Smartphones are now viewed as vital as food and water. Heck, some surveys reveal users consider the device more important than sex.

And everywhere you turn, all you see and hear are new features, functionality and promises from handset makers about faster speeds, bigger networks and more data storage.

It's enough to make you want to upgrade and switch to a newer phone, but before you do there are a few questions you should answer.

1. Can You Afford Your Dream Phone?

When the latest and greatest smartphone hits market most times it's often arriving with a premium price. Consumers who wait a few months can sometimes find the best deals from carriers or retailers, especially if your contract isn't up soon and there's no carrier incentive in sight as yet.

2. Is Your Contract Nearing Renewal?

Most providers offer customers a free or discounted phone every few years and most don't force current customers to wait the entire two years. Sometimes a 10-minute call to customer service can land an early upgrade deal.

3. Is Your Carrier Worse Than the Others?

If there's one common aspect among cell phone consumers it's the fact most say they hate their carrier. They're not happy with service, or increased pricing or app selection. The good news is that providers are battling it out to get new customers so if you're mulling a new handset it may be the time to switch providers.

4. Does Your Phone Support Updated Apps, Game?

Have you ever gone to the Google Play Store or the Apple App Store and been told an app isn't compatible with your phone? It's likely the smartphone is out of date and doesn't have the power to support specific apps anymore, especially games, which might take up more processing power. For example, older iPhones don't have NFC capabilities, meaning users cannot take advantage Apple Pay in stores.

5. Is Your Phone Showing Signs of Old Age?

Getting a bit tired of the tiny screen crack, or the intermittent power glitches? Just like computing devices a smartphone fix can be nearly the cost of a new device. If you do decide to upgrade, just don't toss that old cell phone in the garbage. Many charitable organizations now collect old dead phones for recycling and providing free phones to those who can't afford a phone. A quick Google search brings up a great donation option: Cell Phones for Soldiers.