Is the iPhone worth it?

A lot of people are asking this question. Until recently, I was one of them.

Screenshot iPhone Homescreen

The iPhone's built-in capabilities, incredible library of apps and portability are factors that make the device worth many times its cost.

Now that I've owned and used my iPhone for several weeks, I can enthusiastically and definitively report that yes, owning an iPhone is well worth it. For me, the iPhone has already generated monetary and intangible benefits worth far more than the purchase price. (My iPhone 4 cost $199.00 as a Verizon upgrade with 2-year contract extension. Verizon's monthly service cost for the iPhone is $30.00)

I expect these benefits and savings to grow over time. Here are five ways that I think my iPhone has paid for itself. Each item is more fully described in a separate post that can be reached by clicking on the link.

  1. Nutrition and Weight Loss - The iPhone is portable and easy to use - two big factors that make it a powerful and cost-effective weapon in the weight loss battle - especially combined with the right calorie counting app. My estimated yearly savings: $2,000 plus a whole lot of intangible good feeling that's impossible to put a price tag on.
  2. iPhone functions Replace Costly Gadgets - The iPhone either comes equipped with or can readily be enhanced with free or low-cost apps to replace an impressive array of devices and tools that would cost thousands of dollars if bought separately. My estimated savings from not buying/replacing these devices: $700+
  3. Business Expense Accounting - One the least-favorite tasks small sole proprietors (like me) face is organizing business expenses for tax purposes. I made the decision about a year ago to pay virtually all my business costs with a dedicated Chase Ink credit card for business. Now, a new Chase Ink Credit Card iPhone app called Jot promises to save me from lots of hours of drudge work. Jot lets you instantaneously tag and categorize business expense items. My estimated yearly savings: 36 hours of my time@$75/hour = $2,700
  4. Personal Finances - Couponing, price-comparisons, keeping tabs on investments, credit cards and bank accounts, car shopping, home buying etc., etc. The iPhone is the premier tool available for staying on top of your finances. Apps like Mint help the iPhone pay for itself in very short order. My estimated yearly savings: $2,000+
  5. Portable Reference Library - Unless you plan to download mounds of music and video files, the iPhone's memory (16 or 32 GB) will be adequate to allow you to carry an incredible reference library in your pocket. Everything from WebMD to the owner's manual for your car is likely available for download. My estimated yearly savings: 5 hours of my time@$75/hour = $375

In short, the iPhone is the most sensible purchase I've made in recent memory. It has easily paid for itself several times over. Health and nutrition, business, personal finances, literacy, communications - almost every important aspect of daily living has been enhanced in one way or another by the iPhone.

Oh, and yes, it's a really good cellphone too.

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Filed under: iPhone • Kindle • Personal Finance

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