Last year, Apple users reportedly spent $10 billion (http://www.businessweek.com/articles/2014-01-07/apple-users-spent-10-billion-on-apps-in-2013) on apps. If you own an iPhone, iPad or other Apple product, chances are some of that $10 billion came from you. But how much? And if you don’t have an Apple product, how much did you spend on Android apps?
Apps are easy to buy and often forgettable since they’re cheap and come with no tangible product or packaging—but that’s exactly why they are so dangerous to your budget. This month, Financing Your Life is asking you to join the App Challenge. Here’s how it works:
- Pull out your bank statements for 2013 and see how much you spent on apps, ringtones and games for your devices.
- Check your statements for this year and see how much you’ve spent already in 2014.
- Break each yearly average down into a monthly cost (divide 2013’s total spending by 12 and 2014’s spending by 3).
- How much would your savings account balance increase if you cut this monthly average and put 50 percent of it in savings instead of spending it on apps?
- Make a promise to yourself to cut at least 10 percent of your app spending in 2014 and to put that amount in savings each month.
Are you in? Make sure you share this post with your friends and family so they can take part too!