One of the most important things to remember when it comes to saving money and acquiring financial happiness is that every dollar saved matters. Good money managers understand that saving five dollars is just as significant as saving fifty. If you can remove even one dollar from your monthly expenses, that’s a win. This viewpoint is fundamental to keep in mind when it comes to cable bills. The fact is that you are probably spending too much on cable TV service, and if you can save even $20 a month without sacrificing viewing options, you should do it. However, what if you are in a situation where you must reduce your monthly expenses?
Cable TV Saving Options for the Desperate
If you have a 2-year contract with a cable company, you are probably paying somewhere in the amount of $120 to $160 a month. Even if you don’t have a contract and you have basic cable service and internet, you are probably paying close to or more than this amount.
If you are in a desperate situation and need to decrease your monthly expenses immediately, considered canceling your cable TV service and purchasing an HDTV antenna. Canceling cable is the last resort that will require a sacrifice of viewing options.
HDTV Antenna
These antennas allow you to receive over-the-air channels for free. Yes, free TV, just like the olden days when dinosaurs roamed the earth. Over the years, I have used various antennas and have saved money as a result. I recently purchased a 130+ mile long-range indoor digital HDTV antenna for $25.00 on Amazon.com, and it has been a great addition to my entertainment options.
The number of free stations you can receive from these antennas will depend on where you live. Search AntennaWeb.org using your address or zip code to see what channels you can get for free. If you live in or near a metropolitan area, you may be able to get dozens of channels. For instance, I live outside of the city of Atlanta, suburban Atlanta, and I can receive anywhere from 21 crystal clear channels to 50+ channels depending on the weather. If you can live with these channels, you can save over $100 a month instantly. However, there will be a compromise in the level of entertainment options.
How to Save and Not Compromise Entertainment Options
According to Consumer Reports, the average base price for cable tv is $156.71 a month, but the actual price paid by consumers was $217.42. These amounts include broadband internet service, which comes to $65.14 a month. The data consists of bills from major broadband and cable players like Comcast, Charter, Cox, Altice USA (Optimum), Frontier, RCN, Verizon FiOS, AT&T U-Verse, SuddenLink, WOW, Service Electric, Grande Communications, and ImOn.
That’s a lot of money for channels you probably don’t watch, and a recent Nielsen report confirms that we are not watching all of the channels for which we pay. The report noted that the average household receives about 190 channels. However, the number of channels people consistently watch is closer to 17. You are paying for stations you will probably never watch.
Instead of wasting money, why not cut the cable cord and purchase streaming tv channels that you’ll regularly watch?
The chart below shows a conservative saving between traditional cable television and the cord-cutting route of streaming tv.
|
Streaming Services (Monthly)
|
Cable TV (Monthly)
|
|
Internet
|
$40 (contract)
|
Basic Cable and Internet
|
$120 (contract)
|
|
Over the Air TV (Initial cost of the antenna, $25)
|
$0
|
Over the Air TV (possibly included in basic cable package but can be purchase separately)
|
$10
|
|
Sling TV (Stream traditional cable TV channels like HGTV, AMC, CNN, ESPN, Food Network, TBS)
|
Sling Orange: 30 channels, $30
Sling Blue: 40+ channels, $30
Sling Orange + Blue: $45
|
-
|
-
|
|
Hulu (Stream reruns of current and past network TV shows, movies, and more)
|
$6
|
-
|
-
|
|
Netflix (Stream Movies & TV shows)
|
$9
|
Netflix (Movies & TV shows)
|
$9
|
|
Amazon Prime Video (Stream Movies & TV shows)
|
$0 (if you already subscribe to Amazon Prime)
|
Amazon Prime Video (Stream Movies & TV shows)
|
$0 (if you already subscribe to Amazon Prime)
|
|
Vudu (On-demand free and paid movies)
|
$0+
|
Vudu (On-demand free and paid movies)
|
$0+
|
|
TOTAL
|
$85
|
|
$139
|
This difference of $54 a month is a significant amount of savings without sacrificing TV show and movie options. Additionally, there are many free movies and tv streaming options that are not listed above.
I mentioned at the beginning of this article that people who maintain a happy financial way of living look for opportunities to reduce expenses, and cable tv is one of the most obvious places to start. Why not review the television stations you watch and see how you can save money by cutting the cable cord.