5 Great Ways to Cut Your Monthly Phone Bill

You might have noticed that everyone seems to have a smartphone these days. In fact, 67 percent of those with cell phones have a smartphone, according to Nielsen. While many people love their smartphones, especially the conveniences they provide, there is one problem with them -- the ever growing monthly bill.

According to a recent study from CouponCabin.com, 46 percent of cell phone owners have a bill of at least $100 per month and another 13 percent pay $200 or more per month. If you're with a company like AT&T or Verizon, you're likely in that range, and that cost can be a significant drag on a monthly budget. The great news is that there are many options today for the frugal person who wants to have a smartphone that don't require a contract or a hefty $150 and up monthly bill.

If you're looking to save money on your phone bill this year, consider some of the following low-cost, no-contract options before signing that next contract. There is no real need to worry about coverage, either, as many of the options given piggy back on the networks of the larger providers and thus don't require you to sacrifice coverage for price.

Ting Wireless

Ting Wireless is a cell phone provider that operates on the Sprint Network and boasts an average monthly cost of $21 per device. If you're a small business owner, Ting also claims an average annual savings of over $440 per device. Ting offers a nice feature of bringing your current phone over and while there is no guarantee it will work, they do offer an online list indicating which phones are able to operate on the network.

The appeal of Ting is you only have to pay for the amount of talk, text and data you use and thus your cost is not tied to one given plan. This allows you to pay only for what you use and not have to worry about being charged for something you're not using.

Republic Wireless

Republic Wireless is a leader among no-contract cell phone providers. Republic Wireless offers plans ranging from $5 to $40 per month, with the most popular being $25 that includes unlimited talk, text, Wi-Fi and data on the 3G network.

In order to sign up with Republic Wireless you need to buy an Android phone that is enabled to make calls via both Wi-Fi and cellular. Republic Wireless offers the popular Moto G phone for $149 and with that you're good to go on the network.

Wal-Mart Family Mobile

Wal-Mart has become a player in the no-contract cell phone market, piggy backing off the T-Mobile network. Like Ting, you can bring over your old phone to Wal-Mart Family mobile, but you will need to make sure it will work with the network first.

Plans with Family Mobile start as low as $24.88 for unlimited talk and text and you can add an additional $10 if you want data. The important thing to remember with the Wal-Mart option is they do not offer 4G coverage and require a $25 activation kit. That said, the overall price is a competitive one.

Straight Talk Wireless

Straight Talk is another carrier that allows you to bring over your old phone, assuming it works on their network. Straight Talk offers a variety of different plan options, starting with unlimited texts and 1,500 talk minutes for $30 per month and $45 for unlimited talk and text with 3GB of data. Straight Talk also offers an unlimited international talk option if that's something you need.

TracFone

TracFone is one of the original players in the no contract low-cost market. With TracFone you have the option to bring your own phone over, assuming it works on the network, or choose from the offerings. TracFone is admittedly a more bare bones option for those needing a cell phone provider, but can be a good option if you don't need much. TracFone plans start as low as $7 per month with 90-day Android smartphone plans starting as low as $19.99 per month.

Many people have a need for a smartphone in their life, whether for personal or professional reasons. With the many low-cost options available today, it's possible to meet that need and not bust your budget in the process.

John Schmoll is the founder of Frugal Rules, a finance blog that regularly discusses investing, budgeting and frugal living. He is a father, husband and veteran of the financial services industry who's passionate about helping people find freedom through frugality.