The role of streaming services has become so significant in our daily life that not being able to watch favorite TV shows and movies after a long day at work can drive people crazy. While this may seem like a luxury for some, the time spent unwinding is invaluable for the average wage-earner.
Unfortunately, the prices of these streaming services continue to rise, making it harder to enjoy this form of entertainment without breaking the bank. However, there are ways to maintain your subscriptions and enjoy them daily without overspending.
Brett Holzhauer, a personal finance reporter with CNBC Select, shares some practical tips for saving on streaming services.
First, consolidate your subscriptions. You may have had multiple subscriptions with different streaming services due to a host of reasons, like rave reviews of a new series exclusively found on a service that you were not previously subscribed to. If a subscription is no longer serving its purpose, consider canceling it. Remember, you can always resubscribe later if a new season or series catches your interest.
Second, take advantage of deals that allow you to share subscriptions with others. Many streaming services offer plans that support multiple users under one account.
For example, Netflix's Premium plan costs around $22.99 per month and allows you to share it with other users who don't live with you. With this plan, maximum two users can be added, for a small sum of $7.99 per month per person. Through splitting the Premium plan with two more individuals, the cost per person only totals $12.99 per month, lesser than $15.49 that Netflix charges per month for an ad-free plan.
Third, opt for credit cards that offer rewards such as points or cashbacks for streaming service purchases. Ensure you choose the right credit card that provides these perks to avoid disappointment.
Lastly, consider switching your cell phone service providers if they offer a better deal that may consolidate your streaming and cell phone bill. Some service providers offer bundled streaming services with their plans, giving you savings compared to maintaining separate subscriptions.
For instance, for $10 a month, Verizon connection allows subscribers to add a Disney bundle. This includes Disney+ Premium, Hulu, and ESPN. If subscribed to separately, it would spell more than $10 for the customer. If the bundle would be taken directly from Disney, it could cost at around $16.99 a month.
Aside from Disney, another service provider that offers a similar scheme is T-Mobile, which includes Apple TV+, Netflix and Hulu in its Go5GNext plan.
These methods are practical and easy to implement. Any savings you achieve from streaming services can be redirected to other expenses.
