CFI Blog

Easy Steps On How To Save Money On Streaming Services

I’ve spent years navigating the labyrinth of streaming services, from Netflix to Hulu, and everything in between. I’ve discovered that while these platforms offer a world of entertainment at our fingertips, they can also leave a dent in our wallets. But don’t worry, I’ve got you covered.

Assess Your Current Streaming Subscriptions

Assess Your Current Streaming Subscriptions

Having a multitude of streaming services at our disposal certainly offers variety, but it can also lead to overspending. Therefore, it’s essential to regularly assess all of our current streaming subscriptions to ensure we’re getting the maximum value for our money.

Evaluate What You Watch Regularly

To begin the assessment process, let’s make a comprehensive list of all the streaming services we’re currently subscribed to. Next, we need to identify the shows or movies we watch regularly on each platform. For instance, if you’re an avid viewer of sitcoms and dramas on Netflix, make a note of it. Similarly, if you’re using Amazon Prime primarily for its two-day shipping benefit using amazon secured card, and only occasionally watch its video content, indicate that as well.

Consider Canceling Underused Services

Once we have analyzed all the subscriptions and individual viewing habits, it’s time to make some tough decisions. Ask yourself if there are services that you’re not utilizing to their full potential, either because you’re not using them regularly, or because they offer content that’s duplicated on another platform. If such services exist, it’s a good idea to consider canceling them. This simple measure can significantly trim your expenses without compromising on your viewing pleasure. Remember, you can always resubscribe if you find something that you really want to watch in the future.

Compare Pricing Options and Bundles

Compare Pricing Options and Bundles

In your journey to reduce the financial impact of streaming services, comparison plays a pivotal role. It’s not just about comparing the prices of individual services with price comparison app, but also about exploring the potential savings bundled services and annual subscriptions can offer.

Explore Bundled Services Deals

Bundled services deals pose a viable way to lower streaming costs. They combine multiple platforms under one plan, more often at a lesser price than subscribing to each independently. Take Hulu, Disney+, and ESPN+ for instance, they offer a bundled subscription that, when compared to individual plans, gives a 25% reduction in the monthly fee.

It’s essential to bear in mind, though, that such deals often demand you sign up for a set duration. Hence, an extensive assessment of streaming needs and bundle offerings is required prior to making a decision.

Consider Annual Subscription Discounts

While monthly subscriptions provide flexibility, yearly plans often present considerable savings. Platforms like Amazon Prime Video extend a 20% discount on opting for its annual over the monthly plan.

This, obviously, comes with the caveat of commitment. You’re locked in for 12 months. Consequently, if the service isn’t meeting your needs mid-year or you stumble upon a better deal, there’ll definitely be a sunk cost. Therefore, make sure the service caters to most of your needs before you commit to an annual contract.

Ultimately, it’s all about balance – balancing the needs for content, the comfort of delivery and the constraints of cost. And remember, just because a package is cheaper, it doesn’t always mean it’s better. It’s all about getting the best value for your money.

Utilize Free Trials and Promotions

Utilize Free Trials and Promotions

Leveraging free trials and promotions in streaming services emerges as a savvy approach to cost-cutting. I’ve found it critical to strategically utilize these opportunities, which help in appraising services while reducing expenses. In this section, I’ll discuss how effective management of trial periods and vigilant tracking of promotional offers can lead to significant savings on streaming services.

Managing Trial Periods Effectively

Streaming platforms frequently offer free trials, typically running for 7 to 30 days. These trials afford an opportunity to assess the value and suitability of a service before committing financially, but their effective usage requires strategic planning. Activate these trials during periods of maximum possible usage—families might consider school vacation time or during specific annual events when more time gets spent indoors.

For instance, Netflix offers a 30-day free trial, which, if started at the beginning of a month-long vacation, enables maximum exploration of Netflix’s content offerings at zero cost.

Remember, once the trial period ends, the service automatically switches to a paid subscription unless canceled. Maintain a log, physical or digital, marking trial activation and end dates to ensure timely cancelations, preventing unwanted charges.

Tracking Promotional Offers

Promotional offers provide excellent opportunities for monetary savings on streaming subscriptions, appearing occasionally throughout the year. Streaming services announce such deals during special occasions, like Black Friday, Cyber Monday, or the holiday season. They often include benefits like discounted monthly fees or extended free trial periods.

For instance, Disney+ occasionally extends its standard 7-day trial to 14 days during promotion periods. Similarly, Amazon Prime Video offers discounted annual and half-yearly plans during Amazon’s Prime Day sales event.

Ensure to subscribe to the newsletters or push notifications of your favorite streaming services. This way, you won’t miss out on any promotional offer. Additionally, keep an eye on third-party websites offering promotional codes and vouchers for multiple streaming platforms.

Efficiently managing trial periods and keeping track of promotions ensures optimum entertainment without straining your wallet unduly in the process. The same energy invested in finding your next binge-worthy series should go into finding the best deals, making the most of your streaming subscriptions.

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Share Costs Through Family Plans

Share Costs Through Family Plans

Shifting to family plans, another option exists to reduce the financial load of streaming services: sharing costs through family plans.

Understanding Family Plan Benefits

Family plans prove beneficial as they offer access to the same features but at a reduced per-person cost. For instance, Spotify’s family plan costs $14.99 per month which supports up to six accounts. In contrast, an individual Spotify membership costs $9.99 per month. Thus, splitting the family plan cost among six users reduces an individual’s expense to just about $2.50. Netflix, too, provides family plans that allow multiple simultaneous streams. It’s a substantial saving in comparison to individual plans.

