Stay money savvy online

Be smart around the cost of tech and connection

IT’S official – we have become a digitally savvy nation. We’ve embraced connectivity as an integral part of our lives, and it’s completely transformed the way we absorb news, connect with our friends, families and community, get entertained and spend money.

But what’s the cost? According to the new Suncorp Cost of Being Digitally Savvy report, the average person spends $2465 on technology and digital devices every year – and the cost increases for families (with children under 18) – who spend $3000 per household.

Given the expense, it’s no surprise we’re spending fourfive hours online every day, which adds up to more than 1645 hours (or 68 full days) every year.

While this may be a confronting total, it’s understandable when more and more people are going online to manage their everyday activities.

Technology hasn’t only given us access to more services and experiences, it’s made the mundane and boring administrative tasks simple.

And given the significant role it now plays in our lives, it’s become a household expense we should look at as an essential part of our budgets.

While technology prices are always going down, the breadth of services and solutions continue to increase.

Ten years ago, we couldn’t have predicted the products and programs we have access to today – TV streaming, AI, home assistants – and as technologies continue to evolve we will continue to be introduced to new online experiences.

Like any other expense, it’s important we keep track of how much we’re spending, especially when it comes to apps and data which can easily increase given the ease of spend and accessibility – all the small expenses add up.

Also, if you find yourself consistently exceeding your data limit, overestimating your data usage may be the smart play.

Paying for data you don’t use is often cheaper than paying for even a few megabytes of extra data. It’s also worth looking for simple ways to limit usage. Uninstall any apps you no longer use, switch off auto play on videos, turn off location roaming and keep an eye on how you’re tracking with your usage.

It’s also important to be mindful of the additional costs that come with a big-ticket item. For example, a new laptop needs protection, software, data, subscriptions, accessories, the list goes on.

Finally, be strong when it comes to new technology. It’s likely your current phone will do pretty much do everything your new version will.

But with everything, it’s about finding a budget that works best for you and allows you to maximise the benefit of being online, without getting in the way of real life activities