You already know it’s not good for your budget if you go to a concert or the movies every day, but how often do you indulge at home when it comes to music and television?
Today’s subscription services add up quickly. And by cancelling the ones you use the least, you could save significant money each year. That $9.99 per month might not break your bank account, but that’s nearly $120 annually that could be in your pocket, your savings account or contributing to an investment fund.
Although you probably don’t want to give up your all-access connections to entertainment, ask yourself if you are truly getting your money’s worth. These services charge the same, whether you use them for a hundred hours each month, or zero. Take a look at what you could save if you unsubscribe from entertainment apps.
Streaming services can add up quickly. We’ve put together a list of some of the many popular subscription costs, and although the fees vary depending on the type of plan choose, you can see approximately how much you might be spending each month and annually.
T.V. and Movies
- HBO Now: $14.99 per month; $179.88 annually
- Hulu Plus: $7.99–$11.99 per month; $95.88– $143.88 annually
- Netflix: $8.99–$15.99 per month; $107.88–$191.88 annually
- Amazon Prime Video: $8.99–$12.99 per month; $107.88–$155.88 annually
- Cable TV Plans: $50–$100+ per month; $600–$1200+ annually
Music & Radio
Whatever you listen to, you can cut costs by narrowing down to a single service.
- Sirius XM: $8-$21.99 per month; $96-$263.88 annually
- Apple Music: $9.99 per month; $119.88 annually
- Amazon Music Unlimited: $7.99–$9.99 per month; $95.88–$119.88 annually
- Spotify Premium: $9.99 per month; $119.88 annually
- Pandora Plus: $4.99 per month; $36 annually
Someone who subscribes to all of the above could be paying over $2,500 a year! To help cut costs and still ensure there’s enough entertainment at your fingertips, select one music plan and one or two television services.
Evaluate your usage
To start saving without losing your entertainment options, first, evaluate the services you use daily and weekly. If you’re using a service often and the subscription fee is providing hours of entertainment, then the outlay of dollars is probably worth the cost.
Next, think about the subscription services you use once a month or less. Maybe you’re a big fan of a talk-radio show on Sirius XM? Or maybe there’s a show on HBO or Hulu that you love? That’s great. But do you have time to listen to talk radio? Is there anything else on that particular streaming roster that interests you? If not, then it might be more financially resourceful to investigate free podcasts you can download.
If you’re only subscribing to a service to watch one or two shows, it might make more money sense to purchase downloads of the entire season. Being tied to a monthly subscription when you rarely, if ever, watch any other of the programming on that same streaming service, is a waste of money.
Cut the cable cord
If you already know you watch streaming more than cable, you have a chance for even bigger savings. Depending on your cable plan, going cable-free could save you more than $3 a day—that’s over a $1,000 annually!
Even switching from cable to a live TV service can be financially beneficial. With live TV, you can stream all available content from one app across multiple electronic devices—in other words you can watch it on a TV or on a mobile phone. Most live TV services are between $35-$55 a month, which is usually a significant savings over even the most basic cable packages.
How to unsubscribe from entertainment apps
Whether you want to unsubscribe from Pandora Plus, HBO Now, Hulu Plus, or some other service the process is quick and simple:
- Go to the app you want to unsubscribe from.
- Find your account settings.
- Click the button that says “Cancel” or “Cancel Subscription.”
- Confirm your cancellation.
- Check your email for a cancellation notice.
If you’re unsure which subscriptions you want to cancel, you could let an app do it for you. Services like Trim can help you find subscriptions to cancel as well as automatically renegotiate provider bills–like when the promotional deal ends–and provide price protection for Amazon purchases.
Canceling services builds savings and momentum
You might think that even if you unsubscribe from entertainment apps it won’t change your finances enough. However, every bit of savings can collectively help you achieve financial freedom, and taking this first step is the most important part. By accurately evaluating your enjoyment of subscription services, you’ll be able to decide what provides the best value for you and what seems like fluff. Plus, there’s the potential to have extra money to use toward a car payment, credit card debt, a utility bill, or whatever else is more valuable to you than a subscription you barely use.
Improve your overall financial future
Cutting waste from your budget is an excellent start to building better money management skills. But there’s so much more. Thankfully, learning how to deal with debt, money, and planning for your future doesn’t need to be hard. At Freedom Debt Relief, we’ve developed a simple to follow guide to help you find the tools you need to move to a better financial future. Get started by downloading our free guide right now.
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