Saturday, June 9, 2018

How Owning a Smartphone Could Transform Your Financial Situation

Owning and paying monthly for a smartphone is something that virtually everyone
does. The only exception is if you own a smartphone already and use a
pay-as-you-go plan instead of a monthly one, but it’s essentially the same thing.

What many people don’t realize is that owning a smartphone has many financial
implications that could help you become more aware of your spending and also
help you budget.

But how?

It’s a combination of many different ideas and factors that will ultimately help your
financial situation, so in this article, we’re going to highlight them and make them
obvious so you understand it clearly.

Source: Pexels

It trains you to look for better deals

Thanks to sites like comparizon.com.au, it’s actually very simple to look for great
deals with your mobile phone plan. What this teaches you is that there are always
cheaper options out there, no matter if you’re paying for a mortgage in the future or
if you just want a cheaper place to buy your groceries. It sounds rather silly, but it’s
more prominent than you could imagine once you’re consciously aware of how easy
it is to find better deals in life.

It helps you budget for your expenses

A static monthly expense is a great way to learn how to budget. It’s simple to add to
a budgeting app (something that your smartphone supports!) and you’ll consciously
remember to save some money to pay for your phone everytime you receive your
paycheck. It sounds small, but having recurring expenses is a good way to learn to
budget.

Source: Pexels

You’ll learn to focus on important features

Most people think they don’t need a smartphone for several reasons. Some people
believe that they’re better off with a basic phone, but others wouldn’t be able to live
without having proper internet access in the palm of their hands. What this teaches
us is to look at the base features of something like a phone and only care about what
we’ll actually use. This transfers to our budgeting as well. When you next think about
your grocery shopping or monthly entertainment budget, you’ll learn to pay for only
what you use or need and you’ll cut out unnecessary expenses.

You’ll learn to rely on cheaper brands

As shown in this article at www.ft.com, the smartphone world is currently booming
with the help of cheaper Chinese manufacturers. What this tells us is that brand
name alone usually isn’t worth the price. Why buy an Apple or Samsung phone
when you can get 80% of the performance for under 50% of the price? It teaches us
how to rely on cheaper brands and look for better deals in life instead of focusing
only on what people perceive as the best.

Hopefully, this article has taught you just how important it is to own a smartphone,
especially if you’re an employee or plan to start a business. It’s a great way to help
yourself financially and you’ll be surprised at just how much it can help once you
change the mentality around your smartphone.

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