One of my favorite topics is what I refer to as “unconscious spending”. I coined the phrase to describe the types of insidious fees and other charges that we tend to not even notice over time – they are just there and we just pay them, month after month. Bank fees like account maintenance and ATM fees are obvious examples. After all, it’s just a $5 monthly fee or there – what harm could that do? A lot! You just spent $60 a year to keep your money in a bank.
Other great examples are various “bundling” options for home phone, cable TV and internet access. I love the Vonage commercials!
Well, the same type of unconscious spending may well apply to your monthly cell phone bill. As the industry has evolved over the past few decades for both the major network carriers (AT&T, Sprint, Verizon, etc.) and other smaller competitors, the days of “unlimited voice and data” appear to be coming to an end.
So just as we all should do in evaluating our consumption of banking services and their associated fees, so too should we carefully scrutinize our smart phone bills to make sure that the plan we’re on is the best one for both functionality and price. This week Verizon announced changes to their plans, and AT&T is expected to quickly follow suit.
So what should you do now? Just take some time to read up on the changes, starting with this Wall Street Journal article. As you have the opportunity to compare your current plan to the new ones being announced, shop around and find the one that’s right for you.