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Does It Pay to Upgrade Your Technology?

Does It Pay to Upgrade Your Technology?If you are like most people, you use a variety of modern technologies on a daily basis. You almost certainly have a cell phone in your pocket right now, or at least you have one resting within arm’s reach. Also, you probably watch TV regularly, use a computer, and on and on.

Technology has exploded in recent years, and most of us spend the majority of our time using one type of device or another.

With all of that said, is it worth your money to upgrade your technology? There are always ‘latest and greatest’ products hitting the market, and it can be easy to get swept up in the excitement over something like a new phone or tablet. But are those purchases wise investments? Let’s take a look at some key points.

Think About Functionality

The first key here is to avoid getting caught up in things that don’t matter. The look of your phone, for example, is inconsequential at the end of the day. What does matter, however, is what that phone can do to improve your life.

If you are using an old phone which is well behind the times in terms of features and capabilities, it may be worth it to upgrade. On the other hand, if you just bought your phone last year and it still works just fine, there is probably no good reason to spend money on another.

What is the True Cost?

It may be possible to recover some of the expense of your new piece of technology by selling or trading in the piece that will be replaced. If that is possible, do a little math to determine how much it is actually going to cost you to buy a new device.

When you factor in the effective savings from the sale or trade-in of the old unit, the new purchase price may not look so bad.

Be Patient

One common mistake is to feel like you have to pre-order the latest device just to keep up with everyone else. That is not necessary, and it is only going to hurt your budget down the line. Instead, be patient and let a new device hit the market while you stand by.

Then, read some reviews and find out how people who did buy it are enjoying their experience. After a period of time goes by, you may still decide to buy it – or you might decide that life is just fine without it.

Either way, being patient will give you a chance to save some money in the short term. Plus, you may wind up realizing that this device isn’t so necessary after all.

 

How often do you upgrade your tech? Is it always worth it to upgrade?

 

Photo courtesy of: kaboompics

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John Schmoll is a Dad, husband and veteran of the financial services industry. He's passionate about helping people learn from his mistakes so that they can live lives free from the shackles of debt and empowered to make their money work for them. You can check out his other sites: Frugal Rules, for ways to improve your financial literacy; and Sprout Wealth for tips on different ways to make more money. John has been featured on Forbes, Lifehacker, Yahoo Finance and US News & World Report and more. If you're wanting to grow your blog, check out my blog coaching services to see how I can help you take your site to the next level.

One comment

  1. I save a lot of money by not buying the latest model of anything. Instead I buy one “version” behind, which tends to be deeply discounted whenever the newer one comes out. I’ve used this not only for technology but cars and appliances as well. Works great!

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