5 Costly Mistakes When Subscribing to Multiple Streaming Services

Streaming services are a key source of entertainment for millions of Americans, and the companies that own these platforms know it. Paying $5 to $15 per month might not seem like that big of a deal, especially when you're getting a lot of value out of the service. But once you subscribe to a handful, your monthly streaming bills aren't so small anymore.

Sometimes, subscribing to multiple streaming platforms can make a lot of financial sense. But it's important to avoid the following five mistakes, so you can pay as little as possible.

1. Subscribing to services you won't actually use

Before paying for a subscription service, think about whether you'll get your money's worth from it. Review what content it offers and make sure there is something there you will take advantage of right away. If there isn't, subscribing to that service might not be the best financial move for you right now.

Take advantage of any free trials the service offers to make sure the streaming platform really deserves your money. If you're only interested in a single show or movie, you may be able to watch it during this time without paying a dime. Just make sure you cancel your subscription before the end of the free trial period if you don't wish to keep it.

2. Subscribing to more services than you can feasibly use

In a similar vein, you don't want to subscribe to too many streaming services at once or you simply won't have the time to use them all. Rather than signing up for a bunch at one time, it's best to choose a handful you know you'll use regularly.

This can change over time. If you feel one service doesn't have any content you like right now, pause that subscription and switch to another one that interests you. Then, if the first service comes out with something new, you can always switch back later.

3. Choosing the wrong plan

Many streaming services these days have several payment plans to appeal to a wide audience. Basic plans may include commercials or limitations that premium plans don't have. It's important to weigh all the options available to you before deciding which is best.

I think it's fair to say we'd all prefer to not watch commercials during our shows. But if going with a plan that has commercials would free up some extra cash you could put toward another streaming service or just keep in your checking account, it could be worth it.

4. Not bundling services

A streaming service bundle can help you save compared to paying for each service individually. One of the most popular bundles gives you access to Disney+, Hulu, and ESPN+, and it can save you more than 40% compared to paying for each service individually.

But make sure you'll actually use all the services in the bundle before you go this route. If you're only interested in one or two, compare the cost of each service on its own and see how this stacks up to the bundled price.

5. Losing track of services you've subscribed to

It can be tough to keep track of all the streaming services you're paying for, and if they're set to auto-renew, you might forget about one until you're charged again. So it's important to have some record of what you're currently paying for.

You can do this yourself by writing down which services you're paying for, how much they cost, whether you pay monthly or annually, and when the renewal date is. Or you can use an app that helps you keep track of which services you're paying for. Many of these can also help you cancel services you're not using with a click.

Schedule check-ins with yourself a few times per year to review what you're currently paying for different streaming services and to decide if there's any you need to cancel. It doesn't have to take a ton of time, and it can make a huge difference to your monthly budget.