While it’s tempting to invest in the latest technology, it’s not always necessary. If you need to replace your phone, laptop, TV or other electronic device, you can get a great device without breaking your budget. Here are some ways to save money on electronics so you can get what you need while meeting your financial goals.
1. Buy the previous model
Electronics brands want you to buy the latest gadgets because they make money when you do. But you don’t have to fall for their clever marketing tricks. Buying a previous model (or even a few models) might suit your needs and help you keep more money in your wallet.
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If you’re dealing with an accidentally damaged phone or laptop, you’re probably feeling stressed. When we rely on electronic devices in our daily professional and personal lives, not having them can be an adjustment, and in some cases, it may not be possible.
If money is tight and you need to replace your device, check to see if a close friend or family member has a spare device you can borrow until you can afford to buy a newer device. By doing this, you can get a functioning device without spending a lot of money right away.
When I get a new phone, I no longer trade my phone, I keep the previous model just in case, and I know if a friend or family member needs to use it, I’ll be happy to pass it on.
3. Buy Refurbished Models
You can save money on refurbished electronics. Many popular electronics brands and retailers sell refurbished devices at significantly lower prices than brand new models.
While these devices have been used before and may have minor cosmetic defects, they go through a thorough inspection process to ensure they are in good working order and ready to be sold again.
4. See if 0% APR financing is available
Many of us lack emergency funds or save for replacement equipment. Fortunately, some e-tailers offer 0% APR financing to help make buying new equipment more affordable. If you qualify for these plans, this can be a great way to split the cost of a new computer or phone without having to pay for it all at once.
Most of these financing offers are available to eligible customers for a limited time – so make sure you pay off your debt before the promotional financing ends to avoid paying interest.
5. Buy during the big sale
Many e-tailers are selling popular electronics at discounted prices during big sales. It can be beneficial to keep an eye on deals and promotions and time your purchases accordingly. Events like Black Friday and Prime Day make it easier for shoppers to save money on bulk items.
6. Get a 0% APR credit card
Another option is to apply for a 0% APR credit card. If approved, you can use the card to pay for your new device and spend time paying for the purchase. You’ll save money by avoiding interest charges.
Many people use 0% APR credit cards to pay for unexpected but necessary expensive purchases.
Again, pay attention to the terms of the promotion to ensure you pay off your debt in full before interest starts. You don’t want to pay more than necessary or risk falling into credit card debt.
The next time you find yourself shopping for electronics, consider whether you have options that will save you a few bucks while getting the product you want. Every time you save money on a purchase, it makes a difference and has a positive impact on your bank account balance.
If you want to change the way you spend and manage your money, you’re not alone. For other ways to save money, check out our personal finance resources.
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