Business Management

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

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Who knew that smartphones and smart gadgets would become so important one day? According to this source here, it has been almost exactly ten years since the first smart device, the iPhone, was released. Since then there have been many more releases of the iPhone, as well as competitors like the Google Pixel and Samsung Galaxy. We also have iPads, smartwatches, and more. What was once just a strange and new tech is now something we can rarely go without.

To think that we can be so serious about giving up on months of savings to get hold of the latest smartphone model. It sounds a little crazy but for many people it’s true. 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 with the next model. 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. 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 shiny 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.

Go on a vacation

Investing £500 to take a digital detox vacation rather than succumbing to the allure of a flashy gadget promises a transformative experience. By disconnecting from the constant digital buzz, individuals can reconnect with themselves and their surroundings. A serene retreat away from screens fosters mental clarity, reduced stress, and a heightened sense of well-being. The investment in a gadget might bring momentary satisfaction, but the digital detox vacation offers lasting benefits, including improved focus, enhanced creativity, and strengthened relationships with others. Embracing nature or engaging in mindful activities during the break cultivates a sense of mindfulness and a fresh perspective on life. In the end, the memories and personal growth attained through a digital detox experience far outweigh the fleeting excitement a material possession can provide, making it a wise and enriching use of funds.

Get a time deposit

Your money could be worth much more than 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.