Buying the latest version of the iPhone can be an expensive affair. However, with a well-thought-out savings plan, you can make the purchase more affordable.
Here you will be provided with a roadmap to save up for purchasing an iPhone, along with strategies for both EMI and lump-sum payments, available discounts, and the cost-saving benefits of purchasing a refurbished version.
The latest iPhone model available is currently the iPhone 14, which starts at 69,990 and goes up to 1,89,990.
However, you can save money on your purchase by taking advantage of various offers and discounts. Additionally, purchasing a certified refurbished or older model can save you a significant amount of money.
Steps to save up for an iPhone
Determine the cost:
Start by researching the current cost of the latest iPhone model available in India. Based on historical pricing trends, the latest iPhone models in India have ranged from approximately INR 70,000 to INR 1,30,000. As prices may vary, it’s important to check the current market rates.
Lump-Sum Payment Strategy:
If you have sufficient savings or can arrange the necessary funds, making a lump-sum payment for the iPhone could be a cost-effective strategy. Retailers and online marketplaces often offer discounts and cashback offers on full upfront payments. Keep an eye out for holiday sales, special promotions, and loyalty programmes that may provide additional discounts.
EMI Payment Strategy:
If you prefer to pay in installments, consider opting for Equated Monthly Installments (EMIs) offered by various banks and non-banking financial institutions. EMI options allow you to spread the cost of the iPhone over a specific period, typically 6 months to 24 months, depending on the lender’s terms. However, keep in mind that even though there are benefits of EMI, they may also involve additional interest charges, so it’s essential to compare interest rates and choose the most favourable option.
Discounts and Offers:
Research various online marketplaces, authorised retailers, and official Apple resellers to find the best discounts and offers available on the iPhone model you desire. E-commerce platforms often provide discounts during festive seasons like Diwali, Navratri, or Dussehra. Additionally, consider using credit or debit cards that offer cashback or reward points on your purchase, further reducing the overall cost.
Consider purchasing a refurbished iPhone:
Another cost-saving strategy is to consider purchasing a refurbished iPhone. Refurbished devices are pre-owned, but they undergo thorough testing, repairs, and quality checks to ensure their functionality. Refurbished iPhones typically come at a lower price compared to brand new devices. You can find certified refurbished iPhones on reputable e-commerce platforms such as amazon and authorised resellers such as iTech and Maple. Ensure that the refurbished device comes with a warranty for peace of mind.
Set a realistic saving target:
Determine how much you need to save each month to achieve your goal within a reasonable amount of time. Let’s assume you aim to purchase an iPhone costing INR 80,000 within a year (12 months). In this case, you would need to save approximately INR 6,670 per month.
Create a budget:
To save money consistently, it’s crucial to create a budget. Analyse your income and expenses, including essential costs like rent, groceries, utilities, and transportation. Identify areas where you can cut back on unnecessary expenses, such as dining out or entertainment subscriptions. Allocate a specific portion of your monthly income towards your iPhone savings.
Increase Income:
As a student, you can explore opportunities to increase your income. This could involve taking up part-time work or freelancing gigs that align with your skills and schedule. Increasing your income will help you achieve your savings goal more quickly.
Track your progress:
Regularly monitor your savings progress to ensure you’re on track to achieve your goal within your desired timeframe. Use budgeting apps or spreadsheets to track your expenses and savings. If necessary, make adjustments to your budget or savings plan along the way to stay on course.
Conclusion
With the right savings plan and strategy, you can make buying the latest version of the iPhone affordable. Speak with a financial advisor to create a customised savings plan that is tailored to your financial needs and goals, or read through the following blog on how you can make your own savings plan. They can also help you identify the best savings avenues to maximise your returns and save money on your purchase.