Atlantic Blog

The movement to leave cable television behind and cut the cord dethroned the established king of entertainment; gone are the days of homes filled with people gathered around the television for primetime. It seemed like a no-brainer to get rid of cable television; no one wants to pay exorbitant prices for restrictive subscription services, but something even more expensive lurked in the shadows.

Hulu. Disney Plus. Netflix. HBO Max. Apple TV. Peacock. Every year, a new streaming service launches and tempts new customers with mouth-watering deals, but once they have you hooked on their sweet, sweet content, they reach for your wallet and ratchet up the prices. There are almost as many streaming services as there are television channels. What was the point of escaping the hefty, restrictive cable television packages just to replace them with something even more expensive and sprawling?

Well, there is one significant advantage of the new entertainment landscape. It has never been easier to cancel a subscription service. Don't waste another second on subscription services you never have time to use!

It’s Not Us, It’s Them

You’ll find tons of great entertainment across streaming services, but some of their practices are designed to keep you trapped through inconvenience or predatory practices.

It’s a bit like the New Years Gym Membership deal, they tempt you with a great introductory deal, and then hope you forget long enough that the auto-renewal will activate each month and keep charging you. Just like that they’ve gotten a steady stream of revenue from you.

If you go through your bank statements over the past few months, you might be shocked to find a subscription service that you’ve forgotten you signed up for that has charged you over and over again. I know I’ve taken advantage of a free month trial before and forgotten to cancel before I got charged for another month. It happens, but there are steps we can take to avoid it in the future!

Identify All Your Subscriptions:

The first step is to compile a list of everything that you're paying for; I know, I know. It sounds daunting. You could scroll through thousands of messages in your email to figure out what you've signed up for, but no one has time for that. Instead, the best way to figure out what you've enrolled yourself in is to look at your financial account statements.

The Atlantic App includes a spending analysis tool under our financial health services. If you look at "recurring expenses," you'll have a quick cheat to see all the subscription services charging you every month!

Create a list of your subscriptions and how much they cost each month, then determine the annual price you're paying – it all adds up quickly. 

Just like that, you've determined some of your expenses and tricked yourself into starting a monthly budget. Want to go one step further? Check out our blog - Create a Budget in 4 Easy Steps (atlanticfcu.com)

How Much Are They Really Worth?

Weigh the value of your enrolled subscriptions; how often do you really use them? Is it worth paying $15 a month for a streaming service you use once? I don’t think so, but that’s a decision only you can make.  

It’s Time to Break Up

You don’t need to say goodbye forever; you can cancel and come back any time.

Kick those streamers you aren’t using to the curb! If you find that you really can’t live without them, then restart your subscription. 

Some subscriptions will even let you ‘pause’ for a set amount of time. This offer can seem tempting, but often, they’re hoping you’ll forget so they can begin charging you again when the break ends.

Shhhhh It’s a Secret!

There’s something you won’t discover until you start going down the list and canceling your subscriptions - they really don’t want you to go. Streamers often offer you a reduced rate for a few months to try and get you to stay; just make sure to set a reminder so you don’t get suckered into continuing when it ends.

We’re Here to Help!

Saving money may feel less exciting than spending it, but true wealth and financial freedom come from your ability to save. Canceling subscriptions might seem like a small step, but it's a powerful way to take control of your budget and avoid unnecessary expenses. Try sticking to one streaming service and cycle it out when you grow tired of it.

If you have questions about budgeting or would like to learn more about improving your finances, we’re ready to help. Please stop by any of our convenient branch locations, utilize the tools in our banking app, or call 800-834-0432 to speak with a team member today.

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The Atlantic blog strives to deliver informative, relevant, and sometimes fun financial information. If you enjoyed this article, please forward it to a friend.

Each individual’s financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.