Manage your gadgets better
Why look after them?
- The average UK household owns £4,164 of gadgets (Data: halifax insurance). This is over 10% of a mean yearly income of a UK household before tax. £4’000 is a significant quantity of money
- They lose value quickly. A video game will lose up to 60% of its value in a year, a laptop may lose about 50% of its value year on year. This means that if you leave a laptop sitting on a shelf for a year you lose 50% of the money you could have earned back from it.
- They break easily. Gadget insurance may be worth it, while it is true that “the house always wins” it is hard to cope without a mobile phone. While you may have only paid £500 for it over the course of a contract the service it gives you is likely worth more to you, thus insuring it is not always an illogical idea.
What does it mean to “look after gadgets”?
- Insure the key ones. Normally a mobile phone and laptop, two things that one cannot do without in many lines of work. Some people may also rely on other expensive equipment like a camera on a regular basis.
- Know what you have, looking after gadgets it not just about not breaking things but ensuring that you do not create waste. If you leave gadgets in a drawer you are not managing your possessions carefully enough. By not selling them or giving them away you lose the chance to buy something you would get use out of or to make someone happy, respectively.
- Keep a good record of warranties and receipts. There is no point in losing them. In an independent study that I ran over 40% of people suggested that they wanted to claim on a warranty only to find that they had lost the warranty or receipt.
How to do it?
Whenever you buy something make sure you want it.
To do so employ the following tactics:Ask yourself the following questions:
- Can I afford it?
- What else could I get with that money?
- Will it make me the happiest out of all of the ways I could spend the money?
Following this wait a day if at all practical. This helps to avoid impulse purchases that you later regret.
Make an inventory of what gadgets and appliances you own and regularly check it to ensure that you do not own anything that you fail to use on a regular basis.