We've come to rely on our smartphones for everything from communication to financial management – they've become a key part of our day-to-day lives, and often help us organise those days more effectively. But could your smartphone actually save you money?
According to research from freelance marketplace PeoplePerHour, smartphones (and their on-demand apps) have helped consumers save up to 28.7 minutes per day – or more than seven full days each year – through things like online shopping and taxi hailing apps.
It's clear that smartphones, rather than being time drainers, actually have the power to fuel efficiency, with these handy devices transforming our habits and daily routines. For example, the research found that smartphones and tablets have turned the commute to work or business meetings into productive stretches of time – no longer is this "dead time", but it can be almost as productive as the meeting itself, allowing people to fulfil contracts, pitch for business or simply catch up on extra work.
Many people use smartphones for more day-to-day activities, too, with a key benefit being that there's often no longer the need to hail black cabs or pay in cash (a definite bonus for 57% of respondents), while 32% like the ability to find work on demand, and 26% benefit from the time saved by not having to physically go grocery shopping. The lack of queuing for restaurant tables was also cited as a benefit (22%), as was the ability to hire cleaners on demand (19%), highlighting how much people rely on their phones for everyday tasks.
Not only that, but 67% use an on-demand app at least once a day, while 48% used them twice and 11% admitted to using them over five times a day. A further 64% said they couldn't live without their on-demand apps, and many said their lives would be 'significantly more difficult' if they didn't have access to them.
But what if your smartphone could help you make cost savings as well as time savings? It's certainly possible! Just think of how often you hold up your phone to show a vendor a voucher or discount code – the convenience of smartphones makes the process of saving money far easier, and thanks to the lack of paper printouts, it's better for the environment, too.
And what about being able to compare prices on the go? There are plenty of apps out there that will allow you to scan a barcode and see if you can get the same item cheaper elsewhere, and that's before we even get to the likes of financial comparison. Given that so many of us rely on our phones, it makes sense that we should be able to compare things like savings accounts and energy tariffs quickly and easily, and our best buys can be a great place to start.
Combine the convenience of your smartphone with the features of our website and you could put your down time (or even commuter time) to even better use – what could be better than finding a cheaper insurance quote on your way to work? You could save a serious amount of cash before the work day even starts! So, start taking a closer look at your smartphone, and see if you can use it to save money as well as time.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.