5 Tips for Saving Money on Technology

by Miranda Marquit · 1 comment

Whenever my husband and I buy technology, we consider how much it costs to purchase something that will be replaced rather quickly. It’s a lot of money to spend. You can save by looking online, but you need to be careful, and, even then, technology can get expensive.

One thing my husband and I have discovered, though, is that we can actually live with last year’s models on most technology items. Sometimes frugal living is about patience. We don’t need everything the minute it comes out. There are also some other considerations that can help when buying technology and electronics. Here are 5 tips that can help you save money on technology:

1. Wait for Version Two

There were plenty of upset iPhone users back in the day when they were paying top dollar for a brand new phone. A few months later, though, when the second version come out, the price dropped. We got more bang for our buck by putting up with the PlayStation 2 for an extra six months and getting more gigs for less when we bought our PlayStation 3. Unless you must have something as soon as it comes out as a status thing, there really is no reason to spend extra money for a version that may not even have the bugs out.

2. Buy Last Year’s Model

Whenever we buy new computers, we buy last year’s model. We find out when the store is getting in the new models. The day after the brand new machines come in, we go in and buy a discount computer that the store is anxious to get rid of. It worked when we bought our flat screen TV, as well. We don’t do anything that requires up-to-the-minute technology, so we are perfectly happy with last year’s model.

3. Consider Refurbished Electronics

You do need to be careful about refurbished electronics and technology, but such items an be a good deal in some cases. You need to make sure you are buying from someone you trust in order to minimize the risks that can come with buying faulty refurbished technology. Open box items, floor models, and some returns can also be acceptable — and inexpensive — options.

4. Avoid Add-Ons

Technology items often come with add-ons and accessories. Avoid buying them all at once, and at the same retailer. Also, be wary of expensive add-ons that don’t actually provided added value or a significant increase in performance. In many cases, you can find what you need to complement your technology over the Internet. One really good example is the HDMI cable. You pay way too much when you buy these cables at a brick and mortar store. Go to newegg.com and you can find many technology accessories for less. We’ve been very happy with the $7 HDMI cable we got online a couple of years ago.

5. Know When to Buy

Just like all other consumer goods, technology and electronics go in cycles. They go on sale at certain times.  A number of tech related items are seasonally discounted in April, and you can get a great deal on all things electronic if you are willing to brave Black Friday, or buy quite early in the holiday shopping seasons. Learn the sale cycles, and buy your technology when it is likely to be on sale.

Bonus Tip:

Did you know that you can save money with Netflix? Even if you don't plan on using the service, you should at least sign up for the Netflix free trial here to get some free movies for a month.

{ 1 comment… read it below or add one }

jimmy41687 June 26, 2010 at 2:31 am

Well thats the truth most of the people like to buy things quickly without second thought but after few month they got the upgrade version of the thing well they just have to bear with it.

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