Planning to upgrade to the new iPhone 5? I don't blame you: with its bigger screen, faster processor, better camera, and myriad of other improvements, there's a lot to like.

Of course, this begs the question of what to do with your current iPhone. Sure, you could sell it to help defray the cost of the new one, but now that Ebay and trade-in services like Gazelle are flooded with used models, you probably won't get the best buck for the bang.

The smarter move might be to keep that old iPhone. Here are three cool ways to give it a new lease on life.

1. Turn it into a no-contract phone I'll bet your spouse or one of your kids would love to inherit your old iPhone. Just one problem: You don't want to sign up for another two-year contract or pay another $70-plus monthly for service.
You don't have to. Now that your old iPhone is out of contract, many carriers will allow you to keep it active on a month-to-month plan. And if you add it to a family plan, the added monthly cost may not be quite so steep.
That said, you may want to investigate moving that iPhone to Walmart's Straight Talk service, which leverages AT&T's network but costs only $45 per month for unlimited voice, texting, and data. Plus, there's no contract.
The only downside is that you'll have to give up visual voicemail -- hardly a big deal given that few people even use voicemail these days anyway.

2. Use it as a Wi-Fi phone An iPod Touch is really just an iPhone without the phone, right? Well, your iPhone without active cellular service is really just an iPod Touch -- meaning you can still use it for phone calls, provided you have access to a Wi-Fi network (like, you know, the one in your home) and use an app like Skype, Viber, or Vonage.
Of course, it's also still good for everything else: music, movies, e-books, games, shooting photos and video, updating Facebook, checking e-mail, and so on. None of these features go away when you pull the plug on voice/data service. You just need Wi-Fi for the wireless stuff.
3. Replace your remote(s) Tired of home-theater remotes cluttering your coffee table? With the right apps, your old iPhone can control your Apple TV, Roku box, Sonos system, TiVo, and Windows Media Center.
In fact, some TV and Blu-ray player manufacturers offer companion apps of their own, meaning you might be able to control those components as well.
So leave your iPhone on an end table, preferably sitting in a charging dock, and you'll have the ultimate universal remote for all your gadgets and electronics.
Can you think of any other great uses for an old iPhone? Shout 'em out in the comments!

(Source: Savings.com)