I've done both.

Not having internet took awhile to get use to, but I did. I access it at work, the library and friend's houses. You will find you have more time for other things.

We discontinued our landline only because our cell phone had free long distance and we both worked during the day when we had the limited amount of minutes available. We have sinced moved and do not have cell service at our house. When we moved we got a landline and discontinued our cell phone. With 2 small kids I had to have a way to make calls from home.

We still don't have internet. Our computer is so old, we'd have to get a new one. That's a goal. We do have cell phones, the prepaid kind. We find these are much cheaper than our old cell phone bill.

It can be done, there will be adjustments, to get to that better financial ground, I think, it will all be worth it.