When it comes to technology, there's always something new on the horizon. Every year a new model comes out with a few more bells and a louder whistle that makes last year's model look a little less shiny and a little more pudgy. With new products come new commercials and sneak peeks that elicit feelings our parents only got from beat-up Playboy magazines, culminating in what is commonly referred to as Gadget Lust.


Gadget Lust can blow a well-planned budget out the window with its ability to make you take a second look at a gadget and start thinking, "That case looks like it's coming apart" or "This knob seems to be sticking a little bit more than yesterday." Combine this with the peer pressure that hits when everyone around you starts pulling out their new iPhones' and their unibody Macbook pros' and you're liable to lose your self control. For more on how Gadget Lust can ruin your financial future read WalletPop's Flow chart for making a bad shopping decision.

Even though it seems like you're fighting a losing battle by hanging onto your old gadget, there's a new movement amongst even the geekiest and gadget-addicted consumers to use Last Year's Model. Whether they are doing it out of "sheer laziness," as the tagline suggests, or because they're following the mantra of "get great gadgets ... and keep them!" people all over are making the most out of Last Year's Model. On top of saving money on gadget purchases by using your old gadget longer, you're making an environmentally friendly decision.

What's really interesting about the movement to be content with Last Year's Model is that you don't have to just be content anymore. Thanks to dedicated individuals who love hacking technology you can breathe new life into many old gadgets by adding new software or firmware to get all kinds of results.

Some of the best uses of Last Year's Models include:

• Turning the Original Xbox into a media center.
• Installing Rockbox on an old iPod for new features.
• Making a digital picture frame out of an old laptop.
• Supercharging an old router with DD-WRT.
• Speed up a computer by installing Ubuntu or Windows 7 on it.

You won't always be able to avoid buying a new gadget, but if you get great gadgets to start with they'll last longer and perform better when you want to squeeze an extra bit of life out of them. If you want to participate in the Last Year's Model movement, you can share your gadget story in the comments at LastYearsModel.org, join the group on Facebook or add the #lastyears tag to your tweets and Flickr photos.