This Is The Easiest Way to Save Money on Streaming Service Costs

Did you know that the average U.S. household subscribes to multiple streaming apps? As more streaming service providers raise their subscription rates, many consumers feel the impact on their wallets. But I have some good news if your entertainment budget is getting stretched thin. You can spend less without saying goodbye to your favorite streaming movies and shows. I'll share a simple solution to save you money on streaming service costs.

Most Americans subscribe to multiple streaming services

The Motley Fool's State of Streaming 2024 study examined how American consumers feel about streaming services and how much they're spending on this expense. The study found that the average American household subscribes to two to four subscription services.

Nearly half spend $30 or more each month on video-based streaming services. But, 37% of respondents noted that they subscribe to fewer streaming services today than a year ago. These findings suggest that consumers have made adjustments to their budgets as prices rise.

Give in to ads to keep your spending in check

One of the easiest ways to save money on streaming services is to switch to a more affordable plan. Most streaming service providers offer ad-supported plans at a much lower cost than their ad-free counterparts. If you've been feeling the impact of rising subscription costs, consider switching to ad-supported plans to keep more money in the bank.

If you've been subscribing to ad-free content, it may take some time to adjust to seeing and hearing advertisements again. But if you don't mind commercial breaks (it's the perfect excuse to run to the bathroom or get movie snacks), you can save significantly by making this move. If the sound of advertisements drives you bonkers, mute your television when they begin.

Now is an excellent time to review available plans and their prices for your favorite streaming apps. Research how much you could save by switching from an ad-free plan to an ad-supported one. The savings can add up quickly if you pay for multiple streaming services, and you could free up more money for other necessary expenses or financial goals.

Three tips to save money on streaming service costs

If you want to continue avoiding ads, there are other ways to save money without ditching these apps. Here are a few tips that could help you keep your streaming costs to a minimum:

1. Take a break: You're wasting money if you're paying for multiple apps but aren't using them all -- I need to listen to my own advice here. You can save money by pausing some of your subscriptions. Rotating the services you use is an option to explore if you want to spend less.
2. Pay attention to deals: You may qualify for a lower price with a discount, like a student plan or a deal offered through another provider. Some mobile service providers extend streaming service discounts to their customers. Make sure you're not overpaying for streaming content.
3. Switch to annual billing: If it's a streaming service you know you'll continue to use, you may want to see if you can get a discount on a yearly plan. Paying for your subscription annually instead of monthly could be a win for your wallet, and yearly billing can simplify your life.

If you're feeling the impact of rising prices, you're not alone. But it's possible to find ways to save money. For additional money-saving tips, check out our personal finance resources.