Everyday Cheapskate: Here’s why it’s worth your money to buy an unlocked phone

There was a time when getting a new cellphone felt like signing a mortgage -- except with worse terms. You’d walk into a carrier store, pick out a shiny new phone, and they’d practically hand it over “for free” -- as long as you promised to stick around for two years and not ask too many questions.

These days, you have options. Big ones. And the best-kept secret in mobile phones? Unlocked phones.

If you’ve never heard of an unlocked phone -- or you assumed it was code for “hot merchandise” -- you’re not alone. But don’t worry. I’m here to demystify it and maybe save you some serious cash in the process.

So what is an unlocked phone?

An unlocked phone is a phone that isn’t tied to a specific cell phone carrier. You can insert a SIM card from nearly any carrier (as long as the network is