How to save money on streaming services

More people prefer streaming services over cable and TV nowadays. However, that growing demand and other economic factors are causing your favorites to bump their prices. Fortunately, you can enjoy your favorite shows without paying much money. For example, you can remove the ones you don’t need and reduce costs with the latest promos.

Your budget is more important now than ever because of rising global prices. Contrary to popular belief, that doesn’t mean you can’t enjoy your favorite pastimes. Moreover, most money-saving tips for streaming services only take a few minutes to set up. Afterward, you’ll have a larger budget for other necessities.

This article will discuss saving money on streaming services. It will include tips like switching to a lower-tier monthly plan and pausing subscriptions temporarily.

The 7 ways to cut streaming service costs

1. Identify the streaming services you need
2. Ditch live TV and cable
3. Switch to a lower-tier plan
4. Switch to more affordable or free streaming services
5. “Churn” your streaming services
6. Take advantage of promos
7. Sign up for an annual plan instead of paying monthly

1. Identify the streaming services you need

Forbes says 86% of households pay for more than one streaming service, each subscribes to an average of 2.8 platforms. This statistic may apply to you, but do you need two to three at home?

Perform a “streaming audit” by looking at the platforms you use daily. Then, determine which ones you need. Ask yourself, “How often do I use these streaming services?”

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If your answer is “no,” it might be time to cancel their subscriptions. As a result, you can cancel its auto payments and allocate the funds to more important products and services.

2. Ditch live TV and cable

Data analytics firm Nielsen found streaming services had more viewers than TV and cable in August 2022. Consequently, check if you still watch cable.

If you don’t, that’s another service you should cancel to save money. Also, check if you have live TV streaming subscriptions like YouTube TV and Sling.

The former costs roughly $73, and the latter charges around $40. Cancelling them could add roughly $100 to your budget, making it another great money-saving technique!

3. Switch to a lower-tier plan

Let us say you have a Standard Netflix subscription. It lets you watch on two supported devices simultaneously and offers shows with no advertisements.

However, you might only be watching Netflix on your phone. Consequently, you’re not using the multiple device support and Full HD quality. If that’s the case, it might be a great idea to downgrade to the Basic tier.

That means your monthly payments will drop from $15.49 to $9.99, saving roughly six bucks. Moreover, you ensure you only pay for the features you’re using.

4. Switch to more affordable or free streaming services

You could switch to more affordable streaming services to save money. This technique is especially ideal if you’re tired of Netflix films and shows.

For example, you can switch to Hulu, which costs around $12.99 monthly. You also have the $7.99 Disney+, the $6.99 Peacock, and the $14.99 Amazon Prime Video.

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However, you should choose the one that fits your preferences, too. For example, Disney+ is great if you need family-friendly content or like Korean dramas.

5. “Churn” your streaming services

TechCrunch recommended “churning” your streaming subscriptions to cut costs. That term refers to pausing or unsubscribing from a service when you’re not using it.

For example, TechCrunch writer Stephen Johnson says he only watches Severance on Apple TV+. He deactivates his subscription whenever it isn’t airing.

Johnson turns it back on once a new season starts. However, you should check the terms and conditions of your subscription service. Some may not allow you to subscribe and unsubscribe repeatedly.

6. Take advantage of promos

You can receive streaming service discounts and freebies from other products and services. For example, some credit cards offer free trials to gain new customers.

Other cards let you earn cashback on streaming services that you can spend on other goodies. Also, you could take bundles to have multiple streaming platforms.

These packages let you spend less money on them individually. Moreover, some streaming services like Amazon and Peacock offer student discounts you can get if you’re still in college.

7. Sign up for an annual plan instead of paying monthly

An annual subscription charges more money than a monthly subscription at first. However, computing the total costs shows you cut costs with the former.

For example, Amazon Prime Video costs $14.99 monthly, setting you back roughly $179.88 annually. On the other hand, the yearly subscription only costs $139.

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As a result, you can save around $40.88 yearly by getting the annual plan. However, you must verify potential savings by checking your streaming service’s pricing plans.

Conclusion

Streaming services have become a staple of daily life as most people watch it more often than cable TV. Still, that doesn’t mean we can’t enjoy them affordably.

You could save money on streaming platforms by getting lower-tier plans. Moreover, you can choose more affordable services and deactivate the ones you don’t use.

As a result, you could save roughly $50 to $100 yearly. You could save more by following the budgeting tips in this article. Also, check more digital tips at inquirer Tech.

Frequently asked questions about streaming services

What is the most popular streaming service?

Visual Capitalist says Netflix is the most popular streaming service in the world. In 2023, it had over 220 million customers worldwide, spanning 78 countries. Moreover, it has an overwhelming lead over competitors. For example, the French premium TV channel Canal Plus has the second-highest number of subscribed countries, but only 17.

Where did the term “streaming service” originate?

Verizon says “streaming service” refers to how companies transmit media to computers and mobile devices. They shared sequential data packets that flowed through internet cables, hence the term’s namesake. However, that may change as more companies like Starlink and Google create alternative forms of internet connectivity.

Should I subscribe to a streaming service?

You may stick to cable TV if you’re not interested in the latest online films and shows. However, it is ideal to switch to streaming services as they are outpacing cable. Soon, cable companies may shut down and transition to online streaming. As a result, they may disable your traditional TV viewing methods.