Published on February 15th, 2017 | by James Simpson0
How Much Money Should You Really Spend On All That Tech?
The right tech can be a great way to help you improve your finances. It can be used to track spending, organise your books, and even make some money. But for the average consumer, it represents a real risk of letting yourself get carried away with your purchases. If you’re worried you’ve been bit by the tech bug to the point of risking your finances, then keep reading. We’ll look at ways to get more aware of the costs you could skip and the deals that you could better make.
Review the deal
Nowadays, when it comes to buying a new piece of tech, you’re not just being the offered the equipment itself. Rather, you’re likely to be offered a service that comes with it. In most people’s’ experience, these services don’t get used enough to warrant the kind of costs associated with them. Particularly with extended warranties, you have to not only wonder how likely you are to make use of the services. You have to carefully consider how long they’re likely to last. Most tech is built with planned obsolescence in mind. They come with an expected expiry date that often goes just beyond the covered period of a warranty. It’s a good idea to look up people’s experience with the brand’s products, lifecycle wise, to see how likely any need for a warranty is going to be within the actual period of it.
Be willing to spend a little more time scanning the market
People buy and sell tech all the time. The hype might have you rushing directly to the manufacturer and big suppliers but the chances are that you’re missing on some exclusive deals. Many of these will be time sensitive or for a limited stock. Which is why it’s a good idea to build up your arsenal of deal spotting sites. Sites for mobile phone deals, computer components, console packages and more make it a lot easier to source the latest tech for less. You just have to be willing to hold back on the hype. The first deal you see is rarely the best you’re going to find.
Wait a bit
This is the most important lesson of all. Besides waiting for a better chance of spotting the kind of deals mentioned above, we all have to remember the sheer fact that depreciation plays a heavier role in tech than most other industries. A year can mean a huge leap in prices downward. When you consider the used market, you’re looking at even lower costs. Most importantly, we all need to learn a little bit of impulse control. Spend a week or two sleeping on the idea of any big tech purchase. Figure out how much use you’re really going to get out of it based on past experiences. It’s likely we all have a few lessons we’ve learned on when we’ve been burned by being a little too zealous on a new purchase. Now is the time to remember those lessons.
In today’s society, buying the latest iteration of that tech is a cost common enough to be worth a bit of extra thought. By learning more about what you’re buying and where you’re buying it from, it’s not too difficult to take better care of your finances.