It really depends upon your budget and preferences. If you need a reasonable phone with sufficient minutes, texts, and data, along with a fixed monthly bill, then a phone contract is worth it.
Contrarily, if you need the latest phone with as many minutes, texts, and data as you want, then a phone contract might not be the one for you. It's because there are limited types of phones that are available in phone contracts. Also, if you are a heavy cell phone service user, preloaded minutes, texts, and data will end soon. Next, you must use everything at standard rates. As a result, your monthly bill will become too high so that it can go beyond your affordability.