Save Money on Your iPhone Bill

How many people do you know with an iPhone? I would guess that I know 20 people that I communicate with often have them (including myself).  There are probably 100 people that I know who have the iPhone.  With the average plan being around $100/month, I wonder how everyone affords to own the phone.  Well friends, I have taken advantage of a solution in my own life that you can implement in yours to save you and a couple of your select friends a bunch of money.  The solution is the Family Plan.

The Friend Plan (i.e. The Family Plan)

Most people think they have to sign up for a family plan with their family.  This is not the case.  It is simply a multi-phone bundle that anyone can take advantage of.  There is money to be saved by taking a few of your closest friends that are iPhone users and committing to one another to share a family plan.  Of course, be sure these are friends you can trust and rely upon.  It’s similar to a roommate situation, you don’t want to make any commitment if you fear someone could be a deadbeat, but if you and your financially stable friends want to save some money, take a look below.  (Please note that you can save money with your actually family as well, but some people are averse to having mom or dad foot the bill and later be reimbursed)

Show Me the Savings!

Below are three examples of iPhone plans.  Each assumes that each participant uses around 700 minutes a month and will be actively text messaging.  These are the middle of the range plans for most people, especially us 20somethings.  You will see the first plan is for one phone, the second plan is for two phones and the third plan is for three phones. The second two plans are enrolled in the family plan and thus can save you and your friends/family a significant amount of money per phone.

iPhone Family Plan Savings

As you can see in the third example, if you and two close friends took out a family plan together for a year, you would each save about $300 or $900 amongst the three of you.  I don’t need to tell you what to do with that $300 (can you say, airfare to Vegas?)

To see how this strategy is broken out per plan per phone, please click here.

Note: I am not being paid to endorse Apple, the iPhone or AT&T.  I actually use these products and take part in a family plan as a means of saving money.

3 Responses to Save Money on Your iPhone Bill
  1. Paul @ FiscalGeek
    July 20, 2009 | 12:58 pm

    Those friends and family plans can easily become similar to co-signing a loan. I’ve seen too many examples of when this goes terribly wrong. Especially if one of your “friends” is my sister-in-law. Families I get but friends, hmm not so much.

  2. Brian
    July 20, 2009 | 3:21 pm

    @ Paul – I do agree with you, however at an age where people are often finding roommates through craigslist, a $60-$100 responsibility a month is not as risky as co-signing a car loan, etc. Also, with the way AT&T has it set up, there can be multiple administrators on the account. If something goes awry, each person can leave the account and go back to paying the full rate. I wouldn’t suggest go out and buy a new iPhone and find some friends to participate in this plan, but if three close, trustworthy and STABLE friends already have one, you may as well join together and benefit from the savings potential, even a few months can save $100.

    Now i certainly agree “in-laws” need to be avoided at all cost!

  3. Kelly
    July 20, 2009 | 4:04 pm

    We went from a family plan with Verizon to the iPhones.

    On our family plan we paid $10/month/phone. It was a great deal.

    We decide the iPhones are worth it for us, so we’re sharing a family plan (hubby and I) and using his employee discount.

    Be sure to check with your human resources, or any clubs, affiliations you might have that could net you a discount. We’re saving 13% &#43 $360 savings you mentioned. It made the monthly cost a bit easier to swallow.

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