Business Management

What to do with 500 Pounds Instead of Buying That Flashy New Gadget



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Who knew that smartphones and gadgets would become so important one day that we will think about giving up on months of savings to get hold of them? The truth is that gadgets these days are designed to grow old within a year, so you can buy something flashier the next year. If you are looking forward to buying the best smartphone on the market, you could easily shell out 300 to 500 pounds at once, only to get it replaced within 12 months. Don’t you think you are spending too much on these gadgets and too little on making yourself financially free? If yes, then read this post to the end.

Gadgets are not durable anymore

One of the reasons why you would want to replace your device every year is because these gadgets are not designed to last for too long. They are no more pure hardware products anymore. What matters is the software that can be updated on a regular basis, making a perfectly working device appear old and sluggish with frequent updates.

Psychological factors matter more

Most devices will come with an upgraded version- a larger screen, better pixel density, better processing power and more RAM every year. Some companies are also known to deliberately slow down their older versions as soon as the upgrade comes in because they want their sales to jump. You don’t realize but the upgrade is nothing more than a shinier new phone on many occasions. Your world wouldn’t change if you bought it.

To be able to get out of this trap, you need to know that a phone you bought today will likely be good for another 2 years or even more if taken care of properly. You will not be giving up on anything ground-breaking by avoiding a new purchase for the next three years. Therefore, it will be worthwhile to avoid falling into marketing traps and save your money for something more useful. Here is what you can do with that money instead.

Get a time deposit

Your money could be worth much more 2 years from now if you delay your gratification today. Instead of replacing a new phone that you bought just a few months ago, create a time deposit/fixed deposit for this money. It will give you a great return and help you in keeping some cash ready for an emergency as well. Remember, in the case of a financial emergency, your phone won’t fetch you much but ready cash in your bank account will be a savior. A service like Lucky Loans will also be incredibly useful in desperate times.

Pay your pending bills

If you are under some financial stress already, then avoid buying the phone and pay your pending bills. It will help you in getting some peace of mind and raise your credit score. Though you won’t have money or a brand-new smartphone after doing this, you will definitely feel better because you just paid your debt.

Don’t let marketing gimmicks land your finances in an endless sinkhole. Take control of your finances now.