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Buying a ₹3 lakh iPhone every 3 years? Know the monthly SIP you need, resale benefit and when EMI makes sense
Mint 1 hr ago·14 Sept 2026, 3:30 pm
Upgrading to a premium smartphone can strain your monthly budget, but it doesn't have to be a sudden financial shock. By treating the purchase as a planned financial goal, you can spread the cost over time. This approach involves calculating the total cost of the device, including taxes and accessories, and then determining the monthly savings required to reach that amount by the time you want to buy the phone. This disciplined saving ensures you have the funds ready without dipping into your emergency reserves.
A key advantage of this strategy is the potential resale value of your current device. Selling your old phone before buying a new one can significantly reduce the net cost of the upgrade. This cash inflow can be used to lower the required monthly SIP or shorten the time needed to reach your goal. However, investors should compare this cost against the interest rates offered by credit card EMIs. If the interest cost is high, saving up in a liquid fund might be a more cost-effective option than taking on debt.
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