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How to Save for and Purchase an iPhone on a 12 LPA Salary: A Comprehensive Guide

Last updated :
March 10, 2024

minutes read

I. Introduction

A. Ready to start an exciting journey to owning your dream iPhone?

Hey there, iPhone enthusiast! So, you've been eyeing that shiny new iPhone for a while now, haven't you? Your friends have it, colleagues flaunt it, and the itch to own one is getting more intense by the day. We totally get it. You're ready to embark on the exciting journey of making that beautiful piece of tech all yours.

B. We know it's not always easy with a 12 LPA salary, but we've got you covered.

But wait, you might be thinking, "I'm earning a 12 LPA salary – can I really afford an iPhone?" You're not alone in this boat, friend. Many young Indian employees face this dilemma. The good news is we're here to help you navigate these murky waters. Consider us your trusty GPS guiding you to your dream iPhone destination.

C. This guide will help you overcome challenges and achieve your goal.

In this comprehensive guide, we'll not only help you figure out how to save for your dream iPhone but also make the process fun and engaging. So, buckle up and let's get started on this thrilling ride to iPhone ownership!

II. Setting Your Savings Goals

A. First things first, which iPhone model makes your heart skip a beat?

Alright, let's get down to business. Which iPhone model has been giving you sleepless nights and daydreams? The latest iPhone 14 or the still-awesome iPhone 13?

1. We'll discuss the latest models and their awesome features.

Don't worry, we'll help you make an informed decision. We'll take you through the latest models and their cool features, like that mind-blowing 3D camera or the sleek design that feels like holding a piece of art. Yep, we're talking about those game-changing features that make iPhones so irresistible.

2. Weighing the pros and cons of each model.

Together, we'll weigh the pros and cons of each model, keeping in mind your needs, budget, and the 'oohs' and 'aahs' you want to evoke. After all, who doesn't love a little bit of envy from friends and family when you whip out that shiny new iPhone?

B. Time to crunch some numbers - the total cost of your dream iPhone.

Now that you've set your heart on a particular model, it's time to do some math. Don't worry; we promise it won't be as boring as that Statistics class back in college!

1. iPhone price

First, let's talk about the elephant in the room – the iPhone price. Depending on the model and storage capacity you choose, it could range from around ₹60,000 to a whopping ₹1,50,000 (don't faint just yet, we're here to help!).

2. Accessories and warranty (because you'll want to protect it!)

Now, let's factor in the accessories and warranty. A protective case, screen protector, and AppleCare+ are must-haves to keep your beloved iPhone safe and sound. Add another ₹10,000 to ₹15,000 to the total cost, and there you have it – your dream iPhone's complete price tag.

C. Setting a realistic timeline - balancing your priorities and financial commitments.

With the cost figured out, it's time to set a realistic timeline for your iPhone savings goal.

1. Factoring in festive offers and discounts.

India is the land of festivals, and retailers love to shower us with discounts during these joyous occasions. Diwali, Dussehra, or even Independence Day sales might bring down the price significantly. So, while setting your timeline, consider these festive offers, and you might just get your dream iPhone sooner than you thought!

III. Analyzing Your Monthly Expenses

Now that we've set our sights on the iPhone goal, it's time to do a deep dive into your monthly expenses. We know, we know – it sounds tedious, but trust us, it's super important!

A. Let's track your expenses for a month - it's super important, trust us!

Before we slash expenses left and right, we need to know where your hard-earned money is going. So, let's start by tracking your expenses for a month.

Don't worry; we won't make you jot down every little transaction in a notebook (though that's a legit old-school method!).

1. We'll suggest tools and apps that make tracking a breeze.

With some cool tools and apps like Walnut, Money View, or ETMONEY, tracking your expenses becomes a breeze. Just connect your bank accounts, and these apps will do the heavy lifting for you. You can even add cash transactions manually to get a complete picture of your spending.

B. Essential vs. non-essential expenses - let's categorize them.

Once you've tracked your expenses for a month, it's time to put on your sorting hat and categorize them into essential and non-essential expenses.

Essential expenses are your rent, groceries, utility bills, and anything else that you absolutely can't do without.

Non-essential expenses, on the other hand, are things like eating out, online shopping, and movie nights.

C. Now, let's find those areas where you can save some cash.

With your expenses sorted, it's time to play detective and find those areas where you can save some cash. Are you ordering food from Zomato five times a week? Do you have a never-ending love affair with Amazon sales? Or maybe, just maybe, you've been binge-watching Netflix shows until the wee hours of the morning?

Fear not, dear reader, for we shall help you identify these sneaky money-drainers and come up with creative ways to save without feeling like you're living the life of a hermit.

