Do you love your cell phone? Come on...admit it. Many people do and wonder how they ever functioned without it. While you may love your cell phone, I bet you don't love your monthly bill. If this is the case, follow these tips to help save money and cut your phone costs.

Tip 1 - Watch those minutes

Every so often, you hear stories of someone who received a $400 or $500 cell phone bill. Why? Because they went over their minutes. Undoubtedly, going over your limit on minutes is the most expensive thing you can do. Most companies charge as much as $0.45 extra per minute once you go over.

Get in the habit of checking your minutes daily. You can do this on most cell phones or sign up for a free service like OverMyMinutes. This service will keep track of your minutes and alert you by text or email when you are close to your limit.

Tip 2 - Cancel cell phone insurance

Unless you have the latest, high-tech phone on the market, you don't need insurance. Most insurance will cost you $3 to $5 per month. By the end of your contract, you've paid as much in insurance as a new phone costs.

Tip 3 - Try prepaid cell phone plans

Prepaid cell phones are convenient. With these phones, you pay as you go and never have to worry about going over your limit on minutes. Prepaid phones are a great choice for those people who don't want a monthly bill or take the chance of overages.

Tip 4 - Watch the texting

Depending on your contract, you could be paying as much as $0.10 per text message. Either limit your texting or sign up with a company that offers package deals for people who love to text. Some companies offer bundles of 100 text messages for $5 per month or unlimited texting for $15 for per month. If you can't resist texting, check out one of these programs.

Tip 5 - Get friendly

More and more carriers are offering in-network plans. Signing up with one of these plans means that you can talk to your friends or family members, who use the same carrier, for an unlimited amount of time. Check around. Some carriers charge an extra $5 to $8 per month; some are free.

If you love your cell phone but it is costing you too much money, follow these tips and start saving money today.