Shop smart, save on iPhone 6

The iPhone 6 will be in stores September 19th, and plenty of customers are ready and waiting to grab one.

"This iPhone 6 is going to be a huge deal, lines out the door, down the street," said Jill Gonzalez, spokeswoman for WalletHub.com, a leading personal finance social network.

Two phones will be released, the iPhone 6 and the iPhone 6 Plus. Smartphones have become a modern convenience many of you cannot live without, but they do involve a sizable financial investment. How do you find the best deal on your next iPhone?

"As with any major financial decision, of course, I would say shop around and see which plan, which carrier is going to be the best for you," Gonzalez told Ruth to the Rescue.

Up First, Upfront Costs

The first thing to consider is the upfront cost of the phones. Prices start at $199 for the iPhone 6-- that includes a two year service contract. Phone carriers give you a break on price for signing a two-year contact, but you give up some flexibility.

"You're buying into, you're locked down for two years-- so, then you get it for a cheaper price, the phone itself," said Jill Gonzalez, spokeswoman for WalletHub.com.

Compare Payment Plans

Each carrier will also tout his versions of a payment plan. T-Mobile offers the iPhone 6 for $27 a month for 24 months, no money down or interest. In the end, you'll pay $649.92 for the phone. But, the carrier claims that with it's lower service rates-- total cost of ownership will be less over two years.

The AT&T Next program offers the same iPhone 6 with 16 gigabytes of storage for $27.09 for 18 months. That will be a total price of $650.16.

If you don't have the money to pay up front, the payment plans can be a handy option, and they come with more flexibility than the two-year contracts. Plus, you also want to look at the "total cost of ownership" over a two year period. What's the upfront cost of the phone and how much will you pay for your service over a two year period.

The folks at WalletHub.com say the payment option can pay off for many consumers. "Depending on what carrier you go with, that can be a really affordable option for a lot of people," said Gonzalez.

Don't Forget The Trade-In

Buyers should also consider what trade-in offers are available. Verizon is offering $200 dollars for your iPhone 4, 4s, 5, or 5c. That makes the phone practically free. Target made one of the lowest offers we've seen, offering just $50 for the iPhone 4. It's another element to consider as you consider
your total package.

"Trade-ins can definitely save you a lot of money, especially up front," said Gonzalez.

Cell Phone Savings Calculator

If all the options and numbers make your head spin, there is a tool online that might help. WalletHub.com offers a Cell Phone Savings Calculator to help consumers weigh all options to choose their best fit.

"This is for you to do homework, you know, maybe the night before you go to buy-- because when all these options are being thrown at you at the beginning of a 20 person line at Verizon or AT&T, it's hard to do all the math in your head," said Jill Gonzalez, spokeswoman for WalletHub.com.

The bottom line: consider the upfront cost of the phone and how you'd like to pay. Consider how much your service will call and see determine your total ownership costs for two years. And, make the most of your trade-in. Good luck!

Click here for the Cell Phone Savings Calculator.