How Much Does It Cost To Replace Your Phone?

Philosopher George Santayana supposedly once said that “those who cannot remember the past are doomed to repeat it.” I clearly didn’t get the memo, as I recently lost my mobile for the second time this year. I paid double what I did last time to get a new handset, making me really reluctant to lose my phone a third time in 2016! So how much does it cost to replace your phone if you lose it?

Building savings

It is vital that you build up your savings, so you have some extra funds lying around in cases of emergency. There’s no hard and fast rule about how much of your wages you should put into your savings every month. However, most experts suggest that you should put between 10% and 20% of wages into your savings on a monthly basis.

I am the ultimate budget-maker. I’m the type of person who checks their bank account online every single week, so I can constantly keep track of my money. I try to set aside £300 for my savings every month, so I can cover any unexpected expenses. My savings pot has been life saver for me this year; without it I would have never been able to replace my phone twice!

First time around

The first time I lost my phone was in January. I was on a night out in Leeds and I lost it in a club. I got the SIM card blocked the next day and bought a new handset. Luckily I’m on contract with EE, so I got the device for just £100. I also had to buy a new memory card for my music and pictures, which cost £20. Therefore the first time around, I spent about £120 replacing my phone.

There are a number of things you can do to reduce the cost of replacing a lost phone. You can take out insurance, so you can get a new handset at minimal cost. You can also invest in security measures, such as locking it via PIN. By doing this, you will ensure that if someone takes your phone, they can’t access any information e.g. financial details, that you have stored on the device. I did not implement any of these measures when I got my first replacement phone. What an idiot!

Second time around

I lost my phone for a second time last month. I was on a night out on Canal Street, Manchester’s gay quarter, when it happened. I made sure the SIM was blocked the next morning, but it cost me slightly more to replace it this time around. Once again I paid £100 for a new handset but due to a policy change at EE, I had to buy a replacement SIM while waiting for a new SIM to be mailed to my house, which cost £10. I also had to shell out £20 for yet another replacement memory card, meaning that this time around I paid roughly £130 to replace my phone.

I really thought that was the end of it. However, last weekend I discovered that someone had stolen the old phone and used it to call Algeria. Luckily I blocked the SIM before they could make any more really expensive phone calls, but I still had to pay an extra £110 to EE to cover the cost of the Algeria call. Needless to say I have now learned from my past mistakes; my new phone has a PIN and soon I will also be taking out insurance.

Learning lessons

In other words, the cost of replacing your phone if you happen to lose it depends on you. If you prepare beforehand, the cost will probably be minimal. If you’re like me and you don’t bother to protect yourself, you could end up paying an arm and a leg to get a new phone. It is really easy to lose you phone but that doesn’t mean you should pay through the nose to replace it; learn from my mistakes so that replacing your phone won’t put a dent in your savings!

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