did as a band director, and it's really not even close.
The cool thing is that banks like Capital One are starting to catch on to the trend. Whatever you think about the financial sector – you have to admit it's pretty freaking awesome that they are making the shift from catering to Baby Boomers right now.
They are really starting to focus on the NEXT group of people that are going to make a ton of money (us). 🙂
Here are some ways to save time and money by digitizing:
Cut. The. Cord. (Please)
According to the FCC, cable prices have risen 5.9% a year since 1995!
If you're still paying for cable, I REALLY suggest that you think about dumping it. There are so many streaming options out there right now, and they are only going to get better as competition for millennials increases.
My wife and I haven't had cable in years. We currently use a mix of Netflix and a digital antennae, and we LOVE it! According to a survey by the Leichtman Survey Group, the average monthly cable bill is $99, but a year long subscription of a streaming service is about the same price.
It's time to bail from cable…like last year.
Trade in your old technology for $$$
This is a killer tip from Katie Linendoll (she's a digital lifestyle expert, and yes that's a thing haha). There are a bunch of online services now that will either buy or help you sell items like your old phones or laptops and actually pay well.
Here's a video Katie recently did on digitizing your financial life:
I used one of these to sell my last iPhone (no blown up faces here!), and I was really impressed with the whole process. You put in the information about what you're selling, someone sees it on the site and buys it, and the service sends you a box to ship directly to the buyer.
Definitely a good way to make some extra cash if you have some old stuff laying around that needs to go away.
Track your money online
I have plenty of baby boomers that hang out on this site – and I KNOW that putting anything online that's financially related is a little scary for them! I even have a boomer friend that won't look at his stocks through his phone because he wants a “secure” internet connection. 🙂
The reality is that online money tracking tools are becoming increasingly popular, and banks are moving towards that format with their mobile apps and banking interfaces.
Here are a few things Capital One does that I really like:
• You can schedule automatic payments with features like Capital One’s Online Bill Pay. Definitely a good idea to make sure your bills get paid haha!
• Capital One personalized account alerts can show you all of your banking activity.
• Mobile Check Deposit lets you deposit checks from your phone (I deposit checks like this all the time for my business – so much faster than going to the bank)!
• Capital One Enhanced Transactions gives you a full snapshot of transaction details, like purchases, ATM withdrawals, merchant names/logos and a bunch more. Plus, an easy-to-read pie chart lets you look at all of the categories where you’re spending your $$$. Seeing it all in once place might make you reconsider splurging!
Automate your saving
It's easy to get caught up in all the talk on sites like mine about what to invest in and how to pay off debt, but the root of all of it is really figuring out how to save. Some people (like me) hate writing down a budget on paper or even using excel spreadsheets.
If you're more comfortable with technology, why not use it to your advantage and automate your savings?
*Just a little shout out to my fellow Houston people – we are actually ranked 4th on GoBankingRate.com's “best cities for saving money” list!*
At the end of the day, it's about comfort.
I've always believed that people can be successful with money if they figure out how they'll interact best with it. If you still prefer balancing your checkbook by hand and stuffing money in your mattress, cool. If technology is your thing, you're definitely in luck.
The financial sector is at the tip of the iceberg when it comes to optimizing their services for us. It's going to be VERY interesting to see how it evolves over the coming years and effects millennials.
Live differently. Your bank accounts will thank me later. ~M$M
This post is sponsored by Capital One. All opinions are my own and were not directed by Capital One.