Keep Cash In Your Pocket With Family Cell Phone Plans (VIDEO)

By Emma Koch
By Stephanie Parkinson

May 15, 2013 Updated May 15, 2013 at 5:49 PM EDT

FORT WAYNE, Ind. (www.incnow.tv) - Nobody wants to throw money away but you could be doing that every month when you pay your cell phone bill. But a family plan can save everyone money.

For those in their 20s roughly one of out every eight is unemployed and they're trying to start their careers. So you often find that age group is taking advantage of this saving method by staying on mom and dad's cell phone plan.

"Since I moved out I've been on because money is kind of tight and so they're nice enough to let me stay on their plan because it's lot cheaper that way,” said Veronica Lorenzen.

Veronica says she priced it out. Her own cell phone plan would run her around $100 a month and staying on mom and dad's means writing them a check for just $25 a month.

"$75 a month is another bill, you know, that's my Internet bill, that's my gas bill. It saves me a lot, a lot of money,” said Lorenzen.

"It's a no brainer to try and reduce your cost and for the cell phone providers the marginal cost to them, that is the additional cost of having one more person on that line, is lower for them as well which is why they give a discount for multiple lines,” said John Kessler, Director, Center for Economic Education, IPFW.

Kessler describes it as a win win for everyone. For Veronica there is only one problem.

"There is kind of a stigma attached to it I feel like, people don't want to say that they're still relying on their parents in a way,” said Lorenzen.

Stigma or not, there are no limitations stopping someone from staying on a family plan because of their age. It's almost like family plans are turning into group plans because anyone can have a plan with someone else, whether they're family or not.

"They're always looking for a way to save a buck and so if you can reduce your cost with your cell phone plan you're going to do that whether times are good or whether times are bad,” said Kessler.

Veronica admits, when she is financially able, she still might stay on mom and dad's plan.

"Besides the stigma that's attached to it there really isn't a reason to change. I mean as long as their ok with it, and I'm paying my portion of it, I mean it's a nice way to save money,” said Lorenzen.

Veronica is 27-years-old and says she has been on the same cell phone plan, with her parents, since she first got a cell phone at 16. And with an extra $75 staying in her pocket every month it looks like that won’t be changing anytime soon.

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