Modern technology gives us many things.

Shopping for the latest tech when you have no money

Nothing like fresh out of the box tech!

We’ve all been there. The latest must-have tech like the Razer Phone 2 hits the market and you have an uncontrollable itch to have one in your hand right now. You can’t sleep, you’ve lost your appetite, and your boss is starting to think you’re slacking; you simply have to get your hands on it.

Only one problem; your bank account is pretty much empty, and payday is two weeks away. And even then, you don’t want to spend all your salary on one gadget. So what to do?

Credit card

The obvious choice is to put it all on the credit card. Now, we know what you’re thinking about credit cards and high-interest rates but bear with us on this one. The great thing about using plastic to pay for your gadget is that some credit card companies will offer extended coverage on your gadget if you use your card to pay. Others may even offer 0% promotional APR on popular items which means you’re still only paying the sticker price on the product.

Store credit

Not everyone has or wants a credit card, so the next logical step is to seek out store credit. This is a great option for new-to-the-market gadgets as stores will often go all out to get their stock off the shelves as soon as possible. And one of the ways they do that is by offering great terms on store credit. This option also allows you to add extended warranties and spread the cost over your repayments. $100 might seem like a lot for a service you may never use, but if you plan to keep your tech past its manufacturer warranty, then an extra $5 on your monthly repayment isn’t so bad after all.

Short-term loan

If you have no credit history or you have hit a few financial bumps in the road, then credit cards and store credit may be off limits to you. In this case, you can opt for a short-term loan. Generally speaking, a short-term loan is ideal for those with bad credit as providers will overlook your previous credit history. The great thing about this option is the fact that it is a short-term loan which encourages you to pay off your debt as soon as possible, unlike a credit card where you can make minimum payments for years.

Choose one of the options above, and you can have your gadget in your hands with no payment up front. Even so, it would still be great if you paid less for your gadget, right? So here are a couple of things you might consider to bring the cost down.

Skip extended warranties

The manufacturer warranty should be good enough. Usually, it’s a year or two and let’s face it; you’ll probably be changing your tech by then anyway. Skip this if you intend to upgrade sooner rather than later. Besides, you may even be able to get free repairs without a warranty anyway!

Ignore the upgrades

We’re all guilty of adding accessories to our purchase that we don’t need. Whether it’s a laptop or a phone, the fact is that anything you buy should be good enough out of the box without the need for in-store upgrades. Say no to expensive phone covers, additional RAM you really don’t need, or tripods for cameras that will sit in your closet for the next year.

So if you have that itch for new tech but have a less-than-healthy bank balance, all is not lost. Sign up for a credit card, ask for in-store credit, or talk to a short-term lender and that new Razer will be yours. Just remember what we said about unnecessary upgrades; you really don’t need them.