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Instead of paying for all your favorite streaming apps simultaneously, rotate them to keep your spending in check.
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Streaming apps are entertaining, but they’re an additional expense that you’ll need to work into your monthly budget. Many households subscribe to multiple streaming platforms at one time. But that doesn’t mean that they’re using them all. It can be easy to forget to use all of the streaming services you subscribe to, which could mean you’re wasting your hard-earned money. Find out how this streaming strategy could help you save $500 or more yearly.
Streaming apps can make entertainment cheaper
Many of us watch TV shows, movies, and documentary programs in our free time. With the rise of streaming services, it’s easier than ever to access new and old content from the comfort of your home. Streaming apps may also be cheaper than other forms of entertainment, like amusement parks and live performances.
However, they do cost money, and these extra expenses can quickly reduce your checking account balance. It’s a good idea to review your streaming service spending occasionally to ensure you’re staying on budget. You may be paying for apps that you don’t use often or at all. If this is the case, you may want to make some changes.
Rotate streaming service subscriptions to spend less money
One easy way to keep your spending in check is to rotate your streaming services. Instead of investing in three or four services annually, pay for just one or two at a time. When you’re ready to try another service, you can pause or cancel one of the other services. This can allow you to watch shows and movies on different services without spending much money.
How to save $500 or more each year
Do you want to reduce spending and stop paying for streaming apps you don’t use? Implementing this streaming strategy can result in significant savings. First, we’ll show you the yearly cost to pay for four popular streaming apps at once:
By subscribing to each of these services once every three months, you can reduce your spending without sacrificing entertainment. This strategy also allows you to maximize the content you consume from each service. How much could you save by doing this? Here’s a breakdown of the cost to better illustrate the savings potential:
If you instead do this, you will save $512.64 throughout the year. The savings could be even higher if you subscribe to more services. Being able to stash an extra $500 in a high-yield savings account could help you prepare for unexpected future costs.
You don’t have to subscribe to all services at once
If you’re not paying close attention, you may be paying for too many streaming services. You can access quality entertainment and stay on budget by rotating your subscriptions. Consider trying this or a similar strategy to see if it works well for you and your family. For additional money management tips, review these personal finance resources.
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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Natasha Gabrielle has positions in Apple. The Motley Fool has positions in and recommends Apple and Netflix. The Motley Fool recommends the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool has a disclosure policy.
