How much do you spend on streaming platforms per year? Let’s break it down.
We’ve all experienced the joy of binge-watching our favorite shows or listening to endless playlists on streaming services. But with so many options available, have you ever stopped to think about how much you’re spending on these services each year? As mortgage brokers, we understand the value of budgeting, so let’s break down the true cost of streaming services and how they fit into your financial picture.
Let’s crunch the numbers
If you subscribe to a few of these services, the costs can add up quickly. Let’s do a quick estimate based on some average monthly plans:
- Netflix (Standard Plan) = $18.99 per month
- Spotify (Premium Plan) = $13.99 per month
- Stan (Standard Plan) = $17.00 per month
- Amazon Prime Video (as part of Prime) = $9.99 per month
- Binge (Standard Plan) = $19.00 per month
Total monthly cost: = $78.97 per month
Annual cost: $78.97 x 12 = $947.64 per year
That’s nearly $1000 a year for just these five popular services. If you’re subscribed to even more, the total cost could easily climb above $1,000 annually.
Is it worth it?
We all love a good Netflix marathon or listening to music during our commute, but before you start signing up for every streaming service under the sun, it’s important to consider how these subscriptions impact your finances.
Here are some simple steps to help you stay on top of your streaming subscriptions:
Evaluate what you actually watch: Are you really getting your money’s worth from all your subscriptions? Perhaps there are services you rarely use that you could cancel or pause.
Bundle your services: Many streaming platforms offer bundles or packages that provide multiple services at a discounted rate. Take advantage of these deals if it makes sense for your lifestyle.
Set a budget: As with any financial commitment, set a streaming budget and make sure you’re sticking to it. Review your spending regularly to avoid the subscription creep that often happens with these services.
Use free trials wisely: Many services offer free trials, but be mindful of when they end. Set reminders to cancel before you’re charged or test out a service to see if it’s worth keeping.
Streaming services are convenient and affordable, but when you add them all up, they can take a significant chunk out of your annual budget. Take a look at your streaming expenses and ask yourself: Is this the best use of your money? With careful management, you can enjoy the entertainment you love without overspending!
Need help budgeting or finding ways to reduce your costs? We’re here to help guide you towards smarter financial decisions that can benefit your long-term goals.
Start your financial journey with us now. Reach out today!