How Buying the New iPhone Could Be Your New Budgeting Strategy
On September 20, Apple released two of their newest versions of the iPhone—the iPhone 11 and the iPhone 11 Pro. The iPhones that came before it pale in comparison to the advertisements of the updated device, and have convinced some that it may be time for an upgrade.
“I owned the iPhone 7 for almost two years, and it had been my mom’s before that,” said Annie Kopack, a King’s senior and iPhone 11 user. “I was eager to upgrade because it often didn’t hold up as the old models tend to do with the release of a new one.”
The iPhone 11 model contains the fastest chip ever put in a smartphone, along with five extra hours of battery life.
The iPhone 11 has state of the art camera technology which includes: a wide lens with night mode photography, 4K video, a slow motion selfie camera and more. Any user that purchases the new iPhone can now easily take professional-looking photos.
“The new wide lens really grabbed my attention as an amateur photographer,” Kopak said. “With an upcoming trip to Europe, I thought how great it would be to have a new, quality camera on my phone so that I didn’t have to go through the hassle of taking my DSLR with me.”
The new iPhone can range anywhere from $599 to $999 (and even higher if you include New York sales tax, data plans and insurance.)
Almost any college student could look at the new iPhone and the new prices and ask themselves: Is it even worth it?
According to polled averages, a typical student’s budget at The King’s College looks similar to as follows:
$127 for a monthly MetroCard (about $40 a month for those who live in Manhattan)
Around $150-$200 a month for groceries
Around $75-$100 a month for eating out/activities outside academics
Around $25 a month for house activities
$75-$250 a month for student loan payments
These costs are a lot to account for without having a career or steady salary. If monthly payments for the new iPhone are added on to these prices, students could potentially reduce their budget for their basic needs. Depending on what phone plan and insurance a student has, they could be paying over $100 a month just for their phone alone.
“The cost was definitely something I spent a lot of time going over with my father,” Kopack said. We discussed the taxes upfront, made sure I was due for an upgrade to avoid paying for two phones and the monthly payment plan that would follow.”
With the most recent release of the iPhone since 2017, college students are also having to take into account if it is their responsibility to pay their own phone bills.
“I go out to eat way too often and I’m not very good at budgeting,” Nathan Ferguson, another King’s student with the new iPhone said. “But, if I’m going to start paying my own phone bill, why not get the new one? It’s actually helping me to budget better. It’s pushing me to learn how not to spend all my money on clothes or eating out and spend it on things I want long-term.”
The iPhone could be considered a first-world necessity, or a luxury depending on how big one’s wallet is. For most college students, it’s the latter.
But students who have bought the iPhone 11 within the first weeks of its release seem to have no regrets.
“I would recommend the new iPhone to students who are due for an upgrade and still have a ‘home’ button,” Kopack said. “While there are many features new to the iPhone 11, it personally doesn’t reach too far from the iPhone X.”
If a King’s student is still on the fence about getting the new iPhone, it should be taken into consideration that they may not have to buy the most expensive one with the most extensive features, especially if they are only upgrading from an iPhone X.
“I didn’t get the most expensive iPhone 11. I don’t even use the new camera,” Ferguson said. “But I upgraded from an iPhone 7s which was shattered, had terrible battery life and wouldn’t charge correctly. So far, having the new iPhone has definitely been worth it.”