It seems like there are constantly new smart phones on the market tempting you to upgrade. It does makes sense that companies want you to upgrade, after all they are trying to make money. So should you upgrade to a new smartphone? Before you decide, here are five things you should consider.

Is your phone old?

The first thing you need to consider is the age of your phone. If you bought it just last year, now is probably not a good time to upgrade. Having a phone for a year might seem like a long time, but it’s really not and technology does not change as much as you may think in just one year. It is more likely there will be something way better if you wait.

Does your cellular contract allow you to upgrade?

Most contracts with the bigger companies are for two years. This means that you can’t upgrade to a new phone until your contract expires. If you want to upgrade early you have to pay a fee. Don’t pay the fee; just wait until your contract allows you to upgrade. You’ll save money that way and probably get a better phone.

Could new phones come out after you upgrade?

The answer is yes. You need to be aware that companies are likely to release new phones when you have just upgraded from your old one. Then, the only new thing you’re stuck with is buyers’ remorse. It’s hard to know what will be released and when, so try and stay ahead of the game by following tech news surrounding phones. Just remember, companies like to release new gadgets around major holidays and right when students are going back to school.

Do you have the money?

This fact seems not to matter to people very much. It often seems like a good deal to get a payment plan on a phone or just toss some of your savings toward a new phone. However, this can often put you in a situation you don’t want to be in. What if you spend all your money on a phone, but then your car breaks down and you have no money to fix it? Then it will be riding the bus to school and work, but at least you’ll have your fancy new phone to keep you company, right?

Do you need a new phone?

It doesn’t matter how old your phone is, if it still works, do you really need to replace it? Let me put emphasis on need. Sure we all want the latest and greatest, but it’s not just about our wants anymore. We have to be responsible adults and that means making smart decisions about how we use our money. Sometimes that even means tolerating your cracked screen for a little while longer.

Just remember that these companies want you to spend money, and they don’t care how you do that as long as you are buying their products. Be smart, do the research and think logically before you upgrade to a new phone.

Marcus Seegers may be reached at [email protected].