Every day we are bombarded with adverts, emails and notifications from tech companies enticing us to spend our money. Many of these technologies claim to make our lives better, but in the process they can drain our finances. Studies have shown that the average person wastes $1000 (£755) per year on unnecessary tech purchases. Think you might have fallen victim to excessive tech spending? Here are some tips on how to start wasting less money on unnecessary tech.
Get off the upgrade treadmill
Are you the type of person that upgrades their smartphone every two years? Or worse – every year? You don’t need the latest model. Especially now that smartphone innovation is slowing down, resulting in less noticeable new features with each model. When exploring cheap mobile plans, consider SIM-only deals with existing devices. Unless your phone is damaged or having other issues, there’s no reason to upgrade to the latest model.
Avoid extended warranties
Many devices and appliances are sold with a limited warranty of a few months to a year. After this, you may be sold an extended warranty. This may only be a few quid per month, but it’s often not worthwhile in the long run – you’ll usually pay in a few months more than you would for a repair out of your own pocket, plus these extended warranties tend to have significant limitations, preventing you from claiming when you actually need them.
Shop for gadgets during the sales
It’s always a good idea to wait to buy new gadgets as prices can fluctuate. Consider purchasing gadgets during popular annual sales like Cyber Monday and the January Sales. Also look out for when new models come out – previous models will usually be discounted in the weeks leading up to the launch of a new model (Apple products are usually discounted through August and September).
Be aware of microtransactions
Apps that charge subscriptions per month and in-app purchases can quickly start to add up. A few quid here and there can quickly turn in £100 before you know it. Make an active effort to limit microtransaction purchases each month.
Assess energy-efficiency
An overlooked factor when buying new appliances is how much energy they use. Many modern appliances are pretty energy-efficient, but some are still more economical than others. With power-hungry appliances like washing machines, refrigerators and tumble dryers, a small difference in the energy rating could make a big difference to your bills. Be very careful when buying used appliances – you might spend less upfront, but potentially more in the long run in energy bills.
Prioritize function over brand status
Many of us want to be seen owning certain brands of gadget. But there are many cases where you can find alternatives from lesser known brands that are cheaper and just as high quality. Do your market research when looking for items like headphones, speakers, laptops and TVs – look beyond the most popular brands and read reviews to see what users say. By focusing on function over brand status, you could save hundreds of pounds per year.