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6 Innovative Apple Watch Features that Can Save You Money

By Douglas Ehrman

While the smartwatch is not new, Apple (AAPL) is known for taking an existing concept and turning it into the next must-have consumer electronics product. The Apple Watch is no exception.

Apple has made clear it wants to reinvent the entire watch segment. The Apple Watch’s release date is April 24, and it is expected to redefine the way you interact with technology. In fact, CNET reports that the tiny screen has already impacted how app developers are approaching new apps.

But aside from its sheer appeal and despite its cost — the Apple Watch’s price ranges from $549 to $1,099 — the device could help save you money. Below are six potential and confirmed Apple Watch features that could help you cut costs in your day-to-day activities.

Current Apple Watch Features that Save You Money

Apple Pay

One of the biggest concerns that consumers have in adopting a mobile payment system like Apple Pay is the risk of thieves stealing personal and financial data. This concern is not without merit, especially considering that shortly after the introduction of Apple Pay, thieves found an exploitable loophole that allowed stolen credit card information to be used in brick-and-mortar retail stores.

Still, using Apple Pay on your Apple Watch could be safer than carrying around plastic credit accords. According to MarketWatch, the Apple Watch has sensors that can tell when the watch is on your wrist and when it has been removed. If you take off the smartwatch or if it is stolen, the sensors will lock Apple Pay and prohibit anyone who doesn’t have the passcode from using it.

Ultimately, you’ll have to decide for yourself if you believe you can protect your finances better with the Apple Watch’s mobile payment service.

Mobile Banking Apps

An easy way to save money is to make spending decisions that fit within your budget. Even with the rising popularity of online and mobile banking, you might not be taking the time to examine your finances before spending money.

If you download your bank or credit union’s mobile app on your Apple Watch when or if it becomes available, you could easily check your balance before making a purchase you can’t afford. For example, with the Citi Mobile Lite app for the Apple Watch, you will be able to check your balances, view your transactions and get alerts when your credit card has been used.

PayByPhone Parking

The adoption of electronic parking management is accelerating around the country, especially in major U.S. cities. PayByPhone Parking, for example, is an easy, money-saving Apple Watch feature that can help you avoid costly parking tickets. It will remind you when your parking time is close to elapsing, and you can also add more time to the meter so you don’t have to go back to your car.

Apple Watch Features that Don't Exist Yet

Comparison Shopping Apps

The idea of using an app to allow you to easily compare prices between different retailers is not a new one. For example, smartphone shopping apps such as Amazon Price Check can save you money by letting you check to see if an Amazon retailer is offering an item at a better price. If this functionality is moved to your wrist, however, you might be more likely to use these types of apps more often. As a result, you could end up saving more during your shopping excursions.

Health Data Tracking

The idea to use fitness trackers and biometrics to collect health care data is in its infancy. With that in mind, Reuters reported in February that at least 14 hospitals have launched (or are in talks to launch) Apple’s HealthKit service, which could potentially allow doctors to monitor patients’ health and detect issues early. If this service is implemented in the Apple Watch, it could help you save money by keeping you out of the hospital. After all, the earlier you address a developing condition, the less it can cost you in medical bills in the long run.

Active Spending Warnings

While not yet an integrated feature, the Apple Watch’s ability to give you a “gentle tap” as a notification opens several spending control possibilities. It is not hard to imagine, for example, an Apple Watch feature that gives you a tap when a purchase you are about to make will either cause an overdraft or take you outside pre-set budget guidelines.

For example, Australian app Pocketbook for the Apple Watch is reportedly coming soon. This app will alert you when your bill payments are late, when you face a late fee and when you overspend.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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