How to Score the Latest Tech Tools Without Breaking the Bank

It's easy to be distracted by the "wow" factor of the latest gadgets and overlook their frequently hefty price tag. But before you break out the plastic (or break your budget), know that there are ways to make your dollar stretch further.

As with many things in life, timing is crucial. For example, did you know that there are times when certain products are available at a substantial discount? We've done a little digging to find the best times to buy new tech tools:

• Digital cameras - February. The latest models have just come out, and the older one are on sale.
• Computers - Older models go on sale in July and August in order to make room for new models. You can usually get a good deal on new laptops in August and September, thanks to back-to-school sales.
• Phones - It's usually best to wait until you're eligible for an upgrade to get the best price on smartphones. Can't wait? Consider switching to a different carrier to take advantage of new customer incentives.
• Tablets - When the newest iPad (or Android or Windows) tablet is still only a few months old, it's a great time to buy the previous model at bargain. If you're only interested in the latest and greatest, consider holding off for Black Friday or Cyber Monday discounts during the holidays.

Other ways to preserve your bottom line are purely psychological. Think of that new phone or software program as more than just a toy, but as a tool that can help your business grow. In order to decide if a potential tool is a worthy investment, ask yourself if the benefit gained is greater than the money spent. Does it save you time? Will it streamline your workflow? Is it something that you will use frequently? If it's something that you will only use once or twice, consider holding off.