How to save money to buy a phone

How to save money to buy a phone

In our current time, having a phone is no longer a luxury but a major necessity. The need for mobile phones has become imperative in almost every of live including education, health, communication, marketing/work, entertainment, and many other fields. The cost of purchasing a smartphone ranges from 35,000–1.5 million naira($50–$800), depending on your pick.   

Given the cost implication for owning a necessary gadget like this, the need to save and have an effective system of doing so is key when it comes to buying a phone. This article will help you set up and stick to a savings plan to purchase your dream mobile, as well as guide you in choosing the right phone for your needs.

Is it better or cheaper to buy a phone?

Buying a new phone is a great idea because you get to enjoy the best of everything a smartphone has to offer. These include benefits such as increased functionality in terms of the phone’s overall performance. You also get an updated software version to enjoy the latest capabilities in these machines. Most new smartphones come with 5g connectivity and speed.  

On the question of if it is cheaper to buy a new phone? It depends on the state of your current phone, but there are a few things you can do to revive the life of your current phone. 

These can be to: 

  • Update the operating system: Updated operating systems contain feature upgrades, bug fixes, and security updates. For most phones, you can update your phone operating system by following these steps:
  1. Open your phone’s settings app.
  2. Tap system. Software update.
  3. You will find your update status. Follow the step on the screen to upgrade if needed. 
  • Change the battery: Your phone’s battery capacity decreases to 60% of its max capacity after 3-4 years of usage. Changing the battery can decrease the number of times you will need to charge your phone, hence increasing your satisfaction using it.  
  • Get a new screen: it may sound funny but if a phone census is to be carried out in just a locality, you will find at least a hundred phones that its screen has become a literal weapon. A scratched phone screen can impair its scroll and touch functionality, diminishing both the device’s effectiveness and your user experience.
  • Increase the phone storage storage space: We all love to store those videos, images from both the internet and our loved ones, adding extra space to your phone can give you that needed life of ease that makes your phone worth using again. You can also increase your phone storage space by deleting old files, clearing your cache storage, or moving your files to a microSD card. 

If the above-stated steps didn’t solve the problem, then you aren’t using your phone to its full potential, neither are you having a great time using it, so you should definitely get a new phone. 

You can follow the steps below to save money to get a new phone in no time. 

Two men observing a phone on a showroom

How to save money to buy a phone  

  1. Set a savings goal: 

Determine the price of the phone you want and set it as your savings goal. 

Break down the total cost into smaller achievable amounts you can save monthly. A fintech app like the Sycamore NG’ can help you do this with its Target Contribution product. 

  1. Create a budget:

When creating a budget you should calculate your net income (ie how much you earn in a month).

From your net income create a realistic budget by mapping out achievable amounts you can save each month.

  1. Automate your savings:

It is advisable to open an account solely for the savings plan. You can then set an automatic transfer to move a decided portion of your income to the savings account. This will help you to save without thinking about it. Again, the Target Contribution savings product from Sycamore NG can help you achieve this easily.  

5.  Find additional source of income:

You should consider taking up a side job or hustle to boost your income to be able to put aside more money towards reaching your phone buying savings goal. 

6. Use Cashback and reward programs: 

Cashback refers to a credit card benefit that refunds the cardholder’s account a small percentage of the sum spent on purchases and bills. Make purchases using 

Cashback apps or reward programs to earn points that you can redeem for money or discounts. This extra income can be channeled towards saving to buy a phone. 

Pro tip: Sycamore NG offers a 3% cashback on all bills paid for with its app if you are saving towards any financial goal using the app. 

7. Keep track of your progress:

Monitor your savings regularly to stay motivated. Make adjustments on your budget or savings plan as your income increases to stay on course.  

8. Be patient and persistent: 

During your savings journey resist every temptation to spend the money you have saved so far. Patiently build your savings and celebrate every milestone reached to stay motivated.  

Target Contribution to reach your financial goals

Where to save money to buy a new phone

Traditional banks May come to your mind when thinking of where to save money to buy a phone, but fintech savings app are better suited for this. The best savings app that helps people save money towards reaching a target, such as buying a phone, is Sycamore NG. 

With its Target Contribution product, you can set money aside at intervals such as daily, weekly, or monthly and automate this process to help you remain consistent without any effort. They also offer a flexible plan where you can put an amount aside towards reaching your goal at your pace – whenever you choose. 

Other Ways to Save Money on Buying a Phone  

Saving money to buy a phone is not just about gathering the money towards getting a new phone. It is also about finding ways to ensure you spend less on it. Here are several other strategies that can make purchasing your dream phone more affordable: 

  1. Trade in your old phone: Many retailers and carriers offer trade-in programs that allow you to exchange your old phone for a discount on a new one. This can significantly reduce the cost of your new device.
  1. Buy a refurbished or second-hand phone: Purchasing a refurbished phone can be a cost-effective alternative to buying a brand-new device. Ensure that the refurbished phone comes with a warranty and has been tested for quality and performance. 
  1. Pay in monthly installments: Many carriers and retailers offer payment plans that allow you to pay for your phone in manageable monthly installments. This can help you spread out the cost over time. 
  1. Go for a mid-range phone or older models: Consider purchasing a mid-range phone or a slightly older model. These phones often have many of the same features as high-end devices but at a more affordable price. 
  1. Cut down on other expenses while saving: Analyze your monthly budget and find areas where you can cut back on spending. Redirect those savings towards your phone fund to reach your goal more quickly. 

Now that you have seen the steps it take to get the money you need to buy a new phone, it is necessary to know the type of phone you need and what to look out for when choosing a new phone.   

Choosing the right smartphone

It is important to understand the kind of phone you need to buy. To choose the right phone, you need to consider these:  

  • Usage: Determine how and what you will be using the phone for. Will its purpose mainly be for calls and texts, or do you need high-end features for gaming, photography, video editing, internet browsing, and so on? 
  • Performance: Mobile performance refers to the non-functional quality attributes of a mobile app related to how well it behaves and how it uses the resources available in the device it runs. So you should consider the phone processor and RAM if you want a phone that can multitask and handle high-demanding apps and tasks.
  • Display quality: If you plan to make and watch videos, take pictures, or play games, then you should opt for a higher-resolution display. 
  • Consider storage:

There are two options to consider when it comes to phone storage , which are:

Internal storage: Decide on how much internal storage you need. You should also know that more storage often means a higher price tag. So you should choose according to your budget as you might not need as much storage as you think.

External storage: If you are unsure of the phone’s storage then you should consider a phone with an expandable storage option like a microSD card slot.

  • Evaluate camera:

The camera capability checks should be on:

Photography needs: If you take a lot of pictures or videos, pay attention to camera quality including lens type, megapixels and special features like night mode, zoom, etc.

From camera: For selfies and video calls, the quality of the front camera is also important.

  • Battery life:

Consider the battery capacity if you spend a lot of time on your phone, then you should look for a phone with a larger battery capacity. 

  • Connectivity and features:

For a stronger mobile connectivity, you should opt for a phone with 4G or 5G support. 

Other features like NFC, water resistance or stereo speakers may enhance your experience, but can also add to the cost. 

  • Compare different brands: Here you should consider two things: 

Brand reputation: Different brands may offer similar features at different price points. Most lesser-known brands offer great mobile feautures at a much lower cost. 

Customer reviews: Read customer reviews to get insights into real-world performance and potential issues.  

In summary, with careful planning and smart saving strategies, you can make the process of purchasing a phone more manageable. Stay focused and persistent in your savings journey, and you’ll soon have your dream phone in your hands.   

Share this post:

Related Posts

Skip to content