It's all about striking the right balance and keeping your eyes on the iPhone prize!

IV. Creating a Monthly Budget

Now that we've analyzed your expenses, it's time to create a monthly budget that will bring you one step closer to your dream iPhone. Budgeting might sound dull, but hey, if it helps you get that shiny new iPhone, it's worth it, right?

A. Allocate funds for essentials - gotta take care of those necessities.

First things first, let's allocate funds for your essential expenses. You know, the bare necessities like rent, groceries, and utilities. You can't compromise on these, so make sure you set aside enough funds to cover them comfortably.

B. Time to cut down on non-essentials - it's tough, but it's for your iPhone!

We know cutting down on non-essential expenses can be as painful as watching your favourite character die in a TV show. But remember, it's for your iPhone! So, let's trim down those weekend outings, shopping sprees, and maybe even switch to a more affordable streaming platform. Every rupee saved brings you closer to your goal!

C. Setting aside money for your iPhone savings goal - yes, it's happening!

With your essentials and non-essentials sorted, it's time to set aside money specifically for your iPhone savings goal. Open a separate savings account or use a savings app to stash away a fixed amount every month. It's like feeding your iPhone piggy bank and watching it grow will give you a sense of accomplishment.

D. Don't forget to allocate funds for emergencies - always be prepared.

While we're busy chasing our iPhone dreams, let's not forget that life is unpredictable. It's essential to allocate funds for emergencies, just in case you need to handle unexpected expenses. Think of it as your safety net that will keep you from going into debt or dipping into your iPhone savings. After all, it's better to be safe than sorry, right?

V. Smart Saving Strategies

We know saving can sometimes feel like an uphill battle, but don't worry, we've got your back with some smart saving strategies. Let's dive in and explore these ingenious ways to save for your iPhone without feeling like you're living on a deserted island.

A. Automate your savings - we'll share apps and bank services to make it easy.

You know what they say, "Out of sight, out of mind." That's why automating your savings is a brilliant idea. It takes the pressure off of having to save manually every month and ensures you stay on track.

1. Discover the benefits of automation.

By automating your savings, you'll be less tempted to splurge on impulse buys or skip a month of saving. Many banks offer services that automatically transfer a fixed amount to a separate savings account, while apps like Sqrrl, Piggy, and Goalwise make the process even simpler.

B. Cashback and reward programs - let's take full advantage of them.

Who doesn't love a good deal? Cashback and reward programs can help you save a significant amount without feeling like you're sacrificing too much. Keep an eye out for offers on your credit/debit cards, e-wallets, or apps like CRED, Magicpin, and Paytm.

Remember, every rupee saved is a step closer to your iPhone!

C. Save on bills and utilities - every little bit counts.

Believe it or not, there's plenty of room to save on bills and utilities. Switch to LED bulbs, unplug electronics when not in use, and use energy-efficient appliances to save on electricity. Water-saving devices and mindful water usage can also help cut down your bills. It might not seem like much, but trust us, it all adds up!

D. Shopping and entertainment - let's find ways to save without compromising the fun.

We get it; you don't want to give up on fun entirely. So, let's explore ways to save on shopping and entertainment without feeling like you're missing out.

Look for sales, use discount coupons, and compare prices before making a purchase. When it comes to entertainment, consider hosting potlucks, game nights, or movie nights at home with friends.

After all, it's the company that makes it fun, right?

VI. Boosting Your Income

While saving is great, boosting your income can work wonders for achieving your iPhone goal even faster. So, let's roll up our sleeves and explore some exciting side hustles and skill-building opportunities perfect for young Indian employees.

A. Side hustles for young Indian employees - let's explore some cool opportunities.

Who said you can't have multiple income streams? Side hustles can not only help you earn extra cash but also add valuable experience to your resume. So, let's check out some cool opportunities that can help you stack up those rupees.

1. Freelancing gigs

Platforms like Upwork, Freelancer, and Fiverr offer a plethora of freelancing gigs in areas like graphic design, web development, writing, and more. Just pick your niche and start bidding on projects that suit your skillset and schedule.

2. Online tutoring

Do you have a knack for teaching? Online tutoring can be a rewarding side gig, both financially and emotionally. Websites like Vedantu, Unacademy, and Teachmint are always on the lookout for talented educators.

Plus, you'll be helping students learn and grow – isn't that a win-win?

3. Content creation

If you're passionate about a particular subject, why not turn it into a side hustle?

Start a YouTube channel, create a podcast, or launch a blog and monetize it with ads, sponsored content, or affiliate marketing. It might take some time to see significant earnings, but hey, Rome wasn't built in a day!

