As I sit down to write this, the web is ablaze with excitement about the new iPhone that was announced at 10:00am today. It’s a few hours past the announcement, and I still haven’t the slightest clue as to the specifications or new features. Why? I’m waiting for the spoiler-free video posted on a rumor blog. I’ll update the title of this article with the official iPhone name once I know it. So, having no clue as to what the new phone will be like, the question is: is anything really worth the $200 or $300 out of my pocket for something new? I figure that I can be as objective as possible not being subjected to all the hype, excitement, and fresh news! Wants and Needs But this isn’t about me. It’s about you. Can you afford the new iPhone? What features do you have to have in order to pull out your wallet? I think the answer is simple. The iPhone is simply a want, not a need. Therefore, there are no new features you have to have. Unless the new iPhone holds the antidote to some rare and widely-spreading deadly virus strain, I think you’ll be okay without it. Understand, that is a difficult thing for me to say. I’m a huge Apple fan, and I’m truly looking forward to watching the keynote address as soon as it is uploaded from Apple. They’re an innovative company who almost always seems to impress. But, the new iPhone is still a want, not a need. Yes, even when you can get free apps . “But John, you haven’t seen the new iPhone 5/4s/whatchamacallit! How could you possibly know that it’s a want?” I guess I’ll just have to see if I’m wrong. By the time this article is published, I’ll know if I’m right. But I’m sure I’ll be right (not always the case). Can You Afford It? Alright, so now that we know you don’t need it, the question remains: do you have enough discretionary reserves to buy it? Is it in your budget ? In our household, discretionary reserves consists of fun money, date money, Christmas money, and birthday money. Some of those categories can be used for certain occasions, others can be used anytime. As of right now, I don’t have enough discretionary reserves to justify the purchase. Thanks goes to Quiznos for taking all my fun money. Haha, no, that was a choice. I just love their sandwiches. You can afford it if you have purposefully saved money for it. If you haven’t done so yet, I recommend you wait until next month to buy it. Go ultra-frugal this month, save up wads of cash, and buy it next month as long as it doesn’t conflict with your necessary expenditures. Necessary expenditures include: Housing Utilities Clothing Transportation Food I have a feeling that your brand new shiny iPhone won’t put a roof over your head, light up your whole house, virtually project a hologram to cover your body, transport you to work instantaneously, or cook you bacon and eggs in the morning. So please, don’t go and just buy it without thinking. For those of you who are in debt (non-mortgage), I do not recommend buying the iPhone. And please, certainly don’t put a new iPhone on a credit card. Bad plan! Use your cash back debit card instead, okay? Hopefully this article gave you something to think about. If you’re still wanting to buy the new iPhone, try waiting 30 days and see if you still want it. Don’t let all the excitement and hype move you to buy something you can’t afford . . . that applies to any purchase! Are you going to buy the new iPhone? What is your reasoning? Meet us in the comments! Photo by Yutaka Tsutano Related Articles: iPhone 4 Death Grip | Roundup How Much Can You Afford To Pay For A House? Is the iPhone coming to verizon? Google’s Nexus One coming to Verizon (spring 2010) We’ve Earned $73/month Cash-Back From Our Debit Card Can You Afford Retirement? 5 Free iPhone Apps To Get Your Finances On Track John Frainee is a personal ﬁnance writer at TheChristianDollar.com . His goal is to provide biblical ﬁnancial principles that encourage people to live healthier lives. Beyond personal ﬁnance, John enjoys spending time with his wife and two crazy cats, playing a competitive game of Monopoly, and reading just about anything he can get his hands on. You can also ﬁnd him on Twitter and Facebook . As a thank you for subscribing to our newsletter you can download our quick eBook ” 25 Ways To Save Money in 2011 ” for FREE! The articles on this site are for entertainment purposes and should not be taken as financial advice. Please contact a financial professional for specific advice regarding your situation. Also, many of the CPF articles help us pay the bills by using affiliate relationships with Amazon, Google, eBay and others. Find out more here .