I started tech budgeting and you should do it too – The Indian Express

Before going to bed one-night last month, I got a text message: “You have spent Rs 459 via debit card at Amazon.” I read the message and slept. Later, in the morning, when I woke up I read the message again and wondered why Rs 459 was charged to my debit card. I then checked the Amazon app and realised I forgot to turn off auto-renewal. Rs 459 is not a huge sum but it pinched me a lot when …….

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Before going to bed one-night last month, I got a text message: “You have spent Rs 459 via debit card at Amazon.” I read the message and slept. Later, in the morning, when I woke up I read the message again and wondered why Rs 459 was charged to my debit card. I then checked the Amazon app and realised I forgot to turn off auto-renewal. Rs 459 is not a huge sum but it pinched me a lot when the money was deducted from my account for a service I no longer use. That day I realised I need to seriously understand my monthly expenses better, especially the amount spent on services and apps. I am not trying to be a personal finance expert but I want to share my experience and a few tips you can apply to better manage your tech budget.

Understand where your money is going 

Whether you are a student or a working professional, start paying attention to the basic fundamental components of financial literacy. Nobody will tell you what is more important: a coffee at a cafe or paying the EMI of your smartphone before the due date? The point is to understand the benefits of financial literacy so that you know where your money is going. Every penny matters. Until a few months back, I was randomly purchasing vintage gadgets on OLX and because of that, I messed up my finances. I still buy vintage gadgets but now I look at my bank balance and review my spending before buying anything new.

Disney Hotstar Plus offers three tiers and each plan costs more than the other. (Image credit: Disney)

Allocating monthly budget for streaming services 

About a month back, I logged into my savings account and started calculating the money I spent on subscriptions. To put it simply, it was a shock, especially the fact that there were so many monthly subscriptions I had forgotten about. It is easy to subscribe to subscription services, but hard to keep using them or to keep a tab of what you are spending on these.

First, let me tell you how many subscription services I have subscribed to:

Apple Music

Netflix

Amazon Prime

PlayStation Plus

Google Doc

Alt Balaji

Zee5

Xbox Game Pass

Disney Hotstar Plus

Apple TV Plus

Here’s what I did to cut down on my expenses on streaming and subscription services.

Identify the services you can cancel 

Sit down on the weekend and figure out which services to keep and which ones to cancel. For example, …….

Source: https://indianexpress.com/article/technology/opinion-technology/i-started-tech-budgeting-and-you-should-do-it-too-7918053/

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