Who Has The Cheapest Cell Phone Rates - Smartphones are ingrained in everyday life, but have you calculated how much you will spend on smartphones in your lifetime? What is the total cost of owning a smartphone and how will it affect your lifestyle? Here, the numbers are crunched to illustrate the real impact smartphones can have on your financial future.
$75,000 Cell Phone Bill The average selling price of a smartphone in North America is $567, with an average upgrade cycle of 32 months. If you buy your first smartphone at age 18 and upgrade every 32 months until age 78 (the average life expectancy in the US), you'll buy a total of 22 smartphones. Based on the current average price, your total cost is $12,474. It's a hefty bill, but it's insignificant compared to what you'll pay for wireless service. Based on current unlimited plans, you could spend about $80 per month for a total of $57,600 over 60 years. Add 60 years of app purchases at an average of $88 per year, and the grand total you'll pay for a smartphone over your lifetime comes to $75,354. If 60 years seems like a long way off, see if you'll be paying for 10, 20, 30 years.
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IPhone $5300 These figures do not take into account mobile accessories or inflation, which promise to increase the total cost significantly. Take the iPhone, for example. In 2008, the original iPhone sold for $499. The iPhone XS Max costs $1,099 today – an increase of 120.24% over ten years or an average of 12% per year. Project that growth rate over the next 20 years, and a new iPhone could cost $5,319 in 2038. That doesn't match the historical inflation rate of 3.22%, which puts the iPhone at $2,071. That means iPhone prices could be higher than average inflation by $3,247 over the next 20 years. Here's the kicker: between 2008 and 2018, the median wage in the United States rose from $20.96 to $26.99 — an increase of 28.77%. If the same growth rate is maintained over the next 20 years, in 2038 the average wage will be $44.79. That means the average American will have to work 118 hours to buy an iPhone in 2038 – nearly 3 weeks – 5.8% of annual income. In 2008, the average American could buy an iPhone in less than 24 hours; 2018, 40 hours.
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As a result, the number of hours it will take the average American to buy an iPhone by 2038 could increase by 195%. Is your cell phone robbing you of your pension? How do cell phones affect Americans' wallets? We've found that average wages aren't likely to keep up with escalating smartphone prices, so the impact of smartphone ownership will increase over time. Consider a 30-year cost of $37,677 – in other words, how much a smartphone will cost over your working career (less inflation). With that money you can buy:
It's even more important to consider the impact of smartphone ownership on your long-term financial success. That $37,677 paid over 30 years equals $1,255 a year or $105 a month. If this monthly amount were invested over 30 years, at the historical rate of return of the S&P 500, it would yield a value of $177,000. That's a huge amount, especially since the average American has less than $85,000 in retirement savings. Of course, we don't recommend going without a cell phone; however, if you can reduce costs by 50%, you can save a significant amount of money over 30 years. Let's do the retirement calculation again based on 50 percent savings ($18,838). In this case, you will invest $52 per month for 30 years. That would yield a value of $87,675 — more than the average American has saved for retirement and a nice chunk of change to add to other retirement savings. How to Cut Your Cell Phone Bill in Half It's clear that you can save a lot of money by lowering your cell phone bill. Here are some tips that can save you up to 50 percent over your lifetime.1. Sell your old phone (at the right time) The best way to recoup half the cost of your smartphone is to sell your old phone when you upgrade. Instead of getting a deal with the carrier, sell your smartphone to buyback stores, which will pay (on average) 30% more than the carrier. Selling at the optimal time can save you up to 50 percent — or more — on your phone. Phones depreciate faster with the launch of new models, but you can beat those sales with a price lock that lets you lock in prices early, then wait up to 30 days to sell them. Over 30 years, selling your old phone can set you back more than $3,000. Earn more by comparing deals at , where Trust Verified stores compete to pay more for used phones.
2. Keep your phone longer Keeping your phone longer than the average 32 months can provide significant savings. In fact, just keeping each phone for an extra six months can save more than $1,100. Keep your phone for an extra year and you could save over $1,700 over 30 years.3. Minimize data usage The average American spends about $80 on wireless plans, about the same price for unlimited data. However, if you minimize your data usage and use WiFi, you can save thousands of dollars. For example, if you switch to a $50/month plan with limited data and stay within your data cap, you could save more than $10,000 on your wireless service over 30 years.4. Explore alternative wireless plans You don't need to pay big carriers to enjoy consistent wireless service. Alternatives like Ting, Tello, and Republic Wireless offer cheaper plans; and Google's Project Fi promises savings by keeping you connected to WiFi instead of cellular data. For example, Tello's 2GB data plan with unlimited calls and texts costs just $19 per month. Over 30 years, this represents a savings of $21,960.5. Minimize in-app purchases Sure, apps and games are useful and fun; but look for free alternatives or deal with ads to avoid spending $88 a year. If you keep your in-app purchases to just $10 per year, you'll save over $2,300 over 30 years.
Remember that all these predictions are based on current prices; As the cost of products and services increases with inflation and technology developments, so will the total cost of ownership – and potential savings.
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There is no doubt that smartphones are very important and their importance will continue to grow as mobile technology becomes more and more ingrained in our daily lives. However, that doesn't mean you have to mortgage your future to stay connected. Follow the tips in this article to save tens of thousands of dollars on smartphones without sacrificing the connected lifestyle you depend on. Depending on the amount on your current bill, you could easily save $250 or more per year just by switching to one of these cheap cell phone plans. There is also a significant opportunity where you can save a lot
That's because the industry has seen a proliferation of new competitors offering low-cost plans over the past 4-5 years. That means worse service, right? No! These discount service providers are using the towers of major cell phone companies like Verizon and T-Mobile. So cutting costs on your plan doesn't mean cutting costs with consistency.
In the past, I've convinced nine other friends to join me on the Sprint plan, each of us paying $10 a month. At the time, it was the cheapest mobile phone bill. But paying my bills and having other people give me my money back is annoying. Reminder to send me $10 Venmo after a while!
To save a lot on your cell phone plan, you had to sign up for a family plan like I did. But you don't have to do that anymore – it makes saving money much simpler than before.
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Remember the exorbitant activation fees and awkward visits to your local cell phone store? And contracts, ugh! Yes and I. But these things have been put aside, fortunately. Switching suppliers has become much easier
Much cheaper. The new type of carrier makes it easy to choose your plan on their website, pay online and quickly set up your service as they'll send you a new SIM card overnight. And you'll even be able to keep the same phone number you've wanted for years!
If you're thinking you'll have to work hard to save big, think again. It becomes extremely simple to convert.
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