What’s your ‘Wish List’ really costing you?

In our technology driven world obtaining each ‘upgrade’ for your cell phone, computer, mp3 player, or any other gadget you may have, will cost you more than you think. We’re all willing to pay any and every cost because we have a consumer driven mind-set telling us all that without the new iPad or Kindle reader our lives will be lackluster. It is hard to resist the catchy commercials, the lure of the Apple store in malls (everyone has to play around with the testers), and our overall love of technology. The need to upgrade is a lot stronger around the holidays, whether it is for us or our loved ones. So what’s the catch? You’ll be paying for these must-have items long after you bought them.

 According to a recent article on Yahoo, entitled “The True Cost of your Wish List”, over the course of a two-year service contract, smart phone owners may spend an additional $1,000 on taxes, fees, roaming charges, and meatier data plans—all add-ons that are rarely considered when the contract is signed.

 When you’re looking to purchase these items, make sure you’ve read the fine print so you won’t be surprised when the bill comes to find that you’ve been paying around 25% more than the original price you were quoted for.

 If big name purchases are putting you under, think outside the box on ways to save. For example, find a friend who has a Kindle also and you two can swap books (Hey it’ll be a great way to keep in touch!), look online for video game rentals and swap options – Swap.com.

 Try to even tone down the pressures to upgrade, classics gifts are usually more worth while, and more often than not, a person will appreciate a great book more than a new gadget to program.

Erin, VP of Unbanking

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Posted in Financial Education, Improve your life, Money Saving Tips

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