Costly Mistakes When Subscribing to Multiple Streaming Services

Streaming services are a typical expense for many households. These subscriptions can provide hours of entertainment at an affordable price point. But make sure you know how many services you're currently paying for and that you don't forget to use them. It's essential to keep track of every membership or subscription you sign up for, or it could impact your wallet. 

50% of U.S. households subscribe to four or more streaming services

Streaming platforms have increased in popularity over the years. Seeing movies at a theater can be costly, and for many households, it's not a frequent expense included in their regular budgets. Streaming services offer a more affordable way to watch unlimited TV shows and movies without draining your checking account. 

Many people subscribe to multiple streaming services, so they have more variety. A Leichtman Research Group, Inc. study found that 50% of U.S. households have four or more streaming video services. While having more show and movie choices can be nice, it can be easy to forget about streaming service subscriptions when you use multiple apps. 

Here are three costly mistakes you could make when subscribing to multiple streaming services.   

1. Some subscriptions could go to waste

If you're subscribing to several streaming services, keeping track of them all can be a challenge. Life gets busy, and even if you're a big TV and movie watcher, you may forget to use some of the services you've been paying for, which results in wasted money. 

Don't let your subscriptions go to waste. Now is an excellent time to check what services you're paying for to ensure you're putting them all to good use. If not, you may want to cancel some services for now to make your next credit card bill less expensive. 

2. You may spend more money than you planned 

Life is expensive, and every additional expense, no matter how cheap, impacts your personal finances. Streaming apps can be affordable, but the total cost can add up quickly when you subscribe to multiple platforms. Before you know it, your monthly entertainment costs can be more expensive than a cable package. 

You may spend more than planned if you subscribe to multiple streaming services. But you can set and follow a budget to avoid this. You can use one of the best budgeting apps to monitor your spending. Developing good budgeting skills can help you avoid credit card debt. 

3. You're not bundling services so you pay more than necessary 

If you use multiple streaming services but signed up for all of them a long time ago, you may be forgetting about potential discounts. Some streaming services now offer bundles with discounted pricing. One example is Disney+ and Hulu. The Duo Basic and Duo Premium bundles provide savings of more than 30% over paying for services individually. If you can combine some services in this way, you can save yourself some money on entertainment costs. 

Do a financial checkup to avoid wasting money

If you're using all of your streaming services and can afford the cost you're paying for them, then you're in good shape. But if you haven't reviewed your spending habits recently, you could spend more than you realize or accidentally keep paying for streaming services you're not using. Take a few moments to do a quick financial checkup and audit the subscriptions you're paying for. This step could help you keep more money in your pocket.