So you want the new iPhone 5 but the cost is too high? Apple, losing market share to cheaper Android phones, plans to offer new options to families on a budget.
The Wall Street Journal reports Apple will soon release a lower-end iPhone , with a plastic shell instead of the current aluminum and glass casing.
It will reportedly have some other budget parts inside to keep the costs down.
The current iPhone 5 retails for $600 without a contract, or $199 with a two-year contract, requiring monthly payments of at least $60 at most carriers.
The Journal says Apple's market share is falling because of the high cost of the iPhone, when many Android phones are $100 or less with a contract.
Prepaid iPhone 5 Coming to Walmart
That's a big discount compared with AT&T, Verizon or Sprint, and best of all is a month-to-month plan with no contract.
Walmart already sells the iPhone 5, but with a contract.
The one catch with this: buyers will have to pay the full $600 cost of the Phone 5. Walmart will also offer a cheaper iPhone 4, at $400 with the prepaid option.
Apple Fighting Off Competition
Just a couple of years ago, discount iPhones would have been unheard of as it sold premium products at a premium price.
But the Journal says Apple's market share of smartphone sales worldwide has now fallen to 15 percent from 23 percent just a couple of years ago, as Samsung and other manufacturers increase their share.
So look for more discounts in the future, so you don't waste your money.
Don't Waste Your Money is a registered trademark of the EW Scripps Co.
"Like" John Matarese on Facebook
Follow John on Twitter (@DWYM)
Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
John Matarese has a caution about some supermarket olive oil
John Matarese checks into a viral coupon for free Chipotle burritos
John Matarese shows one downside of flying a discount airline
John Matarese looks into a problem hitting some Apple MacBooks
John Matarese explains why Ohioans with Cincinnati Bell Energy need to check their bill
About 31,000 Duraflame electric space heaters were recalled this week after reports of units melting and catching fire.
John Matarese reports on a strange charge showing up on many credit cards.
John Matarese warns about the "One-Ring" scam
When it comes to chicken, big packs of boneless breasts look like a good deal. But look closer.
John Matarese looks into an e-mail claiming to offer free credit monitoring