That may sound like a lot, but consider this: It's actually a savings of $180 over buying the phone with a two-year contract. In the latter case, T-Mobile subsidizes the cost of the phone, so the same myTouch device will cost you just $50, but the monthly service charge rises to $79.99 (or roughly $1920 over the life of the contract). So over two years, the total cost of the same phone and service comes to $1970--and you're locked into a 24-month service contract.

8. Go prepaid: Paying for your phone service ahead of time is a sure-fire way to save money. After all, it guarantees that you pay only for minutes that you'll use. And have come a long way in recent years, with carriers offering various cell phones and smartphones with prepaid plans.

How much can I save? With one of , you can spend as little as $20 per month for cell phone service. The lowest-cost plan includes 400 voice minutes.

Virgin Mobile charges messages (at 15 cents per message) and data (at $1.50 per megabyte of data used) on this plan against your $20 balance, and your credits are valid for 30 days. In one month, a light user could save as much as $40 off the price of a standard cell phone plan with messaging and data from a major carrier.

9. Dump the smartphone: Sure, your smartphone is cool. And you may think that ...but giving it up can be surprisingly easy. If you can't bear to surrender access to the Web, email, and apps, try using a Wi-Fi-device, such as an iPod Touch, instead.