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Home Advice & Tips

Planning to buy an Apple iPhone 14 in the festive season? Do not make these financial mistakes

by Staff
August 24, 2022
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Mumbai: Apple iPhone 14 is set to launch in September. And the hoopla around Apple’s latest product line-up is beginning to overshadow everyday conversations. But how prudent is it to shell out 1,00,000 rupees or more on a smartphone if your yearly income is less than 10,00,000 rupees a year? Here are three tips to help you emerge out of festive season without staring at bankruptcy!

“I will surely buy an iPhone 14 this year even if I have to eat vada pavs for breakfast, lunch and dinner for the next 6 months.”

“The joy of owning an iPhone cannot be described in words. It makes you feel special. I know it’s out of my budget but then festive season is all about shopping, no?”

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“My girlfriend’s father gifted her an iPhone 13 last year. She insists I must also switch to an iPhone so we could FaceTime. I was hoping to purchase an entry-level bike around Diwali but it will have to wait for another year.”

“No doubt an iPhone is an iPhone. But why should I buy an old model? I have already applied for a credit card and will purchase an iPhone 14 the day it hits Indian markets. My father had taken out an education loan for me and I can always defer repayment. He is my father.”

All the four working women and men I spoke to are aged between 25 and 27 years, earn between 5,00,000 and 8,00,000 rupees a year and spend about 40% of their take-home salary on housing and transport. Food accounts for another major expense and all four contribute tiny amounts to SIPs apart from the basic monthly PF contribution.

All four say the last week of the month is super difficult but they have come to terms with the harsh realities of life. However, record-high inflation and sky-rocketing expenses have not dampened their desire to own an iPhone. All four are willing to splurge in the upcoming festive season, even if that means taking on considerable debt or delaying essential purchases.

Here are three tips that will help you retain your smile long after festival season:

Festive season should not makeyou a pauper

It’s important for young adults to accept transition and embrace responsibilities in order to avoid financial jolts later in life. Do not expect your parents to gift you expensive bikes or smartphones on Diwali. At the same time, there is no reason to feel guilty if you are unable to purchase a silk saree for your mother or a Rolex for your father. Take a deep breath and set aside a reasonable budget for gifting or indulging yourself. This will shield you from impulsive or last-minute shopping. Also, do not be tempted by deep discounts or deals on products that will be of little use to you. Stick to your budget and make a list before stepping out shopping or taking out that smartphone for online shopping.

Carefully choose financing options

Buy Now Pay Later. Credit Cards. Digital loans. There are multiple options to finance your purchase but every financial product has a significant cost attached to it. Carefully analyse interest rates and repayment tenure and try to research the best financing deals available to you. Select an option that will have a negligible effect on your wallet while you repay.

Do not stop investments

Financial discipline does not come easily. Many young adults make the mistake of stopping monthly investments to meet short-term needs. However, in the long run, a few missed investment opportunities can considerably delay your long-term financial goals. Make the most of your SIPs.

And as for that iPhone 14, it is a personal decision but do remember to do a cost-benefit analysis before shelling out big money.

Credit: Source link

Tags: ApplebuyfestivefinancialiPhoneMistakesPlanningseason
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