Best ways to save money for the latest mobile phone

For fashionable people, having the latest gadgetry is almost as important as wearing the latest fashions. However, most top of the line mobile phones cost well around $200 which puts most of them well out of reach for most teens, young adults and people without a sizable disposable income. Here are some easy ways to accumulate funds for people who want to own the latest mobile phones without selling their organs or resorting to highway robbery.

iPhone 4 S

1. Have a target figure in mind

Like with any kind of saving, accumulating money for the latest mobile phone requires a careful analysis of available models, desired features and the price point etc. are important considerations when saving up for a high end cellphone. Before embarking on a saving mission, know the exact price of the cellphone you want. This will help you streamline your savings in a better way.

2. Account for accessories

When saving up for the purchase of a cellphone, always account for the price of accessories that you would want to get with it. Some manufacturers don’t bundle essentials like earphones, USB cables, etc. with cellphones so you should add the price of these when saving up for a cellphone.

3. Piggy banks

Old fashioned piggy banks are one of the best ways to save up for a new gadget. Set a target amount that you would like to save up and break it down into smaller chunks that you can definitely save each week and put it away in the piggy bank. Opt for an earthen or porcelain piggy bank that doesn’t come with a lock and needs to be broken to access the cash in it. This will hello you resist the temptation to take out some money when you’re in a bind.

4. Personal loans

Personal loans are a great way to get funds for the latest cellphones. Since most top of the line models cost enough to dissuade people from spending a whole week’s or month’s salary on it yet aren’t completely out of reach, apply for a personal loan. Remember to account for the monthly installments and interest that you would need to pay to the bank and get a loan that only covers the cost of your cellphone, accessories and contact and avoid the temptation to use the loan for a shopping spree.

5. Pack a snack and carry water/coffee

An easy way to save money for coveted items like cellphones is to downsize one’s routine spendings. Apart from basic money-saving ideas like cutting down on shopping, you can also reduce your daily spending by carrying your own bottled water and homemade snacks and coffee instead of spending on the purchase of these while you’re away from home.

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