I started budgeting for technology, and you should too.

Aims to better understand how much money you spend on services and apps . Set a fixed price for how much money you want to spend on streaming services .

I received a text message from Amazon last month that said I had paid Rs 459 per debit card before going to bed one night.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 opened the Amazon app and realized I had mistakenly turned off auto-renewal.

That day, I realized I needed to better understand my monthly expenses, particularly the amount spent on services and apps.I'm not trying to be a personal finance specialist, but I want to share my experience with you and a few tips for better managing your tech budget.If you're a student or a working professional, pay attention to the main components of financial literacy.No one will tell you what is more important than a cup of coffee at a cafe or paying your EMI of your smartphone before the due date.

Every penny counts.Certainly.I was prone to buying old gadgets on occasion, and because of this, I messed up my finances.I still buy antique items, but now I look at my bank balance and look at my spending before purchasing anything new.

It was a shock, especially because of the fact that there were so many monthly subscriptions that I had forgotten about.It is easy to sign up for subscription services, but it is difficult to continue using them or keeping track of how much money you are expending on them.First, let me tell you how many subscription services I've used: MusicNetflixAmazon PrimePlayStation Plus DocAlt BalajiZee5Xbox Game PassDisney Hotstar PlusApple TV PlusHere's what I did to cut down on subscription fees over the weekend.For example, if you've subscribed to Netflix and haven't been watching any shows that interest you lately, simply cancel it.It can cost you Rs 499 a month to buy this service.

Since you don't have cable at home, the great thing about these services is that you can return to a website anytime and re-watch it as there's a show coming that is interesting enough.I know people whose only entertainment option is Netflix or Amazon Prime.I would encourage them to choose the basic, non-premium subscription option and save some money.For a mobile-only subscription, Netflix charges Rs 149.If your viewing is limited to desktop, opting for that plan makes a lot of money sense.

Like Disney Hotstar Plus, there are three levels, each of which costs more than the other.If you don't have a 4K TV at home, the Rs 1,499 annual plan is pointless, but four people can log in with the same account and watch content ad-free.Choose a bundle that fits a variety of services under one roof.I don't know if you've heard of Apple One, a subscription service that bundles Apples' premium services offerings, such as Apple Music and Apple Arcade, at a discount.

I was paying for Apple Music and Apple Arcade separately before, and both services cost more than Rs 200 per month.Severance on Apple TV Plus is another reason to go for Apple One, a show that I am currently addicted to.Tip: Be aware of the free subscription plans that come with Apple One.Reliance Jio, Airtel, and Vi (previously Vodafone) have prepaid and postpaid plans with a free subscription to streaming services.This was perhaps the greatest lesson I've learnt in the last decade.

Heres how to do it.A fixed price for streaming services: Set a time limit for how much money you want to spend on streaming and subscription services.Using the 502030 formula of budgeting is a straightforward way to divide it.You are basically divide your income into three parts: 50% goes to basic needs (housing, groceries, etc), 20% to savings (and debt repayment), and 30% to personal use (eating out, streaming services, etc).If it works, a monthly budget will give you a lot of flexibility.

The biggest thing for me is to get in the habit of knowing how much money I have to spend each month.Keep track of your money: Make notes on paper, keep a journal, or use budgeting apps.You need to learn how to make better financial decisions, and that can be done too quickly.Categorize your expenses by budget: For a new iPhone 13, I may be paying a little more in monthly installments than I did with PlayStation Plus.I have the ability to cancel my PlayStation Plus subscription any day, but you don't have the ability to skip the monthly installment and pay it later.Leave space for creativity in your budget: I've seen people who set a monthly budget with great enthusiasm but are unable to stick to it when their income is poor.This is the cruel truth.

You know you're going to Dharamshala, so your technology spending must be structured accordingly.Can I reduce my premium subscription to Spotify for three months and instead invest the money on renting a bike?Be aware that your income or spending varies on a monthly basis.You don't have to cut corners on everything; it's all about setting goals in life.