Apple recently announced they will release three new iPhones, which are sure to be on lots of people's holiday wish lists. But with smartphones costing as much as a monthly mortgage payment nowadays, how can you stay tech savvy and save?

Personal finance expert Lynette Khalfani Cox of the site, Ask The Money Coach shares this advice:

1. Sell your old iPhone and other tech:
The average U.S. household owns seven items of unused tech that are just sitting around their homes and not being used. Even though selling these electronics can net you many hundreds of dollars, a third of Americans don’t know that old tech can be traded in and recycled for cash. So if you’re eyeing a new iPhone, or even an Android device, don’t simply stash your old phone in a drawer. Instead turn it into holiday spending money by selling electronics online at sites like

2. Consider tech storage wisely:
Should you buy an iPhone with 64 gigabytes or pay $150 more for 256 GB? Storage is a balancing act. If you don’t purchase enough space, you’ll get frustrated. But if you buy too much capacity, you’re wasting a lot of money. Before you shell out $150 for extra space, be sure you really need it.

3. Skip overpriced tech accessories:
All the accessories that go along with the new tech aren’t cheap. Get online and comparison-shop on sites like or even at places such as Five Below for chargers, cords and other stuff to keep costs down. You can find some good bargains – sometimes for 50 percent to 75 percent less than what Apple charges for accessories.

4. Be alert for Internet flash sales:
Free websites like track all the latest deals and discounts on things like TVs, home entertainment units, cameras, phones, tablets and other electronics. So be sure to sign up for their free email service and each day they’ll give you a heads up about special promotions, flash sales, coupons and other incentives that let you get tech at a discount or sometimes even free.

5. Win an iPhone or other gadgets:
Some retailers offer contests that let you win new iPhones or other tech. Obviously, only a small number of people are going to win such contests. But if you just can’t afford to buy an iPhone on another expensive gadget you want right now or during the holidays, it’s worth a shot to enter a legitimate prize or contest sponsored by a company you know. Just Google the words “win” and the tech item you’d like to find ongoing promotions.