The New iPhoneX: Why it’s Not Worth $1000

On September 12 Apple, in it’s usual hype, revealed the all new editions of the Iphone–a version 8 and X, with the latter sporting a price tag of $1000! To any die hard Apple lover, or tech junkie, the cost may be an afterthought. Showing off a screen with no edges, removal of the home button, and facial recognition software, what is there not to like about the IphoneX? Well, as technology laggards and finance guys, the high price is a big sticking point for us. And we mean as sticky as that home button after your toddler gets a hold of your phone with their yogurt covered fingers. Wall Street seems to agree, as Apple’s stock price has been trending down since the announcement, with analysts questioning the price point and doubting if Apple has any more true innovation to offer the world.

Despite how you feel about Apple or phones, let’s take a look at what else you could do with that $1000…

1.) Debt: Depending on the study, average household debt balances range from $8,377 – $16,048. That is certainly without mortgages, and possibly before considering auto loans. If you paid down debt, instead of buying the phone, you’d chop off 6%-12% of the balance owed.¹ ²

2.) Groceries: According to USDA figures from July 2017 (most recent data available), the monthly cost of a moderately priced grocery bill for a family of four is between $882.70 and $1053.30, depending on the age of the children. Skip the IphoneX and you could have a month’s worth of groceries covered. Go ahead and splurge on the Double-Stuffed Oreos.³

3.) Emergency Fund: If you have $0 saved, or are under around 6-months of expenses stashed away, then that $1000 may do you the best good in the bank. According to a GoBankingRates study, 69% of Americans have less than $1000 in savings, and 34% do not have any savings at all. It’s cash, so it could cover potentially anything that may come up unexpectedly.⁴ ⁵

4.) Investment/Retirement Account: If you have one, just think about the potential another grand could do in the long run towards reaching your goals. If you do not have one, a cool “un mil” is a great starting point.

Of course this is not a comprehensive list, but food (yes, another Oreos reference) for thought, and something to get you thinking about your money and spending habits in general. The point isn’t to not have nice things, but to consider your options, and take the time to think “do I really need this?” Your money can go a lot farther than you think, it just takes a little prioritization and discipline. If you have any questions, you can call us, even on your IphoneX (we forgive you).

Keep it good,



1.) Elkins, Kathleen. Here’s how much the average US family has in credit card debt. May 17 2017
2.) ValuePenguin. Average credit card debt in America: 2017 Facts & Figures.
3.) United States Department of Agriculture. Official USDA Food Plans: Cost of Food at Home at Four Levels, US Average, July 2017.
4.) Backman, Maurie. 10 Smart Things You Can Do with $1,000 Right Now. February 20 2017
5.) GoBankingRates study referenced in Backman Motley Fool article.

DISCLOSURE: The ideas, thoughts, and opinions in this article are our own, except where sources are specifically cited, and are property of Millennial Financial Planning. This article is intended for informational and entertainment purposes only, and does not serve as direct financial advice, nor is it an endorsement for or against the Blended Retirement System. Speak with your financial professional for direct advice and guidance. All investments contain risk and the potential loss of principal.

“…as technology laggards and finance guys, the high price is a big sticking point for us.”