With more and more subscription services, you may be losing track of how much is getting deducted from your bank account and/or credit card each month. Remember the term “cord-cutting”? It was supposed to mean freeing ourselves from cable TV’s price-gouging shackles. But now we’re getting locked into multiple stream fees and losing track of those mounting costs. 

How much are you paying for streaming subscriptions?

Netflix for $10.99/mo., Amazon Prime for $7.99/mo, Disney+ for $8.99/mo., Sportsnet for $19.99/mo., Spotify for $9.99/mo. … so how much is all this costing you? Well if you used this moderate list as an example, and we’re missing some big players like Crave TV and on-demand in Google Play or Apple Store, you’re paying $58/mo. – close to $700 a year! 

Top Streaming Platforms in Canada (as of 2020)

Netflix 

$8.99 - $13.99/mo. 

Amazon Prime

$7.99/mo. 

Disney+

$8.99/mo.

Apple TV+

$5.99/mo.

Crave TV

$9.99/mo.

Sportsnet Now

$19.99/mo. – $27.99/mo.

TSN Direct

$19.99/mo. 

YouTube Premium 

$11.99/mo.

Spotify

$9.99/mo.

If it feels like these subscription services might be getting out of hand, and putting too much of a dent into your entertainment budget, then it might be time to get a clearer overview of what your streaming costs are adding up to. Over at Marketwatch, they’ve created a subscription calculator to provide the long-view of how much you’re paying, depending on variables like the number years you subscribe.

This metric also offers a “true” cost, which factors in opportunity costs, meaning not just what you spent but if you had invested the money instead. Not always meaningful but it provides an interesting financial snapshot. Be warned all figures are in US dollars.

Ways to keep your streaming spend in check

Now if you’re considering pulling the reins back on your streaming budget, there are a few apps that can help you with this endeavour: 

Butter – This curiously named app brings all your subscriptions into one place, tracking your spending and sending you alerts when there’s a price change. That’s handy when streaming companies, or internet service providers, quietly raise their prices. Butter gives you the option to link your credit card and it will keep track automatically or you can manually log those streaming charges.

Trim – As the name suggests, the Trim app focuses on saving you money on subscriptions by analyzing your accounts to find recurring subscriptions, then determining where you can save. Trim also has the functional ability to cancel subscriptions and even negotiate bills directly with service providers on the user’s behalf. 

Truebill – This money-saving app is somewhat similar to Mint, YNAB, or Wally in that it gives you a complete picture of your finances. It connects to your banking accounts and lets you see all your finances, including managing monthly subscriptions in one place. It has similar features like cancellation, optimization and price increase alerts.

It should be mentioned that while all these apps are free and promise to help and you save money, your data is key and what they are after. Read the fine print, as these companies will want to share your data with advertisers and other outside parties. If you are linking your bank accounts and credit card, be sure the app has bank-level security with 256-bit SSL encryption and read-only access.  

Fresh Start Finance serves Canadians facing all types of credit situations with practical advice and credit-building solutions. We also offer quick-and-easy secured and unsecured installment loans to help you take those first steps to a better financial future. Apply today to see how we can help!