Is your financial situation making you anxious? For many of us, by the time we reach month's end, we're left perplexed -- where the heck did all of our money go? Your obsession with technology may be the culprit.

Reckless spending can lead to thousands of wasted dollars every year, and unless you're careful to rein in those bad habits, you might find yourself spiraling into debt -- even if you have an above-average income.

Here are a few ways to control your obsession with technology and gadgets, and not spend more money than you should. Are you a slave to technology? Look out for these.

1. DON'T Be the First to Own the Latest Product

Just a few weeks ago, Microsoft announced the Surface Book laptop and people are still going crazy over it with many lining up to buy one. Not long before that, Apple announced the iPhone 6s and sold over 13 million units within the first month.

These people are called early adopters, and of all the reasons not to be an early adopter, price is at the top of the list.

Technology advances more rapidly than any other field today, and that means that new products become obsolete overnight. What happens when something is made obsolete? Its value drops, and therefore its price drops. Retailers are also forced to clear existing stock to make room for newer models, and they do that by offering steep discounts.

tech-obsession-save-money-price-trend

The above chart shows the price history of the 16 GB iPhone 6, which debuted in September 2014 at $815. Today, just one year later, you can get it for $615. In this particular case, the price of being an early adopter was $200.

This happens with a lot of new gadgets, especially the ones that fall way short of their hype. It's not uncommon for $200 gadgets to end up being sold for $100 or $50 within a year or two. Worst case scenario, you drop a lot of cash on something that quickly becomes worthless.

So ask yourself, is it really necessary to upgrade your phone every time a new Nexus, Moto, or iPhone model comes out? Can you wait a year or two before jumping on the Surface Book bandwagon? Isn't your last-generation device still good enough?

Pro Tip: Even if you wanted to upgrade your device every year, you can save $100-200 by lagging behind by one product cycle i.e. buy an iPhone 6 when the iPhone 6s is released, etc.

2. DON'T Pay For Features You Don't Use

Buying technology that's beyond your needs is one of the biggest money sinks of this generation. Do you need that $2,000 pre-assembled computer, or should you build your own computer that's "good enough" for $500?

Admittedly, there are so many features across so many products that it can be overwhelming to know what's "good enough" for you if you aren't an avid tech geek. That's why we have all these buying tips for USB flash drives, microSD cards, modern LCD monitors, and new hard drives.

tech-obsession-save-money-important-features

For example, when buying your first DSLR camera, it makes no sense to buy an expensive high-end model with features so advanced that you won't even know how to use them for years to come. A $500 DSLR camera can serve a beginner just as well as a $1,500 one.

[amazon id="B00J34YO92"]

For example, let's say you want to buy the Motorola Moto X Pure Edition at $399 for its 21-megapixel camera. Do you need that level of detail, though? If you're just going to upload to Facebook or Instagram, then you probably don't, and you'd be just fine with the Motorola Moto G's 13-megapixel camera for $219.

Pro Tip: Buy as good as you need and no better. Technology prices drop quickly enough that you should buy features as you need them to prevent wasting money on features you'll never use.

3. DON'T Rely Too Much on Mobile Data

Smartphone addiction is real. Don't believe me? Consult the smartphone addiction checklist and see if you qualify as an addict, because there's a good chance that you do -- and the number of folks who are addicted to smartphones is growing year over year.

You could do what my colleague Ben did and measure your weekly smartphone usage to see how addicted you are. If you have enough self-control to do all of your smartphone activity while on Wi-Fi, then you don't have too much to worry about.

tech-obsession-save-money-mobile-addiction

But if your addiction is so strong that you feel like you need a massive mobile data plan just so you can be mobile-connected all the time, then the problem is worse than you think. And the truth is, no matter the reasons why you're mobile-addicted, it's probably costing you a lot of money.

For example, in my area, data overage charges are $10 per 1 GB (for Verizon) and $15 per 1 GB (for AT&T). If you're so out of control that you're consistently exceeding data caps, that's all going to add up.

tech-obsession-save-money-data-costs

But more importantly, data plans in general are too expensive. The smallest Verizon plan is $30 (for 1 GB) and the largest is $100 (for 18 GB) -- quite a pittance for the price. Similarly, AT&T charges between $20 (for 0.3 GB) and $375 (for 50 GB). That's highway robbery.

You can save hundreds every month just by switching to using one of the cheapest mobile phone plans in the US. Services like FreedomPop and Scratch Wireless provide free plans while services like Republic Wireless (which I use myself) offer unlimited data over Wi-Fi.

Pro Tip: The key is to break your smartphone addiction and start reducing your mobile data usage. If you can learn to do all of your smartphone activity over Wi-Fi only, you will save a lot of money.

4. DON'T Refuse to Cut the Cable Cord

Cord-cutting is one of the best ways to slash your household expenses, especially if you have a massive cable bill in the hundreds of dollars. Not to mention, there are plenty of other benefits to cutting the cord that aren't related to money.

But think about it. If you drop your $150 cable package and replace it with Netflix, Hulu Plus, and HBO Now, you'll save over $100 per month. Even if you throw in a few live TV subscriptions like Sling TV, it still comes out cheaper.

In my opinion, the only legitimate reason to stay cable-subscribed today is sports.

tech-obsession-save-money-cord-cutting

All of that being said, the key skill here is being able to identify the subscriptions you can live without -- and actually living without them. What good is subscribing to Netflix, Hulu Plus, and HBO Now if you only have a few hours of weekly leisure time? Pick one and save an extra $20 every month.

Similarly, sever ties with all of your luxury subscription services that are simply there for convenience. I'm talking about things like Blue Apron, Manpacks, Naturebox, and Barkbox. Convenience is nice but costly.

And while we're on the subject of Internet services, don't ever rent a modem. Rental fees are outrageous, and the only valid reason to rent is if your ISP forces you to do so.

Pro Tip: Cut the cord and save your money. Replace costly cable subscriptions with on-demand streaming services for big savings. Not sure where to start? Read our guide to cutting out cable.

How Costly Is Your Tech Obsession?

It takes a lot of effort to overcome an obsession with technology, but it can be done. Plenty of people -- maybe even some of you readers -- can testify that it is possible to break the chains of smartphone addiction and to defeat the early adopter's compulsion.

But smart decisions like these are necessary if you want to learn good personal finance.

How much money are you "wasting" on newfangled tech? If you've already started cutting back, how much are you saving now? Tell us about your experiences in the comments below!

Image Credits: Modern gadgets by Pressmaster via Shutterstock, DSLR Closeup by lightpoet via Shutterstock, Man Using Smartphone by Kostenko Maxim via Shutterstock, Mobile Data Chart by Charts and BG via Shutterstock, Netflix Mobile by nevodka via Shutterstock