How To Budget To Afford A New Phone

However, phones are not priced like most other basic necessities. A smartphone that serves the purposes you need it for can cost a thousand dollars or more.

Phone service providers offer payment plans which give you a phone along with a certain amount of call minutes and data. But if you already own a phone, you may be reluctant to add an extra expense to your budget. The problem is that this leads many people to hang onto old phones far longer than they should.

If you find yourself in a position in which you are using a phone that constantly dies, malfunctions, or is simply on the verge of falling apart, you need to replace it. Your phone is such a vital part of your life that you shouldn't wait until you have no other choice.

That said, you will have to find a way to fit a phone plan into your budget. Use the following tips.

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Add your device to your renters insurance

One of the associated costs when buying a new phone is insurance. However, most people have very little idea of what you need to know about mobile phone insurance and end up making bad decisions.

Mobile phone insurance is necessary, especially if you are on a payment plan. If your phone is stolen or lost and you are still paying it off, you will have to continue paying for it even as you buy a replacement. However, do not go for the insurance they offer you at the service provider.

Instead, do some research on what your renters or homeowners insurance includes. It should cover your possessions, with a few exceptions. If your electronic devices are not covered, you can add them to your plan for a much smaller fee than if you insured them with your network provider.

Sacrifice

This is the last thing anyone wants to do when budgeting. Sacrificing luxuries is not something that should be idealised. You deserve to enjoy life. However, there will be items on your budget that don't add all that much value to your life.

Maybe you eat out more often than you should and don't actually enjoy it. A phone plan can cost less than one meal out a month. If you start making coffee at home rather than buying a cup every morning, you could save enough to afford a better phone.

Don't compromise your quality of life. Rather, consider how a new phone will improve your quality of life more than the sacrifice of certain luxuries will harm it.

Find a side hustle

Finding a side hustle in 2022 is a good idea regardless of whether you need a new phone. Making extra income to make ends meet is the most obvious reason for this, but not the only one. Having a side hustle gives you further stability in a world that no longer makes as much sense as it used to.

We've seen how quickly the world can change and millions of jobs can be lost. Having alternative ways to make income gives you the ability to keep your head above water even if you lose your permanent job. People who were already working in the gig economy were better prepared for the impact of the pandemic on their work lives.

A side hustle also has the opportunity to become your primary source of income if you dedicate enough time to it. Many people start a side hustle because they recognize they can earn money doing something they love. When they see that it could be their primary income source, they start living a much more fulfilling life.

Start a side hustle to add to your income and you will not have to sacrifice in order to afford that new phone. In fact, you may end up with more room to spend rather than less.

The above tips will help you afford a new phone on a payment plan before you are in desperate straits. Don't wait until your phone dies when you need it most. Start budgeting and you can get the new phone you need.

David Pac

Update 31 January 2022