Rules and Limitations of Sharing

While sharing plans lowers costs, it’s crucial to abide by the rules and limitations set by these services. Most family plans require the users to reside in the same household, i.e., you can’t share your account with friends living in another city. On top of residential requirements, users share play history and recommendation algorithms. For example, if you’re sharing a Spotify family plan, the playlist suggestions might reflect the eclectic tastes of all users, not just your likes. Hence, always weigh these considerations against the cost savings before jumping on a shared family plan.

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Take Advantage of Student and Other Special Discounts

Take Advantage of Student and Other Special Discounts

After highlighting the importance of managing trials, promotions, and family plans for cost-effective streaming, let’s dig into another efficacious approach – leveraging student and special discounts.

Identifying Discount Opportunities

Spotting discount opportunities, especially those tailored to specific groups such as students, seniors, or veterans, can lead to significant savings on streaming services. For example, Spotify offers a student discount that includes access to their streaming service, plus a Hulu subscription and SHOWTIME for just $4.99 per month.

Many streaming services also provide discounts for specific careers, such as educators or military personnel. For instance, Hulu offers a discount for military members, allowing them to save 10% on their subscription.

It’s prudent to check for such discounts from your preferred streaming services. Visit the service’s official website or contact customer service to inquire about potential savings applicable to you. Remember to verify your eligibility, as most of these discounts require some sort of proof, such as a valid student or military ID.

Combining Discounts with Other Savings

When you’ve identified the applicable discounts, consider stacking them with other savings. Say, for instance, you’re a student with an Amazon Prime subscription. In addition to enjoying a 50% discount on the Prime membership, you also get access to Prime Video at no extra cost. This cost-effective technique combines a student discount with the inherent value of a Prime membership to maximize savings.

Note that not all services or discounts can be combined, and restrictions may apply. So, ensure to read the terms and conditions and understand the caveats associated with each discount.

By effectively leveraging these discounts and combining them with other savings, you can enjoy your favorite shows and music while keeping your spending under control.

Conclusion

We’ve navigated the waters of efficient subscription management, explored the world of student and special discounts, and learned how to stack savings for maximum impact. It’s clear that with a little savvy, you can make your hard-earned dollars stretch further in the realm of streaming entertainment. Remember, it’s about being proactive, staying informed about promotions, and making full use of discounts tailored to your specific circumstances. By doing so, you’ll be well on your way to enjoying your favorite digital content without breaking the bank. Don’t hesitate to reach out to customer service to verify eligibility for discounts, and always keep an eye out for new savings opportunities. It’s your entertainment, and it’s worth every penny – especially when you’re saving those pennies.

Frequently Asked Questions

How can I effectively manage my streaming subscriptions?

You can manage your subscriptions by making good use of free trials, promotions, and taking advantage of family plans. Regularly evaluate your preferred services and cancel those which are under-used.

Are there student or special discounts for streaming services?

Yes, there are special discounts available for different groups such as students, seniors, or military personnel. Checking the official websites or contacting customer service can help verify eligibility.

How can I maximize savings from streaming service discounts?

Combining discounts with other savings strategies is an effective approach. An example is stacking a student discount with existing memberships like Amazon Prime.

Can combining different savings strategies be beneficial?

Yes. By leveraging various strategies such as using promotions, free trials, family plans, and specific discounts, you can enjoy quality home entertainment at reduced costs.

How can I save on streaming services as a student?

Many services offer student discounts. Look for these deals on the service’s official website, or inquire about them through customer service. Consider stacking these discounts with other savings for maximum cost-effectiveness.

Author Profile

Kathy Hardtke
Kathy Hardtke
I am thrilled to have been invited to blog about my experiences trading stock and options with Rich Dad.  Since 1998, when I picked up my first Rich Dad book “Rich Dad Poor Dad”, I have been hooked on Robert and Kim’s philosophies on becoming financially free through investing.  Their books and courses have changed my life as well as my daughter’s life, whom I am now teaching all I have learned about trading stock and options.

My experience has been in the real estate and finance industry for 20 years.  I was a Realtor with ERA, a Mortgage Loan Officer with Bank of America, and a Financial Advisor with Morgan Stanley.  Each time I chose a career that I thought I would get “the inside track” on investing and each time I learned it was just a “job”, although very good job and I was lucky enough to enjoy my career.  Simply put, these jobs would only get me a paycheck but never take me to financial freedom and the dreams and lifestyle I was looking to achieve.

With that said, I have no desire to make millions to have expensive “things” but I do have a dream to not only become financially free for myself and my family but also for others.  I started an organization called GROW Africa to help others.  We build wells in the farthest reaches of the earth in the bush of Zambia.  The women and children have to walk up to 4 hours each way to carry as much water as they can carry back.  I thought that was such a basic human need, that I felt I needed to do something about it, and did.

What is super cool about the training I received through Rich Dad Education on trading stocks and options is, now that I am educated on the Rich Dad stock trading system, I can trade anywhere in the world, including while I am in remote Africa building wells, providing water for those with little or none, as long as I have a power source and a satellite internet card.  Now that is freedom!

I am looking forward to sharing my experiences about trading stocks and options and walking with you on the path to financial freedom.  This is a process of building your wealth consistently over time, then passing it on to your children creating generational wealth.  I wish you all success and can’t wait to hear some of your stories of success as time ticks on!

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