B. Invest in skills to increase your income - we'll guide you to the right resources.

Sometimes, investing in yourself is the best way to boost your income. Acquiring new skills and expanding your network can open doors to better-paying opportunities.

So, let's see how you can invest in yourself to increase your earning potential.

1. Online courses

Platforms like Coursera, Udacity, and LinkedIn Learning offer a vast array of online courses in various fields. From coding to digital marketing, there's something for everyone. Many of these courses even come with certifications that can boost your resume and make you more attractive to employers.

2. Networking

Networking is an underrated yet powerful way to boost your income. Attend industry events, join online communities, or connect with like-minded individuals on LinkedIn.

Who knows, you might just stumble upon an opportunity that helps you earn extra cash and inch closer to that dream iPhone!

VII. Planning Your iPhone Purchase

You've been saving diligently and working on boosting your income, and now you're almost ready to make that iPhone purchase.

But wait! Don't just rush into it. Let's plan the purchase strategically to make sure you get the best deal possible.

A. Stay alert for offers and discounts - you never know when a great deal pops up.

Offers and discounts can make a significant difference in the final price of your iPhone. Keep an eye out for online deals on Amazon, Flipkart, or Paytm Mall, and subscribe to their newsletters to stay in the loop.

Also, check for discounts at authorized Apple resellers like Imagine and iPlanet.

B. Timing is everything - we'll help you choose the right moment to buy.

Just like Bollywood movies have their blockbuster Fridays, the iPhone world has its golden moments too. Look for festive sales like Diwali, Dussehra, and Christmas, when retailers often slash prices to attract customers.

Another great time to buy is when Apple launches a new iPhone model, as the older models typically see a price drop.

C. Payment options - full payment vs. EMI, and the benefits of using credit cards.

Now that you've found the perfect deal, it's time to decide how you want to pay for your dream iPhone. You can either make a full payment or opt for an EMI plan. While full payment might help you avoid interest costs, EMI plans can make the purchase more manageable on your budget.

Using a credit card for your purchase can also have its perks. Many banks offer cashback, reward points, or even 0% interest EMI options on credit card purchases. Just be sure to pay off your balance in a timely manner to avoid interest charges.

So, go ahead and choose the payment option that suits you best, and soon enough, you'll be the proud owner of a shiny new iPhone!

VIII. Staying Motivated and Patient

Patience is a virtue, especially when you're saving up for something as tempting as an iPhone. Staying motivated during this journey can be challenging, but with the right mindset and support, you'll reach your goal in no time. So, let's dive into some ways to stay motivated and patient throughout this exciting journey.

A. Keep your eyes on the prize - visualize your goal.

Visualizing your goal can work wonders for your motivation. Close your eyes and imagine the moment you unbox your brand-new iPhone, take that perfect selfie, or show it off to your friends. This mental image will keep you going during those moments of temptation when you're tempted to splurge on something else.

B. Celebrate small victories along the way - you deserve it!

Saving for an iPhone is a marathon, not a sprint. So, don't forget to celebrate the small victories along the way. Did you manage to save a little extra this month? Or did you score a great deal on your phone bill? Treat yourself to a small reward (within your budget, of course) to keep the momentum going.

C. Friends and family - seek their support and encouragement.

Don't underestimate the power of a strong support system. Share your iPhone goal with friends and family, and ask for their encouragement and advice. They can help you stay accountable, cheer you on when you're feeling down, and even share some money-saving tips they've picked up along the way.

Remember, Rome wasn't built in a day, and neither will your iPhone fund. But with determination, patience, and the right strategies, you'll soon be the proud owner of that shiny new gadget you've been dreaming of.

IX. Conclusion

Congratulations! You've made it to the end of this comprehensive guide, and you're now ready to claim your prize. Let's take a moment to look back and appreciate the journey you've been on.

A. Look how far you've come - Recap of the journey.

Let's take a moment to appreciate the incredible journey you've embarked upon to achieve your dream iPhone.

  • Set savings goals and chose the perfect iPhone model
  • Analyzed monthly expenses and identified areas for cost-cutting
  • Categorized essential and non-essential expenses
  • Created a monthly budget and allocated funds for your iPhone savings goal
  • Explored smart saving strategies and automated savings
  • Took advantage of cashback, reward programs, and other saving opportunities
  • Explored side hustles and invested in skills to boost your income
  • Planned the iPhone purchase, keeping an eye out for offers and discounts
  • Stayed motivated and patient throughout the process, with support from friends and family

Congratulations on your remarkable journey! Use the valuable lessons learned to tackle future financial goals and continue striving for success.

