Mr. Minion here. Hope all of you are having a wonderful weekend.
Let me start off this blog’s first ever “Money Saving Tips 101” post with a tip on how you can potentially profit from renewing your Singtel/Starhub/M1 Contract.
The trick is to BUY AN IPHONE when renewing your contract.
Let me explain this trick with an example.
Assume that you are a subscriber with Starhub and you have just received a letter with a $100 re-contract voucher. You are currently subscribing to their 4G 4 plan at $62.90 per month.
So assume that you re-contract with them, the 32GB IPhone 7 will be available to you at $378. (Source: http://www.starhub.com/microsite/apple/iphone/iphone-7.html, As of 16/07/2017) So, with the re-contract voucher, you will be paying $378-100=$278 for the IPhone 7.
By selling this IPhone 7 to a third party, which can be sourced from the Hardwarezone Forum (http://forums.hardwarezone.com.sg/mobile-phones-bazaar-201/), you can potentially get about $820 (Source: Hardwarezone, As of 16/07/2017).
In this case, you will be earning $820-$278=$542.
This $542 can pay off 8.5 months of your phone bill.
It is VERY IMPORTANT to note that:
- It is currently the middle of July and the new IPhone is coming out in about 2 months time. It is at this point where the resale price of the IPhone is at its lowest. If you are able to get an IPhone within a few months of its initial launch, your profits may be higher. I believe that the highest I ever reached was about $7xx.
I guess this strategy would be relevant for people who are not particularly choosy about their phones. If you have a phone that is falling apart, you can simply use that profit to buy a $1xx Xiaomi/OPPO phone and save/invest the rest.