Your hands loosen as your concentration slips. You panic and try to reaffirm your grip, but by this time, you know it's too late.

Your phone plunges towards the liquid below – the bath, the sink, your pint. In a frenzy, you dive in after it. Your sleeve gets wet but you don't care. Your phone sits there, soaking wet in your hand, as you ask yourself: will it ever work again?

Luckily, a soggy phone is nothing out of the ordinary. Many of the newer handsets may have a water resistance rating, but if yours doesn’t (or if you’re unsure) then by following the tried and tested method below, you might just be able to save your smartphone from an early grave.

Power down

To avoid a short in your phone's delicate circuitry, your priority should be to turn it off straight away.

Every second counts once your handset comes into contact with water, and the sooner you power down, the more likely your phone is to survive.

Wrap and roll

One of the best ways to dry out your phone on a budget is to submerge it in a bowl of rice. To do this, simply grab a paper towel, wrap up your handset and then bury it in a container full of rice for 12 to 36 hours.

Make sure you thoroughly wrap your phone, as the last thing you'll want is a piece of rice lodged in your headphone socket or speaker once it's recovered.

For those looking for a swankier option, purpose made desiccants (a substance used as a drying agent) are available thanks to the likes of Bheestie, The Thirsty Bag and DryBox.

Don't try this at home

While some may suggest that blow-drying your handset could help to restore it back to its former glory, doing so can frazzle your handset's internal electrics, so be sure to give this particular tip a wide berth.

Another tip that's about as much use as a chocolate teapot is placing your phone in the oven at a low temperature. Again, this idea is much more likely to do more damage than it is good, so be sure to save your oven for Sunday roasts and not your Samsung smartphone.

Ok, it's still not working. . .

If the good old rice trick worked, then that's great – but for those still dealing with a phone that doesn't work, it can be tricky to know exactly what to do next.

If you're in need of a new phone, selling your damaged handset at Envirofone could prove to be a sensible move. Unlike other outlets, we do accept damaged handsets – meaning you could still generate a quick quid or two for your current, soggy model, which can then be used to pay off part of a new or refurbished smartphone.