How to save money on tech during a cost-of-living crisis

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According to recent research by the Office for National Statistics, more than three-quarters of adults in Great Britain are worrying about the rising cost of living, with about half of them doing so almost every day.

In a survey, over 3 in 4 people (77%) over the age of 16 reported feeling “very or somewhat worried about the rising cost of living”. Of these respondents, 50% said they worried “nearly every day”.

A separate ONS survey of the same group found that nearly nine in 10 said their cost of living had increased, with just over half (52%) claiming they were using less fuel such as gas and electricity at home, and almost half reining in spending on food and reducing non-essential travel.

Refurbished tech

Another way that cash-strapped Brits can save money is by buying second hand, or refurbished, technology from companies such as Back Market.

According to price comparison and switching site USwitch.com more than 22 million savvy Brits are considering a refurbished mobile phone when the time comes to buying their next handset – saving a combined total of £2 billion compared to getting a new device.

Commissioned for its ‘Do One Thing’ initiative to encourage adults to make small lifestyle changes to save the planet, Virgin Media O2’s recent survey found that 9 in 10 people were now happy to shop second-hand because of the cost of living crisis with half more likely to purchase pre-owned items compared to five years ago.

Pre-owned phones

Inevitably one of the most sought-after second-hand items, according to the Virgin Media 02 survey, is the mobile phone with two out of three of us now prepared to buy one second hand.

Refurbished mobile phones can often be bought for several hundred pounds less than the brand-new model and are usually sold with a 12 month warranty to give consumers added peace of mind.

Not only is it a lot cheaper to buy refurbished than buying from new, it also helps to reduce the increasing problem of electronic, or e-waste – widely regarded as the fastest growing waste stream on the planet.

Figures from Statista show the global e-waste market was valued at $49.88 billion in 2020, but is forecast to grow at a combined annual growth of 14.3% to reach a staggrering $140 billion by 2028.

Premium devices – at an affordable price

Finally, for those who want to be able to afford premium devices such as Apple Powerbook computers and iPhones then buying second-hand makes more sense. Whereas new models can cost over a thousand pounds, refurbished iPhones can be bought for a fraction of the cost.

With the cost-of-living crisis set to continue for months, possibly years to come, then it’s never been so important to find savings wherever possible. Shopping for refurbished technology, including laptops and mobile phones, is one way you can save serious amounts of money.

Which? found that refurbished laptops and phones are sometimes hundreds of pounds cheaper than buying a brand-new model. What’s more by buying second-hand, you are doing your bit for the planet too by cutting down on the amount of e-waste which is being generated.

See 9 Ways to save money on Tech and Computing

 

 

Chris Price