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The cost of different streaming services can add up, regardless of whether you’re taking advantage of them or not. You might subscribe to Max in order to watch one show, only to forget about cancelling your subscription a few weeks late when you’ve finished watching.
“What I see happen is that people will regularly use two or three streaming services but then see a movie or show they want to see on a different service (and think), ‘Oh, it’s only an extra $12 per month!’” said Chris Diodato, a CFP and founder of WELLth Financial Planning. “Compound that decision a few more times, and you’re paying over a thousand dollars per year for services you use to only watch one show apiece.”
He recommends people limit their streaming services to four to reduce costs. Plus, if you really want to have more than that, some streaming services offer a more affordable tier that includes advertisements.
“This is as much for financial reasons as it is for most people simply not having the time to fully utilize several services,” said Diodato.
The costs of seven streaming services are broken down bellow. If you’re spending too much on streaming subscriptions, it may be time for a change.
Key Takeaways
- Streaming services vary by offerings and cost. Choose the best ones for your family by going through your current subscriptions and keeping the ones you like the most and cutting the rest.
- To save money, limit streaming services to no more than four.
- To avoid signing up for a streaming service you don’t need, try renting movies instead. You’ll have one less recurring bill to pay and still see the movie you want.
Streaming Services Compared
Amazon Prime
In addition to streaming movies and television, you get free delivery on your Amazon orders, free photo storage, as well as music and podcasts ad-free. The cost is $14.99 per month. An annual plan costs $139 per year. Discounts are available for 18- to 24-year-olds, students, and people on government assistance.
Apple TV+
This streaming service from Apple features original television shows and movies. A monthly subscription costs $9.99 per month. You can get a free subscription to Apple TV+ with the Apple Music Student Plan. If you buy an Apple device, you get three free months of Apple TV+.
Disney+
This service streams movies and television shows from Disney, Marvel, Pixar, Star Wars, and National Geographic. A basic plan with ads costs $9.99 per month. A premium plan without ads costs $15.99 per month. A premium annual plan costs $159.99 per year.
Max
This streaming service from HBO features television series and movies. A basic plan with ads costs $9.99 per month or $99.99 per year. A standard plan that allows you to watch on the go with 30 downloads costs $16.99 per month or $169.99 per year. The premium plan comes with 100 downloads and costs $19.99 per month or $209.99 per year. Both the standard plan and the premium plan come with live sports and CNN Max.
Max offers discounts for students. Students pay just $4.99 per month for the basic plan with ads.
Netflix
This streaming service features television shows, movies, and games. A standard plan with ads costs $7.99 per month, making it one of the more affordable options on our list. A standard plan without ads costs $17.99 per month. A premium plan without ads costs $24.99 per month and allows you to watch on four supported devices at a time.
Peacock
This streaming service of NBC Universal offers TV shows, movies, live news, and sporting events. The premium plan costs $7.99 per month or $79.99 per year. The premium plus plan is without ads, other than some limited exclusions, and costs $13.99 per month or $139.99 per year.
Spotify
This streaming service provides ad-free music, podcasts, and videos. A premium individual plan is free for three months and then costs $11.99 per month. A premium student plan is free for one month and then costs $5.99 per month. A premium duo plan provides two premium accounts and costs $16.99 per month.
The Bottom Line
Streaming services are a fun and convenient form of entertainment, but having too many could hurt your finances. So, choose your streaming services carefully.
“To avoid having too many, I occasionally recommend ‘renting’ movies rather than signing up for new subscriptions. Sure, it may feel bad to shell out $2 (to) $6 in the moment, but the move could save money over the long haul by keeping recurring expenses down,” said Diodato.
Find ones that match your family’s interests. To save money, limit your streaming services to four and cut the ones you’re hardly watching. To lower streaming costs, choose the lower-priced plans that include watching ads.
