Why it may be time to reevaluate your streaming subscriptions

Streaming services, while convenient, can gradually drain your finances as their costs rise. With ongoing price increases across platforms like Hulu and Netflix, you might be spending far more than you realize. If you’re feeling the financial strain, now may be a good time to cancel or downgrade one or more of your subscriptions.

Rising Costs of Streaming Services

Streaming platforms have steadily increased their prices over the past few years. For instance, Hulu recently announced new rates that will take effect on October 17, 2024. Here’s a breakdown of how much the Hulu (No Ads) plan has increased since it was first introduced:

• 2015: $11.99 per month
• 2021: $12.99 per month
• 2022: $14.99 per month
• 2023: $17.99 per month
• 2024: $18.99 per month

This significant price jump shows how much your monthly spending on streaming has likely increased in a relatively short time. Other platforms, like Netflix and Disney+, have also followed similar trends.

Ways to Save

If you’re overwhelmed by these price hikes, consider reducing your entertainment costs by either canceling or downgrading your subscriptions. Here are some steps you can take:

1. Cancel Unused or Underused Subscriptions: If you find you’re not using one of your streaming services as much, it might be best to cancel it. It’s important to assess your actual consumption of content on each platform.
2. Switch to a Cheaper Plan: Downgrading to a more affordable, ad-supported plan can save you a lot of money. For example, Hulu offers an ad-supported annual plan for $79.99, which is significantly cheaper than paying monthly for the no-ad version.
3. Use Credit Card Rewards: Certain credit cards offer rewards for streaming service payments, allowing you to earn cash back or points when you pay for platforms like Netflix or Spotify.

Assess Your Streaming Costs

Take some time to calculate how much you’re currently spending on streaming services by reviewing your bank or credit card statements. You can also use budgeting apps to track and limit your entertainment expenses.

Small Adjustments, Big Savings

By making small changes like canceling a subscription or switching to a cheaper plan, you can significantly improve your financial health and feel less burdened by entertainment costs. Streaming services are a luxury, and making thoughtful choices around them can help align your spending with your overall financial goals.