You have heard it plenty of times, calls to cut the cable and save money! It is true that it can be cost-saving to cut the cable and pay for online subscription-based video-on-demand services like Netflix, or Hulu. At least that is what they would have you believe. I have found that it can actually be far more expensive to cut the cable though there are some ways to bring it down to cost.
Taking a look at my current services I pay monthly for solely entertainment purposes, the total cost comes out to be around $190.00. Yikes! That doesn’t even include all the services that we could add on like Peacock, Showtime, Cinemax, Starz, Paramount Plus, Funimation, Britbox, and more!
Service | Monthly Cost | Annual Cost |
---|---|---|
Hulu (No ADs) + Disney + ESPN | $ 18.99 | $ 167.88 |
Netflix | $ 17.99 | $ 215.88 |
Amazon | $ 9.92 | $ 119.00 |
Apple One | $ 29.95 | $ 359.40 |
Philo | $ 29.95 | $ 359.40 |
YouTube | $ 17.99 | $ 215.88 |
HBO Max | $ 9.99 | $ 199.88 |
Internet | $ 69.99* | $ 839.88** |
Totals | $ 189.79 | $ 2,477.20 |
By themselves, they don’t seem like they cost much, 9.99 here 14.99 there but boy do they add up quick. Looking at the total amount annually is actually eye-opening, jaw-dropping, and frustrating all at the same time. It forces you to ask the questions: “Is that really how much it cost for all of these services?” and “Am I really saving more money by leaving cable?”. Truth be told, No, you probably are not saving any more by switching to other on-demand streaming services.
Don’t worry, not all hope is lost and you don’t have to cancel all of your subscription VOD services now, but would it really be a bad idea? Unless you are a binge-watching couch potato, no judgment, just kidding all the judgment :-). Chances are you probably are not going to even watch the majority of offerings on the major streaming services. I understand there are a few series or movies that you would really like to watch and I get that. Luckily some of the solutions to saving you money below won’t be leaving you with FOMO when the new season of your favorite show comes out and everyone in the office is talking about it. Let’s begin.
Splitting with Family or Friends (maybe)
One of the easiest ways you can cut down the cost of subscription VOD services is to split the cost with another person. This is great if you have working family members that can also benefit from the service. Most subscription VOD services allow anywhere from 2-6 users with simultaneous streaming. This can cut your cost by 50% to 80%! That is potentially hundreds of dollars back in your pocket! This can also be done with your a trusted friend, although it can be a bit tricky especially if you and your friend are well, no longer are friends at some point in the future.
Currently, this is the method that my family has been able to implement. This method has cut the cost for my family and allows us to have access to all the services at any time. With the cost being shared among my immediate family members, it is saving my family unit over $800.00 anually!
Splitting the Subscriptions Quarterly or even Annually
Another way to save some extra dough is to simply split the subscription VOD services by only paying for 1 or 2 services say every 3 months and then rotating them out for another 1 or 2 services. You may miss out on cooler talk amongst your co-workers about the latest HBO series but what is cooler than saving money? With this model, you get the benefits of all your favorite subscription VOD services without money going down the drain because you can’t possibly watch that many series or movies between all the services, not even you couch potatoes.
Taking advantage of promotions
Promotions promotions promotions. Did I say promotions? Yes, promotions are a great way to pay for a service and not have to pay the full price. An easy way to get a promo is by attempting to cancel your subscription and getting a discounted price (some may even offer a free month on them or more, shhh don’t tell anyone they don’t want you to know. Of course, there are traditional promos that can be found by using coupon sites like retailmenot.com.
What to do with all the savings?
Now that you have saved so much money and are basically swimming in it you are probably thinking about all the possibilities of what you can do with it? Well, you could invest it or take a mini-vacation to actually travel somewhere and get out of the house or pay off those credit cards. But seriously! You could if you so choose to invest the funds in the stock market. Specifically, the dividend-paying stocks. Why you may ask? Well, some of you may already know. That is beside the point. Where was I…Oh, yes! Why you may ask? Well because my dear reader, those dividends when paid out could help to fund the subscription VOD services. Depending on what you invest in and what the dividend payouts are, you may be able to add one service back a year. With that being said, invest wisely as it is always a risk. And always talk to a financial advisor.