5 Steps to a More Affordable iPad
If you’re like me, you’re probably wishing you could just open your wallet and a fountain of wealth would pour out onto the floor as you purchase an iPad without a second thought. But let’s face it, we don’t have that much cash laying around to just drop instantly on the latest and greatest. Or do we? You’ll be surprised how much I’ve already saved without touching my bank account.
Introduction
I consider myself to be very conservative when it comes to money. I buy clothes at the thrift store, shop for store brand groceries, and I put off getting my oil changed as long as I can until my better judgement kicks in. However, I do have my weaknesses. Apple products. And the iPad is no exception. But there’s a catch. Indulging my inner geek isn’t easy as it used to be. Long gone are the days of bachelorhood and free room and board at my parent’s house. This 1st Gen. product release has found me married and paying a monthly mortgage with, what seems often times as too many, bills.
In light of my financial situation I am not deterred. I am determined to be an iPad owner and I WILL have people drooling over my shoulder! But I must be rational. I can’t just fork over $500+ like that. I’ve got financial obligations. So, I made it a goal to purchase an iPad with as little out-of-pocket-money as possible. The following are steps that I’ve been taking to reach my goal.
Step 1: Redeem Reward Points for Cash
I don’t know about you but I can’t stand carrying around cash. I’m more of a check/credit card person. Some people say it’s easier to spend money when you’re carrying plastic but for me it’s quite the opposite. Having a few extra bucks in my wallet feels like I’m carrying around bonus money. Money that’s not with the rest of my savings and is therefore free to use for whatever reason. So, it’s easier for me to spend.
Almost every bank or credit card company has a rewards program in place to reward users for using their cards. It turns out I have two cards. A check card from my bank and a credit card which I only use to pay bills. Again, I’m pretty stingy so I’ve never touched my reward points. I think they’ve been accumulating ever since I signed up. Well, it turns out I had $100 worth of reward points from my check card and $150 from my credit card! That’s $250 that was pretty much just waiting around for me.
Step 2: Sell stuff
As an Apple fanboy I tend to be an early adopter of new Apple products. The release of the AppleTV was no exception. I jumped onboard and made the purchase. It was the dream of watching free video podcasts on my TV and ditching my cable television subscription (one less bill). But that day never came. There wasn’t enough quality shows to live on video podcasts alone. It’s been sitting on my shelf ever since. That is, until last week when I sent it in to Gazelle. Gazelle is a company that will buy old gadgets and gizmos from you. They offered me $99 for my AppleTV and a shipping label. Off it went. Another $99 in the bag. $349 down, $150+ to go (I haven’t decided on the Wifi-only or the 3G model).
I also plan to sell my DroboShare that I bought to connect my Drobo to the network. Pointless, however, since my Apple Airport allows you to connect an external hard drive. A small overlook on my part.
Step 3: Cut Back on Expenses
Spending less on recurring expenses will make it a lot easier to save.
TV
Do you really watch all 200 channels of your cable/satellite package? I don’t, so I decided to go basic. Who needs more than 5 good channels of great TV programming like Jeopardy and Wheel of Fortune?
$90/month to $50/month = $40/month saved.
Magazine Subscriptions
In an attempt to unplug from the digital world I let my MacWorld and MacLife magazine subscriptions expire. Most of the content is available online anyway.
$40/year to $0 = $3/month (not much – it was the principle I was going for)
Phone Plan
Our AT&T phone bill is killing us every month. 2 iPhones comes out to about $185/month. Most of the time I just talk to my wife. I plan to let my contract expire and part ways with my iPhone. My wife is not onboard with this. I’ve agreed to let her keep her iPhone and I’ll just buy a pay-as-you-go phone.
$185/month to $115/month ($85/month iPhone plan + $30/month go-phone plan) = $70/month saved
Dining Out
I’m working on this :-)
Step 4: Save Up
I believe it’s good to reward yourself with every paycheck you get. For the past few months I’ve been setting aside a few bucks at a time in my “Fun” account. When the iPad pricing was announced I immediately logged in to my account to see how much I had. To my surprise I had saved up $235. Now, I understand this isn’t a big challenge for some but it’s the patience I’ve had over the past few months to not spend it on anything else.
Save as much as you like. Sit back, relax, and be patient.
Step 5: Repeat
Repeat. Repeat. Repeat. Continue to cut back and save. Who knows what Apple will think of next?
Conclusion
So far, I’ve managed to raise $485 without digging into my checking or main savings account. I still have a few electronics laying around the house that I think I can sell and a few weeks before the iPad 3G model comes out. I think I can do it. I’ll be purchasing an iPad with money I never even had. I’ll be happy but more importantly I think my wife will be happy with this approach.