Are You Overspending on Streaming Services?

You have a lot of streaming subscriptions. You can jump between Netflix, Hulu, HBO Max, Disney+, Apple TV Plus, Amazon Prime Video and more just to get your fix on the latest TV shows and movies. 

It’s easy to be entertained when you have so many streaming options at your fingertips. But is it easy to pay for? 

The True Cost of Streaming Subscriptions

Streaming subscriptions are usually presented as affordable alternatives to standard cable plans. You can access lots of shows and movies without having to shell out between $50-$130 per month on a cable package. 

But streaming subscriptions are only financially savvy alternatives when you’re signed up for one or two of them. When you’ve signed up for a long list of them, you’re going to be paying just as much for a basic cable package — or more. If you had HBO Max, Amazon Prime Video, Disney+, Apple TV Plus, Sling, Hulu and Netflix, you would spend over $1200 per year on streaming alone.

Streaming Is Getting More Expensive

And the costs of streaming are only getting more expensive! Take the streaming behemoth Netflix. Earlier this year, Netflix announced price increases for all of their subscriptions. The premium plan jumped to $19.99 per month. This may seem like a small increase from $17.99, but this is not the first increase in the past decade. In 2014, the premium plan was $11.99 per month. 

Netflix executives have also shared their intentions to stop subscribers from sharing their passwords. The company intends to charge extra to accounts that share their passwords with friends and family that don’t reside in the same home. They have already put this into practice in other countries like Chile and Peru. So, you might be punished for trying to save your friends some money.

Saving Money on Streaming

If you’re paying for a lot of streaming subscriptions and your budget is tight, you need to make some changes. Otherwise, you could push yourself into financial trouble. You don’t want to run out of funds before your next paycheck comes, and you definitely don’t want to panic when an emergency expense crops up. 

If you’re ever in a situation where you need to cover an emergency expense and don’t have enough savings to take care of it, there might be a solution. You could look into fast loans online and see whether you’re qualified to apply. An approved online loan could help you tackle the urgent costs quickly and then focus on repayments later on.

You can avoid this situation by cutting your streaming costs and adding more wiggle room to your budget. But how can you do that?

Cancel, Cancel, Cancel

Cancel subscription services you don’t use very often.

Downgrade Your Accounts

See whether you can downgrade your streaming subscription plans. So, if you have a premium Netflix account, see whether you can get their standard or basic plan. These will cost less.

Find Free Alternatives

There are plenty of free streaming services that you can sign up for. There’s Crunchyroll, Peacock TV, RetroCrush, YouTube and more. 

If you’re having trouble finding something to watch, check out your local library. Lots of libraries are offering free streaming services to patrons. All you need is a library card!

It’s time to trim down your list of streaming subscriptions and add more savings to your pocket.

Christopher Stern

Christopher Stern is a Washington-based reporter. Chris spent many years covering tech policy as a business reporter for renowned publications. He has extensive experience covering Congress, the Federal Communications Commission, and the Federal Trade Commissions. He is a graduate of Middlebury College. Email:[email protected]

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