Should I buy the iPhone 5 or the iPod 5 and keep my phone?

Right now I have this phone
It's considered a smartphone, so I have the minimum data contract (300MB I think?) with Verizon. I had the iPod Touch 4, but sold it to raise money for my purchase. My main usage for my iPod was music, apps, email, safari, youtube and picture/video taking. My main worry is that I'll go over my data plan if I continue my previous usage. I'm always surrounded by wifi on my college campus though. So should I buy the new iphone and potentially have to get a bigger data plan, or the new ipod 5 and keep my old phone plan?
Thanks guys. First post, so I apologize if I did this wrong.

Toss a coin

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