One glance at the new introductions at CES 2019 and you will see the volume of new tech released, and their accompanying price tags. From evolving transport options like smart bikes, to redefining the parameters of home security. Technology continues to infiltrate every part of our lives. As of 2018, 96 percent of consumers owned a cellphone while 1 in 3 consumers had at least 2 smart home devices. However, there is a cost that comes with staying technologically relevant. As consumers continue to get swept up in the technological wave, they must also be mindful of striking a balance between their digital transformation and financial health. 

Ride Out The Initial Wave Before Buying

Technology is always changing, which means it is more than likely that you will be seeing many competing versions of a product being introduced. These models typically come with their own differentiating selling points, like a lower price point. This is because tech giants use these as tools to compete for the industry’s market share i.e. your purchases. In addition, there tends to be a lot of buzz and hype around new products as the company works to garner attention and of course, sales for its new product. Simply waiting a few weeks gives you more choice and the luxury of getting a lower cost model with the same functions (or sometimes even improved ones). 

Maximizing The Value Of Credit Rewards And Resale Proceeds

Keeping up with the latest trend can come with a hefty price tag, which you can either fund with spare cash or credit. When using consumer credit to fund your tech purchase, cashback and store rewards on credit purchases can help you reduce the impact on your bank account. These include cash credit for online purchases, store points that can be converted into in-store coupons and even rebates from selected merchants. Therefore, before you go ahead and swipe your credit card, spend time getting to know the basic terms of using a credit card and choose the one that supports your impending purchase. 

What Happens When You Decide to Upgrade

Reselling old technology or items around the home using low priced online marketplaces and websites like Amazon Trade-In, Nextworth or manufacturer specific programs such as Apple GiveBack can help you declutter your home and life while providing some cash to be used towards your new tech purchases. This way your bank account does not feel the full extent of the price tag. You may even be able to fund the entire purchase price using proceeds from selling items you no longer need. 

Consider Open-Boxed Merchandise

After the initial rollout and wave of eager consumers, there will no doubt be some consumers that have returned their purchase for some reason. Some of them may even be promotional items from the review phase done by companies to garner customer review and press. These items are generally new with the exception of opened packaging or missing accessories, which can easily be replaced. Most companies offer these models for a reduced price on dedicated sale days or using their online platforms such as eBay accounts. Thanks to the discount, you end up paying much less than regular sticker price for a gadget that is in perfect working order. 

Every aspect of our lives, personal or otherwise is becoming increasingly digital and as our reliance on these gadget increases, our wallets are feeling the burden of us making them a must-have in life. Yet, while it is important to keep abreast with the progress new technology affords us, we must take care to not allow the costs to outweigh the benefits of that technology. Thanks to a variety of creative funding options, you can be certain to keep your financial health intact while staying technologically relevant.

Photo by Blake Wisz on Unsplash