Every time a new smartphone is released, we feel the pressing need to own the shiny new toy. Unfortunately, these phones are pricey and getting your hands on these devices may be just like selling your soul to the tech devil.
If you want to buy a smartphone without feeling the guilt, read these suggestions to save money on your purchase:
1.Wait for the prices to drop
When the phones are released, they are launched with a skyrocket high price. Don’t buy the phone just then; Waiting for the prices to drop is one solid strategy. It’s not only a clever idea to save money but also allows the phone manufacturers to repair product-related glitches if any.
2.Choose your purchasing options
Whether you decide to purchase from a local mobile or online retailer, choose to pay for your mobile on EMI without a credit card. Avoiding the use of credit cards can save you money on interest.
There are many banks and online lending platforms offering mobile finance. You can either select a consumer durable loan or a personal line of credit. However, with a consumer durable loan, you would have to make a down payment and then repay the rest of the mobile cost on EMIs.
A personal line of credit allows you to purchase your mobile on instalments without the initial down payment. Thus, saving a lump sum of money for future use.
3.Shop around
Heading to the most obvious place probably isn’t the best place to buy your smartphone. The local mobile shop or smartphone provider may not be able to give you discounts that many online shopping websites offer.
Explore the vast range of mobile phones online and take advantage of the deals and discounts they offer. If you have the patience to wait, you can get a good bargain during their sale period.
4.Buy a pre-owned or refurbished smartphone
A used phone doesn’t necessarily mean a lesser quality of function. If it has been maintained well, there may be minor imperfections like a few minor scratches or dents, but it has plenty of quality life left.
If you ignore the stigma attached with used or refurbished phones, they’re actually a reliable and affordable option.
5.Sell or exchange your old phone
If you don’t need your old phone, sell it or trade it in. You might end up with extra cash that you can put towards buying your new smartphone.
It’s interesting to know that you may get more money if you are able to sell your phone instead of trading it in. However, selling a mobile phone is rather a hassle.
6.Buy the next-to-newest generation
You can save a lot of money by settling for a next-to-newest generation smartphone. For instance, if you currently own a Samsung S7 and the latest to hit the market is Samsung Galaxy S9, settle for Samsung Galaxy S8, which has similar features but a shrinking price tag.
Author bio:
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at shiv@moneytap.com.
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