In the midst of wondering what kind of new smartphone I should get and of course prices always play a factor. It’s not wise financially to buy the highest end product as it is usually double the price of other items. Especially in tech, the product value usually drops like a rock since things change so fast.
I was thinking today on how my mentality to stop me from getting the most expensive items is how I could either get two items that work just as well or with a little delayed gratification I could get a superior product by following a cycle of sorts. Like with the phone, imagine I could get a $300 phone or a $600 one. I would first purchase the $300. If after a year or so I feel like I need to upgrade there is a high chance that the medium range phones now are better than the high end one a year ago. As well, I could sell my current phone and use that towards the new purchase. Ultimately, I have a better product that was way cheaper.
Usually in these cases though I would find that the medium ranged products works just fine for my needs where there is no need to upgrade until way later. The important thing is to develop the habit and mindset that buying the latest and greatest usually has the worst return value wise. Everyone wants to feel like they got the best deals usually right? If you have all the money in the world then by all means shop away. But for everyone, this is way to save money.