AT&T and T-Mobile aren't the only carriers scheduled to shake up the wireless industry this year. Sprint on Tuesday announced a new family / friend plan that will help new and existing customers save money on their wireless bill each month. Here's how it works.

Known as the Sprint Framily Plan, each plan can contain up to 10 individuals. The key word here is "individuals" which means, this is not just one family account where the responsibility of the monthly bill falls solely on the primary account holder. Each "member" of the Framily Plan - a friend, family member, co-worker, neighbor, etc. - is responsible for paying their own bill each month.

The first line costs $55 per month for unlimited voice, texting and 1GB of data. The more individuals that are added, the deeper the savings. Each subsequent line that is added to the account shaves $5 off of everyone's bill, down to $25 per month. If you're a data-heavy user, you can opt for 3GB of data for an extra $10 per month or unlimited data for $20.

Think of it as a referral program except that everyone benefits, not just the primary account holder.

There's no two-year contract to fool with which also means there is no device subsidy to take advantage of. As such, you'll either need to already have a handset compatible with Sprint's network, purchase one at full price through the carrier (or get a used one for cheaper from another source) or sign up for Sprint's One-Up annual trade-in program. Those with the unlimited data add-on will have the option to do a device trade-in after one year, we're told.

The program is slated to launch on January 10. Customers currently under a Sprint contract can take part but there will be a $15 surcharge per month until the original contract expires.