No need for the "streaming wars" to wreak havoc on your finances. Here's how to trim costs while enjoying all your beloved shows.

With numerous streaming platforms available, it's tempting to add that extra $9 monthly fee for just one more show. However, these small charges accumulate fast. On average, consumers shell out $47 a month on these services, representing a 24% increase since the pandemic began. While you may not be hitting the theaters as often, can you justify nearly $50 a month for content you'll only watch occasionally? Thankfully, we can help you streamline your streaming expenses without missing out.

1. Review Your Budget

We all experience that moment while watching TV when an enticing ad for a "free 3-month trial" pops up. While these trials can be appealing, it's easy to overlook the automatic charges once they end. You might forget about subscriptions or even double up if a partner or roommate has already signed up. Jesse Mecham, founder of You Need A Budget, suggests taking a close look at your subscriptions. Create a list to identify:

  • Accounts you seldom use and can cancel
  • Any forgotten "free trial" subscriptions
  • Services available for free through family or friends
  • Any unexpected charges from older accounts

2. Apply the One In, One Out Strategy

In this age of streaming, you're free to cancel services whenever you want. Just because you've been subscribed to something for a while doesn't mean you have to stick with it. Joel Money, founder of Budgets Are Sexy, emphasizes that switching between services is a smart choice. If a must-see show debuts on Hulu, subscribe for a month, binge-watch it, then switch to Netflix for the next big release. Paying $9 for a month is far better than shelling out for multiple services simultaneously.

3. Take Advantage of Existing Discounts

It's time to review your current subscriptions and see if discounts are available. For instance, Verizon customers can bundle services and access deals on Disney Plus, YouTubeTV, and more. Students can sign up for a Premium Spotify for Students account for just $4.99 per month, which includes Hulu and SHOWTIME. T-Mobile users on eligible plans may also receive discounts on select streaming services, so it's worth checking with your provider. Many companies frequently offer promotions, so keep your eyes peeled!

4. Share Subscriptions

If binge-watching is your thing, you might find value in multiple streaming services. However, these costs can pile up. Consider splitting the expenses with roommates or family. If your roommate covers Hulu and you take Netflix, you'll both save money. A family plan is even better when multiple screens are involved. Discuss with your circle to find a fair arrangement that works for everyone.

Be mindful of your spending! Set a maximum budget for streaming services and choose wisely which ones to include, suggests Bola Sokunbi, founder of Clever Girl Finance. While streaming services are popular, your financial health should always be the priority.