Looking for an easy way to cut back on unnecessary expenses? Well you can forget that new iPhone or the sleek digital camera that catches your eye everytime you see an ad or walk by an electronics store in the mall. In fact, technology is one of the many sectors taking a big hit in the face of the recession.

While all the latest and coolest toys practically become obsolete within months of being introduced, replaced with even newer models, consumers are choosing to hang on to their "outdated" gadgets for longer periods to save some money. So while new electronics aren't exactly flying off the shelves as quickly as they used to, those that can repair and refurbish used ones are experiencing a boom in business.

Scott Steinberg, publisher of DigitalTrends.com, said that function, in fact, "is the new fad."

"Shiny is great, but shiny doesn't necessarily let you send that e-mail or send that text message," Steinberg said. "At the end of the day, as long as the gadget functions properly, does it have to be wrapped in white gold?"

So if you're in the market for a new phone or computer (or any other electronic device for that matter), take a good look at the one you've got and determine if you can extend its life with a few minor repairs.

» CNN Technology