Each month, an average of £45.60 is spent on mobile phone contracts. This comes to an amazing £547.20 per year and when you consider that the average weekly wage in the UK is £539, people are spending a week of their work on their phones each year.
If you want to save on your mobile contract, there are a few ways that you can decrease your monthly expense and save for something exciting.
Know When to Buy
Each year around August to September, the big phone brands will bring out their latest phone models. If you do not want or need the latest phone from these manufacturers, this is a great time to get a good deal. The price of the older generation handsets will drastically drop around the release date of the new model. Take a look at smartphonechecker.co.uk for the best deals.
An example of this was the Samsung Galaxy Note 8 which was upgraded to the Note 9. The Note 8 was released in 2017 and cost over $800 to buy without a sim contract. You can now get the same device for around $200 to $300 less.
The Note 8 is still a good device and there are no major differences between it and the new Note 9. The primary difference is 0.1 inches of extra screen and a Bluetooth S-pen that comes with the Note 9. This shows that waiting for the right time can save you a lot of money.
Do Not Let Your Contract Roll
Most phone contracts have a term of 24 months. This will make flagship phones more affordable because retailers include the overall cost of the handset in the contract cost. The problem comes when you allow your contract to roll over without getting a new phone. The amount you pay for the tariff and the phone will be the same, but you are no longer paying off the phone.
You need to take the time to put the contract date in your diary to remember to cancel it. You should either upgrade to a new phone or transfer your plan to a sim-only one. This will generally half the cost of the contract and will save you a lot of money.
Most of the major networks will allow you to upgrade your phone 30 to 45 days before the end of your contract. You need to look for this early upgrade date to start saving money earlier.
Pay Upfront and Save In the Long Run
When you take a contract that includes the handset, the cost of the handset is taken into account on the monthly plan. The problem is that you could end up paying more for the phone in the long-term. The problem is that most consumers do not want to pay for the phone upfront because flagship phones cost a lot. However, paying a bit at the start of your contract will decrease the overall amount you spend for the duration of the contract.
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