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cell-phoneMany people nowadays are paying nearly $700 for the newest phone—and some people are even renting phones for a monthly fee as well. If your phone is so expensive that you have to lease it, you can’t really afford it. Phones are are much less expensive work just fine.

What’s worse,American consumers are paying way too much for a monthly plan. The average Verizon Wireless customer paid a staggering $148/month. Sprint customers paid an average bill of $144, AT&T $141, and T-Mobile $120. That’s outlandish, considering that you can sign up for low-cost providers like Ting, Republic Wireless, or Cricket and pay less than $50 per month for similar coverage. Here are 5 Low-Cost Alternatives to Your Pricey Cellphone Plan. Or look at these 11 Cheap Cell Phone Plans.

If you switch from an expensive plan to a discount carrier and cut your bill from $120 to $50 per month, you could save $840 a year.