Every year cell phone makers come out with the latest and greatest version of their products in the hopes you will renew your service provider contract in order to get your hands on the newest iPhone or Android product. Apple just released the sixth generation of their popular smart phone this week so no doubt many people are ready to upgrade.

But do you really need to upgrade every year?

It depends on a few factors.

First, what kind of phone you are using? If you have not taken the plunge and moved to a smartphone it’s time to upgrade.

Most people will say all they want their phone to do is make calls. While it may seem like excess, having access to the Internet and a bevy of apps at any point in time can be a lifesaver. With so much information at your fingertips you can find information on restaurants near you, service stations in case your car breaks down and GPS capability to find your way.

However, if your phone is only a year old you may be able to get at least another six months of usage out of it. That’s only if the service provider and cell phone manufacturer are going to release upgrades for your model. If updates are no longer being issued, it may be time to upgrade to ensure the best possible security and ease of use.

Cell phones go through an endless amount of abuse. Screens are broken, cases are dented and water tends to find its way into the internal components. Naturally when the cost to fix a device exceeds that of a new one, you should just upgrade.

But if your phone still has some life in it just hold on to it for a bit longer. Your bank account will thank you.