Arguably, one of the best ways to unwind is to settle down on the couch with your favorite cozy blanket, a binge-able show, and some buttery popcorn. The entertainment industry has transformed significantly, and most of your favorite shows or movies are accessible at your fingertips. Thanks to technology making things more convenient for us, there are now more streaming services than ever. However, as inflation continues to rise, it goes without saying that the prices of most of these popular streaming services have also been creeping up.
Many people who use streaming services see their monthly expenses reach $100 or more, particularly with Netflix’s extra member charges and increasing prices for Paramount Plus, Peacock, and other platforms. But don’t worry – you don’t necessarily have to break your bank with streaming subscriptions. Let’s explore some practical suggestions to save money in the wake of these ever-rising prices so you can cut costs while ensuring that you remain entertained.
Share Subscriptions With Friends And Family
Most subscription services allow you to add multiple users to one account. For instance, Netflix’s Premium plan will enable you to add up to two extra users for a small additional charge per person. By splitting the plan with two other people, you can save money you would otherwise have to spend if you purchased a separate subscription.
Switch Mobile Cell Phone Providers
Many cell phone providers offer streaming platform deals depending on your plan. For example, some providers like Verizon allow subscribers on a specific plan to add a Disney Bundle for an extra $10 a month. The package comes with Disney+ Premium, Hulu, and ESPN+. If you were to subscribe individually to each service, it would cost far more than just $10!
Rotate Your Streaming Subscriptions
According to a 2024 report, the average US household spends $61 monthly on streaming. Rising prices and a lack of new content are two key reasons people cancel their streaming subscriptions.
By using this rotation method, you save money and avoid content droughts. For example, if a particular TV series is set to premiere on a streaming service, find the total episode count for it and wait until it’s available on a platform. You can cancel your other streaming subscriptions, and once all the episodes are available, you can re-subscribe and catch up. You can also choose to stream a show midseason to reduce costs.
Of course, there is a downside to this: you don’t have immediate access to every show you want to watch because you will have to wait until the complete season airs. But a bit of patience can make the bills a bit lighter!
Cancel Subscriptions You Don’t Watch Often
If you signed up for a streaming service years ago but hardly watch anymore, it’s time to cancel that subscription. Likewise, canceling even one subscription can save hundreds of dollars over a year if you have finished watching a specific show or no longer watch the programs you once did.
Temporarily Pause Subscriptions
Some streaming services allow you to halt subscriptions when you are not using them. For instance, Sling TV will enable you to pause your service for up to three months. A compromise like this can save you a lot of money, especially during periods of your life when you are less likely to be watching TV, such as during exam season or if you’re going on vacation.
Choose Basic Subscriptions
Watching TV without the lengthy ad interruptions is terrific, but it’s not a necessity. Remember, before we had streaming services, television always had commercial breaks. Several streaming services offer an ad-based tier that can help you save a few bucks. These plans are priced lower, and the ads typically aren’t longer than a minute at the start of the episode, so it’s not that much of an inconvenience.
Watch Out For Free Trials
Most popular streaming services – except a few like Disney+ – offer free trials several times a year. Suppose you strategically sign up for these free trials. In that case, you can watch the entire series or seasons without paying any subscription fees – but you must cancel your trial before the monthly fee charges kick in! At the same time, free streaming platforms allow you to save money all year round.
Choose One Or Two Default Streaming Services
Stick to a couple of platforms as your default, and pick one or two more options that align with your monthly budget and your streaming needs. You can rotate the bonus services depending on what shows you want to watch so you don’t miss out on your favorite program while also sticking to your monthly budget.
Stick To A Monthly Billing Cycle
Avoid annual subscriptions and monitor your auto-renewal payment dates closely. Your billing cycle will allow you to determine the best time to cancel a subscription, even if you have signed up for a free trial. The only benefit of signing up for an annual plan is when the price has been drastically reduced.
Consider A Credit Card With Rewards
If you have the right credit card, you can benefit from rewards for streaming service purchases, earn points for free travel, or get cash back on your monthly streaming bills. For example, the Blue Cash Preferred card from Amex is a great choice if you subscribe to many streaming services. With a little bit of research, you can consider a credit card that will offer a range of benefits.
