Electronics are expensive–especially the latest and greatest versions of popular tech gadgets. As a mom, I try to make sure that my children stay up to date on electronics–but, I find myself adding them to my wishlists as I hate to spend money on myself. This year, however, I have decided that I want an iPad–or a comparable tablet device–and I am prepared to earn one. How will I save for an iPad or a tablet this year?
Earmark certain earnings as part of my “gadget fund”. As a freelance writer and blogger, I work on several projects for a number of clients. I have vowed to set aside earnings from one client throughout the year until I reach my savings goals. For example, earnings from every technology article that I write will be set aside into my tablet savings fund until I reach my goal.
Request gift cards in lieu of other gifts. Once I have chosen the store where I plan to buy the iPad, I will make sure that my family is aware of my choice. When birthdays or other gift giving holidays come around, they know that I would rather have a gift card to a certain store than other gifts. Yes, it’s a little impersonal–but, I know that my family and friends would rather join forces and help me get one large gift that I really want rather than several small items. If I cannot be certain about a store, then I’ll request grocery store gift cards and will swap those gift cards for an equal amount of cash when it’s time for a purchase.
Create a sacrifice fund. Much like earmarking a certain category of my earnings for savings, I have listed three monthly purchases that I would sacrifice until I save enough to buy an iPad. Skipping the coffee shop, brown bagging lunch, and cutting back on hair expenses are all sacrifices that I would be willing to make to save money toward a tablet purchase. Rather than forking over $4 for a Chai Latte every Tuesday and Thursday–$8 goes into a gadget fund. Instead of spending $5 on lunch, I opt to use leftovers and save the difference in lunch cost. Such sacrifices add up faster than you would think.
Watch sales and special offers-and be flexible. While I would love to buy an iPad2–if I find a comparable tablet on sale, I certainly wouldn’t rule out a purchase. Research and comparison shopping will be ongoing processes until I make my final tablet purchase. If I notice a sale at one store–be sure that I will be checking out prices, coupons and every special offer available in stores and online as well.
Cut out one or two trivial monthly expenses until savings goal is reached. Could I live without our local newspaper for a few months? Perhaps we could drop our dvd rental subscription for a while. In 4-5 months, I could save nearly $150 with just those two changes–and would probably not really miss either expense.
I expect to have to have a tablet within 4-5 months by simply adjusting my spending and reallocating a bit of my savings. Techonology purchases are expensive–but, are certainly not out of reach with proper planning.