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I embarked on this journey due to the fact that my family’s chocolate lab, Portia, had chewed up my cell phone the day before, after it accidentally fell out of my pocket. Poor phone!
Needless to say – I was desperately in need of a new phone.
Before I elaborate further on the story, one thing you should know about me is that one of the things that I feel is unnecessary in my life is a smart phone (i.e. a phone with internet, chat, Facebook, etc capability). I am a big fan of regular phone calls and text messaging, but I realize that with my personality, I would be way too addicted to a smart phone if I got it. Just think – a PF blogger having 24/7 access to their email and blog. My friends would never let me hear the end of it!
Nevertheless, when I entered the store, I was amazed at how numerous the options for smart phones were (Droid, HTC, Blackberry, Palm – just to name a few that I saw). In fact, the options were so numerous that upon checking out, I inquired with the clerk as to if she could give me an estimate of the percentage of people that come in using smart phones.
She mentioned that definitely more than half of people are using them currently. This definitely wasn’t very surprising, considering how common it is to see people using their smart phones in public.
However, this got me thinking – just how much is having a smart phone / data internet plan costing consumers in the immediate and long term? Let’s take a look, shall we?
Smart Phone Data Plan Cost Analysis
- In Scenario 1, the total cost of Jim’s data plan is $14,760.00. Quite astounding if you ask me!
- In Scenario 2, not only does Jim avoid this ~$15k expenditure, but his savings accumulate to $175,626.65 as a result of the miracle of compound interest.
- Note: for the specific calculations performed to obtain these numbers, please see the Google Docs spreadsheet below at the link below. Simply save a copy to your computer to allow for editing the file.
***Photo courtesy of http://www.cameraphonesplaza.com/wp-content/uploads/2009/08/smart-phone-definition3.jpg