Streaming subscriptions offer a convenient way to enjoy entertainment at home and on the go. But these services come at a cost. While streaming services used to be very affordable, some of the most popular subscriptions now have a much higher price tag.
If you’re paying for apps like Hulu or Netflix, your checking account balance is likely feeling an impact. I’ll explain why you may want to consider ditching one or more streaming subscriptions.
Subscription costs continue to rise
Sadly, many streaming service providers have continued to announce subscription price increases over the last few years. If you’re feeling frustrated by this, you’re not alone.
Hulu is the latest company to announce higher prices. A few weeks ago, the streaming company updated the subscription rates listed on its website and sent out emails to current subscribers informing them that prices would rise Oct. 17, 2024.
Nearly every Hulu plan is impacted. To give you an idea of how much prices have climbed, let’s examine the price changes for the Hulu (no ads) plan since its introduction.
When the plan was first offered in 2015, subscribers were charged $11.99 a month. But that’s no longer the case today.
Let’s take a closer look at how the price has changed since 2015:
- October 2021: $12.99
- October 2022: $14.99
- October 2023: $17.99
- October 2024: $18.99
As you can see, the subscription price has changed significantly in less than a decade. Other streaming services have also adjusted prices, requiring customers to pay more to watch. Subscribers should be aware of how their wallets are being impacted.
Canceling or downgrading your plans can help
If you’re sick of paying more for streaming content, it may be time to make a change. Canceling one or more of your plans could offer savings. Another option is to downgrade your plan to a cheaper subscription.
I recently looked at my own streaming spending and decided it was time to lower my entertainment costs. I pay for the following streaming services:
- Hulu (no ads): $17.99 monthly
- Spotify Premium Family: $19.99 monthly
That’s $455.76 annually. The cost of Hulu (no ads) will increase to $18.99 in October, bringing my annual spending closer to $500. I felt ready to make a change.
I will keep my Spotify Premium Family plan, but I subscribed to the annual Hulu with ads plan for $79.99. Since I made this change right before the price increases, I locked in the current price instead of paying the upcoming $99.99 rate. No longer subscribing to the ad-free monthly plan and becoming an annual ad-supported subscriber will save me over $135.
This isn’t the only way I am combating rising prices. I also take advantage of the opportunity to earn credit card rewards on my streaming subscriptions.
Want to earn cash back when you pay your Netflix bill? Check out our list of the best cash back credit cards to discover how easy it is to earn cash rewards.
Take an assessment of how much you’re spending
Do you know how much money you’re spending on streaming subscriptions? Now is a good time to assess your spending.
If you need help determining which subscriptions you have or how much you’re paying, you can review your bank and credit card statements for recent charges. Tally up each subscription and its price so you can decide if you need to make any changes.
Another option is to use one of the best budgeting apps. These digital tools can help you review your recent purchases and set new spending limits so you can alter your habits.
Small changes can improve your financial health
Are you feeling stressed about rising streaming service costs? Every expense you pay adds up and impacts your wallet. Don’t be afraid to assess your spending and make subscription changes that allow you to make choices that are more in alignment with your financial goals.
