6 ways to save money on streaming services

This spring, Netflix finally started its long promised crackdown on password sharing. More than 100 million users who access Netflix through a shared password are left with the choice of either missing out on some programming or shelling out for a subscription of their own.

And it seems more viewers are choosing the latter option. According to a report from data provider Antenna, after Netflix alerted subscribers of its new policy on password sharing, the streaming service saw its most significant four days of subscriber additions in the four-and-a-half years since Antenna started tracking.

But adding a Netflix subscription to the monthly budget — on top of many other subscription services to choose from — can certainly add up. Here are some of the ways you can prevent streaming services from breaking the bank.

Prioritize which streaming services you really want

It's easy to sign up for streaming services and then forget which ones you have. Periodically, sit down and list all of the streaming services you're paying for. Doing so "might be as simple as scrolling through the apps on your TV," said Consumer Reports, "but be sure to double-check your credit card bills, too."

After you've jotted down a full list of the streaming services you're currently covering, determine which ones you're really using the most. You might find there's some you haven't turned on in months, or that you could easily get by without.

Doing this exercise regularly will also help you "catch any price hikes," said Consumer Reports. You can then reassess based on the higher rate.

Look into bundling

Another way you might be able to cut costs on streaming services is by bundling it with another service, like your phone contract. "Often, carriers like T-Mobile, Verizon, Sprint, and AT&T offer free subscriptions to popular streaming platforms like Netflix, Apple TV+, and Paramount+," said SoFi reported. These usually only last for a year, but sometimes they can last for the duration of your phone contract.

Plus, different streamers offer lower prices if you subscribe to a number of them together rather than just one, Chime said. As an example, "Disney+ bundles include Hulu and ESPN®," Chime reported.

Or, if you recently bought a new Apple product, such as an iPhone or iPad, you might have free access to Apple TV+ for a certain number of months, per Consumer Reports.

Sign up with roommates or family members

While slipping your brother or best friend your password may no longer be an option, it is still possible to save by adding members to an existing account. This can often be cheaper than signing up for an entirely new account.

For instance, a Basic Netflix account is currently $9.99 per month, but if you have a Standard or Premium account, extra members can get added for an additional $7.99 per month (on top of the regular monthly fee for the primary member).

Downgrade your plan

Another way to save on streaming services is by opting for a lower tier plan. This may mean sitting through ads or limiting the number of screens in your household you have streaming at once. For instance, Hulu offers an option to pay less per month for your membership if you watch ads interspersed throughout your program.

But "if you aren't truly using a service or realize you can pare down, it's wise to explore what alternatives the platforms offer that could save you money," SoFi said.

Take advantage of no-cost streaming options

As it turns out, you don't necessarily have to pay to watch TV shows or movies. "Many great shows and movies, such as Mad Men and The Green Mile, are available on free streaming services like Freevee, Pluto TV, and Tubi," per Consumer Reports.

If you have a library card, another no-cost service you might look into is Kanopy. Not many libraries offer it because it's costly to do so, but if yours does, "you can watch up to 10 films per month,"Aaccording to PCMag, from a "varied" selection of "more than 30,000 films, including Hollywood classics, foreign films, indie flicks, shorts, and documentaries."

Make the most of free trials

Many streamers offer free trials for a certain period of time to new users, and you can really use those to your advantage. "If you're strategic about when you use your free trial, you can probably fit in a new season (or two) of your must-see shows before canceling," Chime noted.

If you're going to try this technique, however, "it's a good idea to set a reminder at the end of the free trial to cancel the service if you don't want to keep it; otherwise, your account may be charged," SoFi advised.

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She has previously served as the managing editor for investing and savings content at LendingTree, an editor at SmartAsset and a staff writer for The Week. 

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