5 Ways to Save Money on the iPhone 14

Upgrading phones is expensive!

It's September, which means Halloween supplies are hitting the shelves, pumpkin spice lattes are back -- and the new iPhones have been announced. That's right, the iPhone 14 has officially been announced!

While you won't be able to start playing with the new models until October, you can pre-order now to ensure you're one of the first. Of course, if you're already salivating over the idea of the latest iPhone in your hands, you've probably also already seen the four-digit price tags many of the options are sporting this season.

With many of us already dealing with inflation and sky-rocketing housing, savings accounts are getting tight. But while there aren't any amazing pre-order discounts to grab, there are still a few ways to save when pre-ordering the new iPhone 14.

1. Trade in your old phone

The single best way to get a deal on a new iPhone 14 is to trade in another phone. Whether you have an older iPhone model, a late-model Samsung, or a relatively recent Google Pixel, you can trade it into Apple for a discount on your iPhone 14 pre-order.

The phone needs to be in good condition to get the full trade-in value. An iPhone 13 Pro in good condition will earn up to $720, while one with a cracked screen tops out at $280. Additionally, the older the phone is, the less you'll get for it. You can trade in iPhones all the way back to the iPhone 7 -- but it'll only get you $40, and that's if it's in great shape.

2. Choose a smaller screen

The first choice you'll make when pre-ordering a new iPhone 14 is what model to get. If you want all the new bells and whistles, your options are between the iPhone 14 Pro and the iPhone 14 Pro Max. The only difference? Screen size -- and $100.

Both the Pro and Pro Max have the upgraded camera system, the latest software (including the much-touted Dynamic Island) and the A16 Bionic chip. But the Pro has a 6.1" screen, while the Pro Max has a 6.7" screen.

If you can live with a slightly smaller screen, you can save $100 over buying the larger Pro Max. Essentially, you're paying 9% less for a screen that's, well, 9% smaller. Seems like a fair trade.

3. Opt for less storage

Love it or hate it, the current trend for modern smartphones is to skip the SD card in favor of outright buying a phone with more storage. Of course, the more storage you want, the more you pay.

An iPhone 14 Pro with 128 GB of storage will run you $999, while one with 1 TB of storage will cost you a whopping $1,499. If you know you won't be loading up your phone with media, opting for the smaller storage option can save you quite a bit of cash.

4. Get a carrier-locked phone

When you purchase your new iPhone 14 from Apple, you get a choice between a completely unlocked phone -- one that can be connected to any mobile carrier -- or one locked to one of four carriers: AT&T, Sprint, T-Mobile, or Verizon. The locked phones can typically only be used with that carrier.

There's no price difference no matter which carrier option you choose for the iPhone 14 Pro and Pro Max. But if you're looking to pre-order a cheaper iPhone 14 or iPhone 14 Plus, getting an unlocked phone from Apple will cost you an extra $30.

For example, the base model iPhone 14 Plus is $899 from the four carriers, but $929 if you choose the "Connect to any carrier later" option. If you're a carrier loyalist and know you won't be switching anytime soon, choosing a locked phone can shave a little bit off the cost of your purchase.

5. Use it to earn a sign-up bonus

This is perhaps an unconventional savings option, but a credit card sign-up bonus can definitely be a solid way to get some money back on your iPhone purchase. How does it work? Simple:

Sign up for a new cash back rewards credit card with a good sign-up bonus. (Ideally, choose one with no annual fee.) Then, use your new card to purchase an iPhone 14. Depending on the spending requirement -- and the model of iPhone you buy -- this purchase alone could earn the bonus. (If you need to spend a little more, buy gas or groceries.)

And that's all it takes. You can easily find cards with $200 bonuses for spending $1,000 in the first three months. This means a new iPhone Pro Max could earn you a $200 bonus in a single transaction.

Even better, most cash back rewards cards these days also come with an intro 0% APR offer. This means you could pay off your iPhone over a few months without worrying about interest and still earn rewards and the sign-up bonus. That's a win-win-win!