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Cutting Your Biggest Bill: Cable Cost Savings
Reports indicate that more than 49% of Americans are “concerned, anxious or fearful about their current financial well-being.”1 When money is tight and you’re struggling to meet your financial obligations every month, it’s smart to take a look at your monthly expenses and find ways to cut costs.
If you’re like most people, you may have noticed that your cable bill just keeps climbing. You’re not imagining things: According to the Leichtman Research Group’s annual survey of TV households, which tracks what homeowners pay for cable, each new year sets a record level for cable bills. In fact, from 2011 to 2015, cable costs rose 39%—almost eight times the rate of inflation.2
With the average cost of cable television near $109 or more per month, along with never-ending bill creep, it’s no surprise that “cutting the cord” is gaining in popularity. Research firm MoffettNathanson reported that the rate of consumers dropping their cable and satellite TV packages hit the highest level ever at over half a million customers. After all, just imagine all the better things you could be doing with the more than $1,000 you spend on that cable TV subscription each year. Lowering your bill is a great way to create more financial breathing room – including paying down debt faster. Here’s how:
TV shows are still broadcast over the airwaves, and now, in high definition. If you have a digital-compatible TV, all you need is an antenna (usually about $10) to access all the shows on basic cable.
Cancel your cable box and stream shows over the Internet. You can watch many shows via free Internet apps and online channels, like YouTube.
Whether traditional, electronic, or audio, many libraries offer all three to take home and enjoy—all for the price of a free library card.
Step outside. You’ll find that Mother Nature has some entertaining sights and sounds, and your health will thank you.
Your existing collection of music, videos, and books can be an endless source of entertainment. They were good the first time and you might enjoy them even better a second time around. Plus, they’re already paid for.
Not ready to cut ties with cable completely? Whether you’re still binge-watching your favorite series or are still too accustomed to cable TV to let it go just yet, there are still a few ways to bring down your cable bill and save a little money.
With some premium channels each adding $10 to $15 to your bill, removing them could make a big difference while allowing you to enjoy the entertainment channels you normally watch everyday.
Call your cable company’s customer service and firmly but politely ask for a reduced rate. Tell them you’re thinking about switching providers (if that’s an option in your area) or you were thinking about canceling your service due to the high price. You may just get a new, lower offer designed to keep you a happy customer. You never know what you can get until you just ask.
Do you have extra cable boxes, like the one you never use in the guest room? Return them. It can save you $3 to $12 per month per box, which adds up to big savings in the long run.
Depending on your needs, prepaid Internet and TV may be a better deal for you. Many of the big providers of contract-based service also have a prepaid alternative, and some smaller companies offer great deals on prepaid service.
Sometimes there’s a much better deal out there, and you just have to find it. Many companies offer new customer bonuses and promotions, and will likely “sweeten the pot” to encourage you to switch. Just make sure you’re not being tricked into a deal that seems good in the short-term but costs you more in the long-term—and be firm about up-sells.
Eliminating your debt and saving money is an ongoing process, and there are plenty more opportunities to help cut your monthly costs and improve your financial standing—if you just know where to look.
We created Thinkflow to provide you with helpful tools to get you back on track and help improve your financial standing. To learn more about short-term loans and improving your credit scores, you can always visit our Resource Center.