5 Better Ways To Spend Your Money Than Buying The iPhone 7

By BankBazaar | October 4, 2016

Looking To Buy An iPhone 7? Here Are 5 Ways To Better Spend Your Money

As the imminent launch of the iPhone 7 in India draws ever closer, all hell has quite literally broken loose. It’s like déjà vu all over again as we Indians seem to go absolutely gaga over every new gadget that makes its way into the market. When the iPhone 6 was released, people practically ripped off their arms and sold them on the black market to get their… err, decapitated hands on those pricey little gadgets. And with news just filtering in about two guys stealing 950 iPhones from a truck in Delhi with nothing but a packet of chili powder, you can be sure the brown stuff has literally hit the fan. (Whatever happened to good old-fashioned hijackings with guns and stuff? Sheesh!)

Many of you probably already know that the price of the iPhone 7 and iPhone 7 Plus ranges from an eye-watering Rs. 60,000 to an absolutely mind-numbing Rs. 92,000, depending on the storage capacity. It’s absolutely outrageous. After all, this is a phone we’re talking about, not a triple bypass surgery. (Although for that price, it’s likely to wheel a few people straight into the ICU.)

However, if you’re one of those people who isn’t really sure about spending so much moolah on a phone, then step right up. We’ve put together a list of 5 ways you can put that money to better use.

  • Hit the beach, you bum!

Instead of ogling at a wallpaper of white sand, blue seas, and palm trees on a phone screen, why not actually head over to one of those places you keep daydreaming about? With the same amount of money you’ve saved for a new iPhone 7 at your disposal, the world is literally your oyster. You could go local and head to the sandy beaches of Goa for a nice, long holiday or take a shorter but no less luxurious trip to the Maldives. And if you’re looking for a slightly more rambunctious holiday, you could heed the siren calls of Thailand and far-east Asia.

Additional Reading: Travel Insurance plans for globetrotters

  • Choose life after debt

Come on! You’re drowning in Credit Card debt, and you’re still thinking of buying an iPhone 7? Like Russell Peters said, “Be a man, do the right thing.” Of course, he meant it in a different context, but you get the drift. Pay off your outstanding dues with the money you have as soon as possible. You can always go another year without a new phone, but you really don’t want the spectre of debt following you around like an old college fling. Sure, a new iPhone 7 may keep you occupied for a while, but it won’t keep the unpaid bills from piling up at your doorstep.

Additional Reading: Tips to deal with Credit Card debt

  • Invest, Invest, Invest

You’re probably asking yourself what you could possibly invest in with a budget of Rs. 60,000 to Rs. 90,000. You’d be surprised to know that there are a ton of different investment options available to you. You could invest in Mutual Funds or even buy stocks which could fetch you some pretty decent returns. Heck, you could even buy precious metals like Gold or Gold ETFs, which are considered to be good investments for the long-term. The bottom line is: Don’t phone in your future for the sake of your present. Ten years from now, your iPhone 7 will be completely obsolete, but your investments certainly won’t.

Additional Reading: Best Investments For The Next 10 Years

  • Educate Yourself

If you’re a young, working professional, it’s natural that waving a new iPhone 7 around your office will get you a lot of attention or even give you an express ticket into the ‘in’ crowd. But remember, this glory is but fleeting. Use the money you’ve put together for the phone to upgrade your skills so you can leave everyone at work in the dust. Your new skills could help you climb the corporate ladder faster than a baboon on a shot of Espresso. If that isn’t really your cup of coffee, then learn a new language. You’d be surprised how useful it could prove to be in future.

  • Donate to charity

Life isn’t all about constantly buying stuff that you probably don’t need and probably won’t use eventually. Sometimes, it’s better to give than to receive. There are people out there who could live an entire year or more on the amount of money you shell out for an iPhone 7. Use some of that money to fund a poor child’s education or pay for a poor family’s medical expenses. With all the strife going on in the world today, maybe it’s time we stopped thinking about ourselves for a minute and did our part to ease the plight of those who need help the most.

Additional Reading: Deduction under Section 80G

If you’re still hell-bent on getting yourself a new iPhone 7, then, by all means, go for it. It’s your life after all. But for the rest of you out there, these tips should hopefully give you way more bang for your buck than, what is in essence, an overpriced selfie machine.

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