Is it worth upgrading your phone? When to splurge and how to save.

September means kids go back to school, the weather starts to cool off and the new iPhone arrives. On Sept. 12, Apple will unveil the new iPhone 15 models, The Wall Street Journal reported. But even if you're swept off your feet by the latest model, is it worth buying a new phone? After all, a smartphone, whether an iPhone or otherwise, isn't an inexpensive purchase.

When does it make sense to upgrade your phone?

In some scenarios, spending on a new phone makes sense:

• Your phone model isn't supported by the latest version of iOS, iOS 17. This is important because the latest version "delivers new features as well as important security updates and bug fixes," which means that "using outdated software can hurt performance and put your data at risk," according to the Journal. Check Apple's website to see if iOS 17 supports your model.
• Your phone needs major repairs. If your phone needs extensive work, like replacing a nonfunctioning microphone, it might be more cost-effective to upgrade rather than pay for repairs.
• You want all of the new software features. "Even if your iPhone does support iOS 17, you won't get all of the update's features," per the Journal. If you decide those features are vital to you, then you'll need to pay to upgrade.

Still, there are instances where upgrading likely isn't worth it:

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• Your phone only needs a small fix, such as a new battery or a screen repair. Sometimes, these small repairs can solve the issues you're having with your phone that may have led you to consider an upgrade. For instance, you can pay just $89 or so for a new battery, the Journal reported.
• Your phone's problem is that it's running out of storage space. At times, iPhones get slow because there's not enough storage left, according to the Journal. But because this is an easy fix, it's worth checking your phone's storage situation before throwing in the towel and getting a new phone.
• You already have an iPhone 15. The latest release from Apple will likely only make an "incremental update to this year's phones," reported the Journal. In other words, "if you bought a new iPhone last year, you are probably fine."

How much does upgrading your phone cost you?

Another question you should take into consideration before buying a new phone is how much you'd save by keeping your old phone rather than upgrading to a new one, according to Bankrate. The price of a smartphone typically falls in the range of $700 to $1,000, per an estimate by The New York Times.

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Even if that sounds feasible for your budget, there are opportunity costs to take into consideration as well. According to the Times, "an investment of $1,000 in a retirement account today would balloon to about $17,000 in 30 years." That same principle applies to the seemingly modest monthly payment breakouts as well. "If you put $12 a month into a retirement account, like a Roth IRA that has an average annual rate of return of 10%, that amount would turn into $25,161 over 30 years," stated the Times.

And if you're stretching your finances thin to get a new phone, you might want to think again. Per the Times' conversation with financial adviser Suze Orman, "a $1,000 phone charged to a credit card could turn into $3,000 with interest by the time it's paid off." That credit card debt "could also affect your credit score, making it harder to buy or rent a home."

What are ways you save if you're upgrading your phone?

If you're moving forward with a phone upgrade, these are ways to save:

• Choose the smaller of the offered models.
• Consider buying last year's model instead.
• Wait for a promotion, such as around Black Friday.
• Get a new phone with a less expensive carrier.
• Trade in or sell your old phone.

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She has previously served as the managing editor for investing and savings content at LendingTree, an editor at SmartAsset and a staff writer for The Week.