Getting the new iPhone? It’ll cost ya if you pick the wrong plan

Via cnet.com

The new versions of the iPhone are all we're hearing about as of late with theiPhone 8and iPhone 8 Plus having just hit the shelves. People have pre-ordered or have awaited the big release date to get the latest and (supposedly) greatest rendition of the innovative smartphone.

Via businessinsider.com

The iPhone is universally appealing and Apple lovers tend to upgrade as soon as a new version comes out, willing to spend their hard-earned money on the latest hand-held gadget. Spending for the phone itself is one thing, but what about the plan? That's where many people get hit harder than expected in the wallet by making misinformed or impulse decisions as to which plan to choose.

WalletHub, the personal finance website, has released some valuable information and statistics related to iPhone plans with tips for plan selection and ways to save a considerable amount of cash. What good is a new phone if you can't afford to use it? As per the finance site, choosing the right family plan with new iPhones can save a consumer up to $1,684 if they go with the most affordable carrier and contract option from Walmart Family Mobile. And individuals can pocket up to $917 by going with a no-contract plan from Walmart Family Mobile.

Via cnet.com

Naturally, purchasing the newest iPhone model is always on the minds of Apple users, but WalletHub notes the major savings attributed to keeping one's old phone and switching to the Walmart plan. According the WalletHub, individuals can save up to $1,495 and families can save over $2,200. With savings like that, the iPhone 8 and 8 Plus suddenly seem not quite as exciting.

All the major cell carriers offer varying plans with contracts available, no-contract deals, installment plans, and other plan options. Deciding on which to go with and which makes the most sense for you and your family can be confusing and overwhelming. Before you get stuck in a less-than-desirable contract or spend unnecessary money, it is advisable to review WalletHub's Cell Phone Savings Calculator to compare plans and price points for a 2-year period. Find insight on the plans offered by AT&T, Sprint, T-Mobile, Verizon, Walmart Family Mobile, and Boost Mobile for both their individual and family plans. As per WalletHub, "Total costs are based on the accounting principal of Net Present Value."

So, before you run out and ditch your old iPhone for a shiny new iPhone 8 or 8 Plus, calculate the costs and see if getting a new phone and/or new smartphone plan is a smart move. With the money you can save, you'll be able to upgrade to the iPhone X before you've had time to break in the 8!

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