B. Savor the fruits of your labour - Enjoy your brand-new iPhone!

Now it's time to celebrate your hard work and determination. As you unbox your shiny new iPhone, take a moment to appreciate the journey that led you here.

You've earned this, so go ahead and enjoy all the amazing features and functionalities that come with your new gadget. Click those stunning photos, download your favourite apps, and share your success story with the world!

C. You did it! Use this experience to tackle future financial goals.

The skills and discipline you've developed during this journey will serve you well in the future. Whether it's saving up for a vacation, buying a car, or even a house, the lessons you've learned here can be applied to any financial goal you set your sights on.

So, pat yourself on the back, and remember: if you can save for an iPhone on a 12 LPA salary, you can achieve anything you set your mind to. Keep dreaming big, and happy saving!

X. Resources and References

You've come a long way, but your financial journey doesn't end here. Continuing to educate yourself and staying updated on personal finance trends will help you make smarter decisions in the future. So, let's explore some excellent resources that will help you grow your knowledge and master your finances.

A. Dive deeper into personal finance with these blogs and websites.

  1. JagoInvestor: A popular Indian personal finance blog, JagoInvestor offers in-depth articles on saving, investing, and financial planning for Indian readers.
  2. Moneycontrol: An extensive platform for Indian investors, Moneycontrol provides news, analysis, and advice on personal finance, stocks, and mutual funds.
  3. The Economic Times Wealth: A weekly personal finance newspaper, ET Wealth is an excellent source for the latest financial news, investment tips, and tax-saving strategies.

B. Check out these budgeting and expense tracking apps - they're lifesavers.

  1. Walnut: An Indian-made app, Walnut helps you track expenses, manage bills, and set budgets.
  2. Money View: Another popular Indian app, Money View offers features like expense tracking, budgeting, and financial goal planning.
  3. ETMONEY: A comprehensive personal finance app, ETMONEY offers expense tracking, bill payment, and investment options tailored to Indian users.

C. Learn more about personal finance and saving with online courses.

  1. Udemy: With a vast selection of personal finance courses, Udemy has options for beginners and experts alike.
  2. Coursera: In partnership with top universities, Coursera offers personal finance courses that cover topics like financial planning, investing, and tax management.
  3. UpGrad: This Indian ed-tech platform offers courses on personal finance, wealth management, and investment planning.

D. Grab a good book on financial planning and goal setting - knowledge is power!

  1. "Rich Dad Poor Dad" by Robert Kiyosaki: A classic in the personal finance world, this book offers valuable lessons on wealth-building and financial management.
  2. "The Richest Man in Babylon" by George S. Clason: This timeless book shares essential principles of money management through ancient Babylonian parables.
  3. "The Intelligent Investor" by Benjamin Graham: Widely regarded as the definitive book on value investing, it's a must-read for those looking to grow their wealth.

Armed with these resources, you'll be well-equipped to continue your journey towards financial success. Remember, knowledge is power, and staying informed will help you make the best decisions for your financial future. Happy learning!

Frequently Asked Questions

1. Can I really save for an iPhone with a 12 LPA salary?

Yes, it's possible to save for an iPhone with a 12 LPA salary by following a disciplined approach to budgeting, cutting down non-essential expenses, and exploring side hustles to boost your income.

2. How long will it take to save for my dream iPhone?

The timeline for saving for your dream iPhone will depend on factors such as the iPhone model, its cost, your monthly expenses, and your savings rate. By setting a realistic timeline and considering festive offers and discounts, you can achieve your goal.

3. How do I track and analyze my monthly expenses?

You can track and analyze your monthly expenses using budgeting and expense-tracking apps, like Money View or Walnut. These tools will help you categorize your expenses and identify areas where you can save money.

4. What are some side hustles I can explore to boost my income?

Some popular side hustles for young Indian employees include freelancing gigs, online tutoring, and content creation. Investing in relevant skills and networking can also help increase your income.

5. When is the best time to buy an iPhone?

The best time to buy an iPhone depends on various factors such as the availability of discounts and offers, new model launches, and your financial situation. Keep an eye on festive sales and special promotions to grab the best deals.

6. What are some good resources to learn more about personal finance and saving?

There are several resources available to learn about personal finance and saving, including blogs, websites, online courses, and books. Some popular Indian personal finance blogs are Paisabazaar, JagoInvestor, and MoneyExcel. For online courses, you can explore platforms like Coursera and Udemy, while books such as "Rich Dad Poor Dad" and "The Richest Man in Babylon" can offer valuable insights into financial planning and goal setting.

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Shuaib Azam
Shuaib is a Marketing & Growth lead at Hubble. When he isn't working on growth initiatives, Shuaib writes fiction and doodles space monkeys.

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