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9 June 2020 | 4 min read

5 Awesome Tips to Save Money On Electronics

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Are you planning to purchase a brand-new MacBook or the latest smartphone? Big buying decisions, especially related to gadgets, are often foiled by poor planning, and saving skills. Whatever it is you are eyeing, the purchase would feel worthwhile if it doesn’t leave a dent in your savings. This is why stowing away money in advance and saving money for your dream gadgets is a good idea.

Moreover, given the current scenario with all the major e-commerce not delivering non-essential items, you have the perfect opportunity to save all the money you would otherwise have spent on shopping. We have compiled a list of other helpful tips to give you a head start to save the money for buying an expensive dream gadget.

1. Choose Your Loan Or EMIs Carefully

Choose Your Loans - Live More Zone

If you are in dire need of a new laptop or smartphone or any other gadget, taking a loan or swiping your credit card for EMI purposes might seem like the best option. However, financial experts recommend this as a wrong route. The interest charges will only pile up, and you will end up paying extra for the gadget. So what’s the best way out? We recommend you choose a loan that offers a competitive personal loan at an interest rate that remains unchanged throughout the tenure.

digibank Personal Loans comes with an array of attractive features, including the following.

  • Know your loan eligibility instantly – It’s quick and can be done in a couple of minutes
  • 100 percent digital and paperless application process – No physical document submission
  • Competitive personal loan interest rates – Interest rate remains unchanged throughout the tenure
  • Flexible loan tenures – From 12 months to 60 months
  • Easy & flexible loan repayment – Manage your loan from the app
  • Instant disbursal for pre-approved loans – Eligible digiSavings customer will receive a pre-approved offer

Moreover, when it comes to loans, there are two types. The right kind and the wrong kind! Loans for education, home, and business count as good loans because that is an investment that will give ROI in the future. Gadgets come under consumption, and they won’t yield returns; hence it is better to splurge on gadgets from saved money rather than borrowed money.

2. Avoid Retail Therapy

Avoid Retail Therapy  - Live More Zone

Retail therapy might give you a sense of fulfillment initially, but it doesn’t last longer than two-three days. The bill, however, stays! Instead, when it comes to relieving stress, indulge in inexpensive activities like exercise, baking, volunteering, or only a walk in the park. All this will help you relax better and last longer than tangible things where you will only splurge money.

3. Spend Money On Needs Not Wants

Spend Money - Live More Zone

The biggest reason why people are not saving these days is because of mindlessly splurging on things that are not needed. Right from clothes to outdoor dining twice in a week, all of this constitutes your ‘wants’ and not ‘needs’.

If you are serious about buying your dream gadget, make a budget journal and start jotting down where most of your money goes. Accordingly, set a fixed budget for each month and cut down on unnecessary expenses. That saved money can be directed towards your future dream gadget.

4. Create A Different Fund With A Target Amount And Timeline

Create A Different Fund -Live More Zone

If you are struggling with the concept of saving money, the best thing to do is to set up a short-term fund for your dream gadget. Ensure that a part of your salary/monthly income is automatically deducted on the first day of the month towards this fund. This is a good practice for people who are yet to control their spending urges.

Moreover, setting a timeline for this fund will enable you to actively deposit money in it and buy that gadget that you want.

5. Adopt Earn-Save-Spend Ideology

Adopt Earn And Save - Live More Zone

Coming to an essential part of financial saving is to adopt the ‘Earn-Save-Spend’ ideology for life. Most of us tend to start with the ‘Earn-Spend-Save’ frame of mind when we initially begin working. While that is fine in the beginning, this will not help you achieve your Financial Advice, let alone the money you want for your dream gadget.

Hence, slowly shift to the ‘Earn-Save-Spend’ ideology, and you will be able to save money not just for gadgets but for other major milestones as well.

In a time of social pandemic like COVID- 19, with incomes deducted and fluctuations in the salary for almost everyone, such saving habits come in handy. And with little to no spending apart from daily survival, you can start cultivating these habits right now. Look on the brighter side of the pandemic and hang in there.

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