Cut the Cords

Financial Life Planning for Busy Parents

Cut the Cord on Cable and Streaming Services

In the fast-paced world of entertainment, where streaming services have become the norm, the decision to cut the cord and bid farewell to traditional cable TV has become a common topic of discussion. But what about all those streaming services? The three-month free trial ends and suddenly you are paying $70/month to watch curling matches in some obscure Canadian village. You have a service for watching Marvel movies, one for sports, another for Ted Lasso…before you know it you are spending $3,600 a year on television!

The escalating costs of streaming services has happened with inattentional blindness. With popular platforms like Disney+, Netflix, HBO, and Prime Video continuously raising their subscription fees, you may find yourself questioning the value of your entertainment expenses (or what those expenses amount to over the course of a month or a year).

Subscription Streaming Services Overload

Let’s start with a simple question: How many services do you subscribe to? Not sure? You’re not alone! Many people experience difficulty keeping track of multiple subscriptions. As the number of available services grows, managing various accounts and remembering which shows or channels each one offers becomes increasingly overwhelming.

To begin, go through your monthly account statements (credit cards, debit, etc.) and get a running list of all services you subscribe to and the cost of these services. If you use a budgeting platform such as Mint, check your “Entertainment” budget to see a list of your subscriptions.

Once you have a handle on all your subscriptions, cancel them. You read that correctly. Go on a digital detox, live without streaming services for a while…a few days, a week, a month. Gradually reintroduce only the essential ones back into your life. There is no time like the present to reassess your entertainment needs and prioritize quality content over quantity.

If cutting the cord completely is anxiety producing, use the following tips to pare down your subscription expenses:

1. Evaluate your viewing habits: Identify the top shows or channels you regularly watch and find cost-effective ways to access them.
2. Leverage family and friends: Explore sharing subscriptions with family and friends to optimize costs without compromising access to desired content.
3. Stay vigilant with promotions: Be cautious about promotional deals and set reminders to cancel or renegotiate subscriptions before prices increase.
4. Consider streaming platforms with bundled services: Explore platforms like YouTube TV, which offer bundled services, providing access to various channels at a more affordable rate.

Check out NerdWallet and Consumer Reports for more tips on ways to save on streaming.

In the ever-expanding universe of streaming services, the decision to cut the cord is a personal one, dependent on individual viewing habits, budget constraints, and preferences. Be mindful of subscription costs, staying vigilant with expenses, and explore creative solutions to strike a balance between entertainment indulgence and financial prudence.